Lower Mills Industrial Estate Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC040637 (Scotland)

UNAUDITED CESSATION FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

FOR

LOWER MILLS INDUSTRIAL ESTATE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Jonathan Charles Gray Grant

Nancy Paterson Grant

REGISTERED OFFICE:

6 Springhill Road

Clarkston

Glasgow

G76 8BT

REGISTERED NUMBER:

SC040637 (Scotland)

ACCOUNTANTS:

Carrol & Co

Chartered Accountants

14 Rosemount Meadows

Bothwell

G71 8EL

BANKERS:

Clydesdale Bank plc

122 Busby Road

Clarkston

Glasgow

G76 8BG

SOLICITORS:

Morrison Bishop

2 Blythswood Square

Glasgow

G2 4AD

FIXED ASSETS

Tangible assets

4

1

1

Investment property

5

650,000

650,000

650,001

650,001

CURRENT ASSETS

Debtors

6

-

6,414

Cash in hand

-

100

-

6,514

CREDITORS

Amounts falling due within one year

7

2,250

7,552

NET CURRENT LIABILITIES

(2,250

)

(1,038

)

TOTAL ASSETS LESS CURRENT LIABILITIES

647,751

648,963

CREDITORS

Amounts falling due after more than one year

8

400,809

397,658

NET ASSETS

246,942

251,305

CAPITAL AND RESERVES

Called up share capital

70,000

70,000

Revaluation reserve

372,727

372,727

Retained earnings

(195,785

)

(191,422

)

SHAREHOLDERS' FUNDS

246,942

251,305

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 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 applicable to companies subject to the small companies regime.

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 27 September 2019 and were signed on its behalf by:

Jonathan Charles Gray Grant - Director

1.	STATUTORY INFORMATION

Lower Mills Industrial Estate 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 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Rendering of services

Turnover from the rendering of services, namely the provision of rental of industrial premises, is recognised by

reference to the stage of completion of the service at the statement of financial position date.

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.

Fixtures and fittings

-

at varying rates on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower,

the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the

income statement.

Investment property

Investment properties are valued at fair value at the statement of financial position date. Any changes in fair

value are recognised in the income statement. Deferred taxation is provided on these changes at the rate expected

to apply when the properties are sold.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 February 2018

and 31 January 2019

8,614

DEPRECIATION

At 1 February 2018

and 31 January 2019

8,613

NET BOOK VALUE

At 31 January 2019

1

At 31 January 2018

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2018

and 31 January 2019

650,000

NET BOOK VALUE

At 31 January 2019

650,000

At 31 January 2018

650,000

Fair value at 31 January 2019 is represented by:

£

Valuation in 2019

650,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Trade debtors

-

6,305

Other debtors

-

109

-

6,414

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans and overdrafts

-

62

Accrued charges

2,250

7,490

2,250

7,552

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.19

31.1.18

£

£

12% Redeemable loan stock

70,000

70,000

Other loans

246,916

246,916

Loans from directors

83,893

80,742

400,809

397,658

The 12% redeemable loan stock is repayable on 12 months notice. The interest due on this stock has been

waived by the holder for the years ending 31 January 2006 to 2019 inclusive.

Other loans have no fixed repayment terms, and no interest is payable on them. The lenders have confirmed that

they will not seek repayment for at least one year.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.19

31.1.18

£

£

Bank overdraft

-

62

10.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the directors amounting to £83,893 (2018:

£80,742).