Craigie Property Investments Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC415627 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2018

for

Craigie Property Investments Ltd.

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Andrew Lusk

REGISTERED OFFICE:

Unit 2

Southhook Road

Kilmarnock

Ayrshire

KA1 2NN

REGISTERED NUMBER:

SC415627 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Craigie Property Investments Ltd. for the year ended 30 June 2018 which comprise the Profit and

Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Craigie Property Investments Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Craigie Property Investments Ltd. and state those matters that we have agreed to state to the director of Craigie Property Investments Ltd. in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Craigie Property Investments Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Craigie Property Investments Ltd.. You consider that Craigie Property Investments Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Craigie Property Investments Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

25 March 2019

FIXED ASSETS

Tangible assets

3

4,742

6,639

Investment property

4

3,044,462

3,044,462

3,049,204

3,051,101

CURRENT ASSETS

Debtors

5

152,756

131,969

Cash at bank and in hand

176,486

64,201

329,242

196,170

CREDITORS

Amounts falling due within one year

6

2,154,823

2,228,318

NET CURRENT LIABILITIES

(1,825,581

)

(2,032,148

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,223,623

1,018,953

CREDITORS

Amounts falling due after more than one year

7

(405,726

)

(422,305

)

PROVISIONS FOR LIABILITIES

(39,490

)

(41,352

)

NET ASSETS

778,407

555,296

CAPITAL AND RESERVES

Called up share capital

9

100

100

Revaluation reserve

10

255,406

252,643

Retained earnings

10

522,901

302,553

SHAREHOLDERS' FUNDS

778,407

555,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 25 March 2019 and were signed by:

Andrew Lusk - Director

1.	STATUTORY INFORMATION

Craigie Property Investments Ltd. 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

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.

Going Concern

The current and future cash position of the company has been reviewed by the Director. This included a

comprehensive review of current trading performance and of the forecasted cash requirements, covering a period

beyond one year from the date of approval of the financial statements.

The Director also recognises that the company's position is reliant on the continued support of associated

companies in which the Director has an interest. This support is evidenced through further investment as long

term capital.

On the basis of all of the above the Director considers it appropriate to prepare the financial statements on a

going concern basis.

Turnover/revenue recognition

The figure in the accounts represents rental income earned and services provided.

Investment property

Investment properties are included at fair value. Gains are recognised in the profit and loss account. Deferred

taxation is provided on these gains at the rate expected to apply at the prevailing rate.

FRS 102 requires the company to provide for deferred tax on the timing difference arising from the date of

transition, representing the full revaluation gain less indexed cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

3.	TANGIBLE FIXED ASSETS

Electronic

equipment

& fittings

£

COST

At 1 July 2017

and 30 June 2018

7,587

DEPRECIATION

At 1 July 2017

948

Charge for year

1,897

At 30 June 2018

2,845

NET BOOK VALUE

At 30 June 2018

4,742

At 30 June 2017

6,639

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2017

and 30 June 2018

3,044,462

NET BOOK VALUE

At 30 June 2018

3,044,462

At 30 June 2017

3,044,462

The investment properties have been included at fair value based on the knowledge and expertise of the Director

in this sector and in conjunction with their professional advisers.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

5,420

9,602

Amounts owed by associates

146,810

122,367

Prepayments and accrued income

526

-

152,756

131,969

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

16,290

15,290

Trade creditors

6,017

1,334

Amounts owed to associates

1,678,070

1,667,270

Corporation tax

52,676

40,654

Other creditors

163,926

163,926

Director's loan account

221,615

320,515

Accruals and deferred income

13,305

13,757

Deposits held in advance

2,924

5,572

2,154,823

2,228,318

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

16,790

16,290

Bank loans - 2-5 years

388,936

406,015

405,726

422,305

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

422,016

437,595

The company has guaranteed a bond and floating charge in favour of The Royal Bank of Scotland PLC. Bank

loans are secured over the Investment Properties.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 July 2017

302,553

252,643

555,196

Profit for the year

223,111

223,111

Deferred tax on revaluation

(2,763

)

2,763

-

At 30 June 2018

522,901

255,406

778,307

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2018 and

30 June 2017:

2018

2017

£

£

Andrew Lusk

Balance outstanding at start of year

320,515

375,335

Amounts advanced

1,120

-

Amounts repaid

(100,020

)

(54,820

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

221,615

320,515

The balance on the Director's loan account is interest free and repayable on demand.

12.	RELATED PARTY DISCLOSURES

During the year the company undertook transactions with the following companies which are under the ultimate

control of Mr & Mrs Andrew Lusk:

(a) The company undertook transactions with Lusk Construction Limited to the value of £Nil. As at 30 June

2018, £1,469,860 remained outstanding and due to Lusk Construction Limited (2017: £1,469,860).

(b) During previous years the company undertook transactions with Lumax Homes Limited. The amount

outstanding and due to Lumax Homes Limited as at 30 June 2018 was £40,392 (2017: £40,392).

(c) During the year the company had transactions with A L Plumbing & Heating Limited to the value of

£15,015. As at 30 June 2018 £135,932 was due and payable by A L Plumbing & Heating Limited (2017:

£120,917).

(d) During previous years the company undertook net transactions with Lumax Homes (Holdings) Limited to the

value of £19,200. This amount has been increased by management charges raised in the year amounting to

£30,000 resulting in a total balance due to that company of £167,818 (2017: £157,018).

(e) During previous years the company undertook transactions to a net value of £1,450 with Magnum Contracts

Limited. Andrew Lusk has a 50% investment in this company. A further cost of £9,428 was incurred this year

resulting in a closing balance of £10,878 outstanding and due from that company.

13.	CONTROLLING PARTY

The company is under the control of Mr and Mrs A Lusk by virtue of their combined 100% shareholding.