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REGISTERED NUMBER: SC008494 (Scotland)















Financial Statements for the Year Ended 31 January 2018

for

The Aberdeen Picture Palaces Limited

The Aberdeen Picture Palaces Limited (Registered number: SC008494)






Contents of the Financial Statements
for the Year Ended 31 January 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Aberdeen Picture Palaces Limited

Company Information
for the Year Ended 31 January 2018







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

The Aberdeen Picture Palaces Limited (Registered number: SC008494)

Balance Sheet
31 January 2018

31.1.18 31.1.17
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 159,011 157,478
Investments 6 528,676 517,094
Investment property 7 2,750,000 2,750,000
3,437,687 3,424,572

CURRENT ASSETS
Stocks 3,314 1,902
Debtors: amounts falling due within one
year

8

43,517

48,544
Debtors: amounts falling due after more
than one year

8

700

7,250
Cash at bank and in hand 1,352,302 1,401,789
1,399,833 1,459,485
CREDITORS
Amounts falling due within one year 9 153,853 163,535
NET CURRENT ASSETS 1,245,980 1,295,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,683,667

4,720,522

CREDITORS
Amounts falling due after more than one
year

10

(21,000

)

(21,000

)

PROVISIONS FOR LIABILITIES (303,989 ) (321,780 )
NET ASSETS 4,358,678 4,377,742

The Aberdeen Picture Palaces Limited (Registered number: SC008494)

Balance Sheet - continued
31 January 2018

31.1.18 31.1.17
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 24,000 24,000
Revaluation reserve 12 49,427 49,427
Fair value reserve investments 12 102,394 81,364
Fair value reserve property 12 1,500,332 1,474,033
Retained earnings 12 2,682,525 2,748,918
SHAREHOLDERS' FUNDS 4,358,678 4,377,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 26 June 2018 and were signed on its behalf by:





I R Donald - Director


The Aberdeen Picture Palaces Limited (Registered number: SC008494)

Notes to the Financial Statements
for the Year Ended 31 January 2018

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 is
exempt under Section 399(2A) of the Companies Act 2006 from the requirements 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 & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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

The Aberdeen Picture Palaces Limited (Registered number: SC008494)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2018

3. ACCOUNTING POLICIES - continued

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.

The Aberdeen Picture Palaces Limited (Registered number: SC008494)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2018

3. ACCOUNTING POLICIES - continued

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 14 (2017 - 15 ) .

5. TANGIBLE FIXED ASSETS
Freehold Fixtures Motor
property & equipment vehicles Totals
£    £    £    £   
COST
At 1 February 2017 139,998 255,346 27,214 422,558
Additions - 3,241 14,865 18,106
Disposals - - (8,000 ) (8,000 )
At 31 January 2018 139,998 258,587 34,079 432,664
DEPRECIATION
At 1 February 2017 39,385 213,415 12,280 265,080
Charge for year 2,857 8,605 3,687 15,149
Eliminated on disposal - - (6,576 ) (6,576 )
At 31 January 2018 42,242 222,020 9,391 273,653
NET BOOK VALUE
At 31 January 2018 97,756 36,567 24,688 159,011
At 31 January 2017 100,613 41,931 14,934 157,478

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 February 2017 517,094
Additions 21,968
Disposals (39,927 )
Revaluations 29,541
At 31 January 2018 528,676
NET BOOK VALUE
At 31 January 2018 528,676
At 31 January 2017 517,094

The Aberdeen Picture Palaces Limited (Registered number: SC008494)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2018

6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 January 2018 is represented by:

Other
investments
£   
Valuation in 2015 73,265
Valuation in 2016 (54,378 )
Valuation in 2017 66,767
Valuation in 2018 29,541
Cost 413,481
528,676

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 2017
and 31 January 2018 2,750,000
NET BOOK VALUE
At 31 January 2018 2,750,000
At 31 January 2017 2,750,000

Fair value at 31 January 2018 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 2018 by the directors .

The Aberdeen Picture Palaces Limited (Registered number: SC008494)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2018

8. DEBTORS
31.1.18 31.1.17
£    £   
Amounts falling due within one year:
Other debtors 43,517 48,544

Amounts falling due after more than one year:
Other debtors 700 7,250

Aggregate amounts 44,217 55,794

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.18 31.1.17
£    £   
Trade creditors 9,233 13,633
Taxation and social security 17,432 24,887
Other creditors 127,188 125,015
153,853 163,535

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.18 31.1.17
£    £   
Other creditors 21,000 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 31.1.18 31.1.17
value: £    £   
45,000 Ordinary 50p 22,500 22,500
45,000 8.4% Preference 50p 1,500 1,500
24,000 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.

The Aberdeen Picture Palaces Limited (Registered number: SC008494)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2018

12. RESERVES
Fair Fair
value value
Retained Revaluation reserve reserve
earnings reserve investments property Totals
£    £    £    £    £   

At 1 February 2017 2,748,918 49,427 81,364 1,474,033 4,353,742
Profit for the year 26,062 26,062
Dividends (45,126 ) (45,126 )
Fair value adjustments (29,541 ) - 29,541 - -
Deferred tax on revaluation (17,788 ) - (8,511 ) 26,299 -
At 31 January 2018 2,682,525 49,427 102,394 1,500,332 4,334,678

13. RELATED PARTY DISCLOSURES

At 31 January 2017, the director Ian Donald was due the company the sum of £25,000. During the year the
director repaid £25,000 to the company. As a result, at 31 January 2018, the director was due the company
£nil.

The loan was interest free and repayable on demand.