COMPANY REGISTRATION NUMBER:
SC330492
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Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
30 September 2017
Fixed assets
|
Tangible assets |
4 |
2,533,763 |
2,534,074 |
|
|
|
|
Current assets
|
Debtors |
6,138 |
5,112 |
|
Cash at bank and in hand |
34,201 |
24,391 |
|
-------- |
-------- |
|
40,339 |
29,503 |
|
|
|
|
Creditors: amounts falling due within one year |
3,754,433 |
3,754,016 |
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------------ |
------------ |
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Net current liabilities |
3,714,094 |
3,724,513 |
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------------ |
------------ |
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Total assets less current liabilities |
(
1,180,331) |
(
1,190,439) |
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------------ |
------------ |
|
Net liabilities |
(
1,180,331) |
(
1,190,439) |
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------------ |
------------ |
|
|
|
Capital and reserves
|
Called up share capital |
1 |
1 |
|
Profit and loss account |
(
1,180,332) |
(
1,190,440) |
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------------ |
------------ |
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Shareholder deficit |
(
1,180,331) |
(
1,190,439) |
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------------ |
------------ |
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|
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.
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Abridged Statement of Financial Position (continued) |
|
30 September 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
29 June 2018
, and are signed on behalf of the board by:
Company registration number:
SC330492
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Notes to the Abridged Financial Statements |
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Year ended 30 September 2017
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB, Scotland.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is funded by Cloburn Quarry Company Limited. It is the opinion of the director that this arrangement will continue and accordingly the accounts are prepared on the going concern basis.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fixtures and Fittings |
- |
10% reducing balance |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 October 2016 and 30 September 2017 |
2,535,740 |
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------------ |
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Depreciation |
|
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At 1 October 2016 |
1,666 |
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Charge for the year |
311 |
|
------------ |
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At 30 September 2017 |
1,977 |
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------------ |
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Carrying amount |
|
|
At 30 September 2017 |
2,533,763 |
|
------------ |
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At 30 September 2016 |
2,534,074 |
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------------ |
|
|
5.
Director's advances, credits and guarantees
Mr R Durward who is a director has a loan account with the company. The amount due to Mr Durward is £1,526 (2015- £1,526) and is shown under creditors due within one year. This was the maximum amount due during the year. There are no set repayment or interest terms applicable to the loan.
6.
Related party transactions
The Company was under the control of Mr R Durward throughout the year ended 30th September 2017. Mr Durward also controls Cloburn Quarry Company Limited, a company which has provided loan finance to
Acregate Limited
. The amount due to Cloburn at the balance sheet date is £3,747,224 (2016 - £3,747,222) and is shown under Creditors due within one year above. The maximum amount outstanding during the year was £3,747,224. There are no set repayment terms or interest terms attached to this loan.
7.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.