Registration number:
Comrie Croft Limited
for the Year Ended 31 December 2024
Comrie Croft Limited
(Registration number: SC265297)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
|
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Other financial assets |
10 |
10 |
|
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
104,232 |
102,496 |
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Share premium reserve |
380,195 |
364,563 |
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Other reserves |
(10,438) |
(10,438) |
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Retained earnings |
736,670 |
857,380 |
|
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Shareholders' funds |
1,210,659 |
1,314,001 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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• |
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The directors acknowledge their responsibilities for |
Comrie Croft Limited
(Registration number: SC265297)
Balance Sheet as at 31 December 2024 (continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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......................................... |
Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.
Preparation of consolidated financial statements
The financial statements contain information about Comrie Croft Limited as an individual company and do not contain certain consolidated financial information as the parent of the group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
Going concern
The financial statements have been prepared on a going concern basis.
Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants received from government and intergovernmental agencies in respect of funding assistance to purchase capital assets have been included in the balance sheet as deferred income. This is then credited to the profit and loss account, by instalments over the expected useful economic life of the related assets on a basis consistent with the depreciation policy.
Grants relating to revenue are recognised, in the profit and loass account, on a systematic basis over the periods in which the company recognised the related costs for which the grant is intended to compensate.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and Buildings |
20% on cost, 10% on cost, 2% on cost and not provided |
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Plant and machinery etc. |
20% on reducing balance, 20% on cost and 10% on reducing balance |
Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Investments
Investments relate to an investment in an unlisted entity which is stated at cost less impairment. At each balance sheet date, the investment is assessed for indicators of impairment and where there are indicators of impairment, recoverable amount is assessed. If recoverable amount is less than carrying amount, the investment is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Tangible assets |
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Land and buildings |
Assets under construction |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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- |
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Disposals |
- |
- |
- |
- |
- |
( |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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- |
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Charge for the year |
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- |
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At 31 December 2024 |
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- |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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- |
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Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Comrie Croft
Scotland |
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Subsidiary undertakings |
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Combruith Limited The principal activity of Combruith Limited is |
Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Other financial assets (current and non-current) |
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Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2024 |
10 |
10 |
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At 31 December 2024 |
10 |
10 |
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Impairment |
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Carrying amount |
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At 31 December 2024 |
|
10 |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
|
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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- |
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Other non-current financial liabilities |
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The loans and borrowings comprise a bank loan from Triodos Bank.
The loan from Triodos Bank is secured by a standard security over the land & buildings at Comrie Croft. It bears interest at base rate plus 1.85% and is repayable over a 20 year term. Repayments commenced in June 2009.
Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
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No. |
£ |
No. |
£ |
|
|
|
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104,232 |
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102,496 |
In 2010, the company introduced a Dividend Reinvestment Plan (DRIP). The plan was made available to registered shareholders and allows for the reinvestment of dividends into additional ordinary shares.
The company issued 17,369 (2023: 16,911) ordinary 10p shares, with a total nominal value of £1,736 (2023: £1,691), under the DRIP at a premium of 90p per share.
At 31 December 2024, the company held 10,438 (2023:10,438) of its own ordinary shares in treasury, with a nominal value of £1,044 (2023: £1,044). No treasury shares were cancelled or re-issued during the year.
Treasury shares are presented as a deduction from equity in accordance with the company's accounting policy. These shares do not carry voting or dividend rights while held in treasury.
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Ending within one year |
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Comrie Croft Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Related party transactions |
The company made loans to one of the directors as follows:
|
2024 |
At 1 January 2024 |
Repayments by director |
At 31 December 2024 |
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( |
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2023 |
At 1 January 2023 |
Repayments by director |
At 31 December 2023 |
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( |
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