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EAST DUNBARTONSHIRE DEVELOPMENT COMPANY LIMITED
REGISTERED NUMBER:SC105815
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STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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For year ended 30 September 2019 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
As permitted by Section 444 of the Companies Act 2006, the directors have not delivered to the Registrar a copy of the company’s income and retained earnings for the year ended 30 September 2019.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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G Cornes
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The notes on pages 3 to 4 form part of these financial statements.
2
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EAST DUNBARTONSHIRE DEVELOPMENT COMPANY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 30 September 2019.
The company is a private company limited by shares and is incorporated in the United Kingdom and registered in Scotland. Details of the registered office can be found on the company information page of these financial statements. The company's registered number is SC105815.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.
The following principal accounting policies have been applied:
The director has considered a period of twelve months from the date of the approval of the financial statements and despite the significant net liabilities it is considered appropriate to prepare the financial statements on the going concern basis. Net liabilities are £6,259,544 and it is made up of a loan from the parent undertaking, East Dunbartonshire Council. Following disposal of the property portfolio, the director is considering other development opportunities for the company. Additionally the company is in negotiations with its former banking partner with regards to the mis-selling of interest based hedged products.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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3
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EAST DUNBARTONSHIRE DEVELOPMENT COMPANY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Related party transactions
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At the balance sheet date the company owed East Dunbartonshire Council £6,259,544 (2018: £6,259,544).
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