The Aberdeen Picture Palaces Limited - Accounts to registrar

REGISTERED NUMBER: SC008494 (Scotland)

Financial Statements for the Year Ended 31 January 2017

for

The Aberdeen Picture Palaces Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H W G Donald

I R Donald

P B Donald

SECRETARY:

H W G Donald

REGISTERED OFFICE:

443 Union Street

Aberdeen

AB11 6DA

REGISTERED NUMBER:

SC008494 (Scotland)

ACCOUNTANTS:

Tawse & Partners

Chartered Accountants

18 North Silver Street

Aberdeen

AB10 1JU

FIXED ASSETS

Tangible assets

5

157,478

171,439

Investments

6

517,094

473,564

Investment property

7

2,750,000

3,085,000

3,424,572

3,730,003

CURRENT ASSETS

Stocks

1,902

2,693

Debtors: amounts falling due within one
year

8

48,544

59,004

Debtors: amounts falling due after more
than one year

8

7,250

10,000

Cash at bank and in hand

1,401,789

1,376,234

1,459,485

1,447,931

CREDITORS

Amounts falling due within one year

9

163,535

217,678

NET CURRENT ASSETS

1,295,950

1,230,253

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,720,522

4,960,256

CREDITORS

Amounts falling due after more than one
year

10

(21,000

)

(21,000

)

PROVISIONS FOR LIABILITIES

(321,780

)

(391,387

)

NET ASSETS

4,377,742

4,547,869

CAPITAL AND RESERVES

Called up share capital

11

24,000

Revaluation reserve

12

49,427

Fair value reserve investments

12

81,364

18,888

Fair value reserve property

12

1,474,033

1,736,081

Retained earnings

12

2,748,918

2,719,473

SHAREHOLDERS' FUNDS

4,377,742

4,547,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 10 October 2017 and were signed on its behalf
by:

I R Donald - Director

1.	STATUTORY INFORMATION

The Aberdeen Picture Palaces Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements

The financial statements contain information about The Aberdeen Picture Palaces Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company has

taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial

statements.

Turnover and other income recognition

Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The

policies adopted for the recognition of turnover are as follows:

Shop Sales

Shop sales are recognised at the point of sale when goods are handed over to the customer.

Rental Property

Rental Income is recognised based on monthly rental periods, in accordance with property rental agreements.

Investment Income

Dividend income is recognised as the company's right to receive payment is established.

Interest receivable

Interest income is recognised using the effective interest method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

Straight line over 49 years

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment.

Investment property

Investment property for which fair value can be measured reliably without undue cost or effort are measured at

fair value at each reporting date with changes in the fair value recognised in the Income Statement. Deferred

tax is provided on any gains at the rate expected to apply when the property is sold.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of

purchases, costs of conversion and other costs incurred in bring stock to its present location and condition.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

Basic financial instruments are recognised at cost. Cumulative preference shares are valued as a perpetuity and

classified as a financial instrument. Any residual value will be classified as equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax on revalued investment properties is measured using the rates and allowances that apply to the

sale of the asset.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Investments

Fixed asset investments are recognised initially at fair value which is normally the transaction price excluding

transaction costs. Subsequently they are measured at fair value through profit or loss if the shares are publicly

traded or their fair value can otherwise be measure reliably.

Investment in a subsidiary is measured at cost less impairment.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating

unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable

amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount

where the impairment loss is a revaluation decrease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2016 - 17 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

COST

At 1 February 2016

139,998

251,248

27,214

418,460

Additions

-

4,098

-

4,098

At 31 January 2017

139,998

255,346

27,214

422,558

DEPRECIATION

At 1 February 2016

36,528

203,191

7,302

247,021

Charge for year

2,857

10,224

4,978

18,059

At 31 January 2017

39,385

213,415

12,280

265,080

NET BOOK VALUE

At 31 January 2017

100,613

41,931

14,934

157,478

At 31 January 2016

103,470

48,057

19,912

171,439

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 February 2016

473,564

Additions

130,953

Disposals

(154,190

)

Revaluations

66,767

At 31 January 2017

517,094

NET BOOK VALUE

At 31 January 2017

517,094

At 31 January 2016

473,564

Cost or valuation at 31 January 2017 is represented by:

Other

investments

£

Valuation in 2015

73,265

Valuation in 2016

(54,378

)

Valuation in 2017

66,767

Cost

431,440

517,094

Fixed asset investments are listed shares held by the company which have been included at fair value by

applying the year end share prices.

The company holds all of the issued share capital of Torry Cinemas Limited. This company has been dormant

with no realisable funds, and therefore the cost of this investment was written down to nil in the year ended 31

January 2007.

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2016

3,085,000

Revaluations

(335,000

)

At 31 January 2017

2,750,000

NET BOOK VALUE

At 31 January 2017

2,750,000

At 31 January 2016

3,085,000

Cost or valuation at 31 January 2017 is represented by:

£

Valuation in 1986

289,001

Valuation in 1997

1,335,750

Valuation in 2003

(190,593

)

Valuation in 2007

(738,907

)

Valuation in 2008

1,527,167

Valuation in 2009

745,215

Valuation in 2011

(75,000

)

Valuation in 2012

(805,151

)

Valuation in 2014

35,436

Valuation in 2017

(335,000

)

Cost

962,082

2,750,000

Investment properties were valued on an open market basis on 31 January 2017 by professional surveyors FG Burnett

.

8.

DEBTORS

31.1.17

31.1.16

£

Amounts falling due within one year:

Other debtors

48,544

59,004

Amounts falling due after more than one year:

Other debtors

7,250

10,000

Aggregate amounts

55,794

69,004

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

Trade creditors

13,633

13,743

Amounts owed to group undertakings

-

59,007

Taxation and social security

24,887

24,617

Other creditors

125,015

120,311

163,535

217,678

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.1.17

31.1.16

£

Other creditors

21,000

The 8.4% preference shares have been valued as a perpetuity and this value has been classified as a financial

instrument under liabilities on the balance sheet. The residual value of £1,500 has been classified as an equity

instrument (see note 12). Preference shareholders are entitled to a dividend of 8.4% per annum payable on 1

February each year.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.17

31.1.16

value:

£

45,000

Ordinary

50p

22,500

45,000

8.4% Preference

50p

1,500

24,000

The number of issued Preference Shares is 45,000 which in monetary terms amounts to £22,500. However a

value of £21,000 (2016 £21,000) has been reclassified as a financial instrument under liabilities.

12.

RESERVES

Fair

value

Retained

Revaluation

reserve

earnings

reserve

investments

property

Totals

£

At 1 February 2016

2,719,473

49,427

18,888

1,736,081

4,523,869

Deficit for the year

(102,501

)

(102,501

)

Dividends

(67,626

)

(67,626

)

Fair value adjustments

268,233

-

66,767

(335,000

)

-

Deferred tax on revaluation

(68,661

)

-

(4,291

)

72,952

-

At 31 January 2017

2,748,918

49,427

81,364

1,474,033

4,353,742

13.	RELATED PARTY DISCLOSURES

The company paid dividends to the directors Ian Donald and Peter Donald of £26,489 and £1,563 respectively.

The director Ian Donald had a loan from the company of £40,000 at 31 January 2016. The director repaid

£15,000 during the year. This leaves a balance of £25,000 due to the company at the 31 January 2017.

The loan is interest free and repayable on demand.

14.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 January 2017 are the first year financial statements that

comply with FRS102 Section 1A small entities. The date of transition is 1 February 2015 and the end of the

comparative year is the 31 January 2016.

The transition to FRS102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously.

The accounting policies that have changed are as follows:

Investment property,

Deferred tax,

Investments.

The nature of these changes and their impact on opening equity and profit for the comparative year are

explained in the Reconciliation of Equity and the Reconciliation of Profit.

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

to use a previous GAAP revaluation as deemed cost on an item of property, plant and equipment.