REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
FOR |
ABERCAIRN OF SCOTLAND LTD. |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
FOR |
ABERCAIRN OF SCOTLAND LTD. |
ABERCAIRN OF SCOTLAND LTD. (REGISTERED NUMBER: SC054571) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ABERCAIRN OF SCOTLAND LTD. |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2017 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3rd Floor, St George's Buildings |
5 St Vincent Place |
Glasgow |
G1 2DH |
BANKERS: |
398 Victoria Road |
Glasgow |
G42 8YR |
ABERCAIRN OF SCOTLAND LTD. (REGISTERED NUMBER: SC054571) |
BALANCE SHEET |
31 JANUARY 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Revaluation reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
ABERCAIRN OF SCOTLAND LTD. (REGISTERED NUMBER: SC054571) |
BALANCE SHEET - continued |
31 JANUARY 2017 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
ABERCAIRN OF SCOTLAND LTD. (REGISTERED NUMBER: SC054571) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
1. | STATUTORY INFORMATION |
Abercairn of Scotland Ltd. is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of an asset, has been amortised evenly over |
its estimated useful life of six years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Equipment | - |
Fixtures and fittings | - |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
ABERCAIRN OF SCOTLAND LTD. (REGISTERED NUMBER: SC054571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Freehold investment properties are shown at open market value. Any surplus or deficit arising from the |
director's annual revaluation is transferred to the revaluation reserve, unless a deficit or its reversal on an |
investment property is expected to be permanent, in which case it is recognised in the profit and loss account for |
the year. |
Investment properties are held for their investment potential and not for use by the company and so their current |
value is of prime importance. This is a departure from the provision of Schedule 1 to the Companies Act 2006 |
and is required in order to give a true and fair view. |
3. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2016 |
and 31 January 2017 |
AMORTISATION |
At 1 February 2016 |
and 31 January 2017 |
NET BOOK VALUE |
At 31 January 2017 |
At 31 January 2016 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
Equipment | fittings | Totals |
£ | £ | £ |
COST |
At 1 February 2016 |
and 31 January 2017 |
DEPRECIATION |
At 1 February 2016 |
Charge for year |
At 31 January 2017 |
NET BOOK VALUE |
At 31 January 2017 |
At 31 January 2016 |
ABERCAIRN OF SCOTLAND LTD. (REGISTERED NUMBER: SC054571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2016 |
and 31 January 2017 |
NET BOOK VALUE |
At 31 January 2017 |
At 31 January 2016 |
Cost or valuation at 31 January 2017 is represented by: |
£ |
Valuation in 2017 | 128,997 |
Cost | 18,503 |
147,500 |
If investment property had not been revalued it would have been included at the following historical cost: |
2017 | 2016 |
£ | £ |
Cost | 18,503 | 18,503 |
Aggregate depreciation | (4,071 | ) | (3,701 | ) |
Investment property was valued on an open market basis on 31 January 2017 by director Steven John Anson . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Value added tax recoverable | - | 1,313 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Current corporation tax |
Other creditors |
Directors' current accounts | 38,046 | 34,971 |
Accruals and deferred income |
Value added tax payable | 467 | - |
ABERCAIRN OF SCOTLAND LTD. (REGISTERED NUMBER: SC054571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | £1 | 186 | 186 |
9. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 February 2016 | 122,415 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 January 2017 | 118,933 |
10. | SECURED DEBTS |
The bank facilities are secured by standard securities over the company's freehold investment properties at 1145 |
and 1147 Cathcart Road, Glasgow and by a bond and floating charge over the company's assets. |