Ecosse Estates Limited Filleted accounts for Companies House (small and micro)

ECOSSE ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08994078

Ecosse Estates Limited

Filleted Unaudited Financial Statements

30 June 2019

Ecosse Estates Limited

Financial Statements

Year ended 30 June 2019

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Ecosse Estates Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ecosse Estates Limited

Year ended 30 June 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ecosse Estates Limited for the year ended 30 June 2019, which comprise the statement of financial position 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Ecosse Estates Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Ecosse Estates Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ecosse Estates Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ecosse Estates Limited 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 Ecosse Estates Limited. You consider that Ecosse Estates Limited 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 Ecosse Estates Limited. 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.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

29 June 2020

Ecosse Estates Limited

Statement of Financial Position

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		7,337,773	7,286,156

Current assets

Debtors	6	181,935	83,065
Cash at bank and in hand		187,003	44,127
		---------	---------
		368,938	127,192

Creditors: amounts falling due within one year	7	1,879,600		1,875,684
		------------		------------
Net current liabilities			1,510,662	1,748,492
			------------	------------
Total assets less current liabilities			5,827,111	5,537,664

Creditors: amounts falling due after more than one year	8		2,552,063	2,383,517

Provisions

Taxation including deferred tax	112,642	112,642
	------------	------------
Net assets	3,162,406	3,041,505
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Non-distributable reserves	2,313,513	2,322,703
Profit and loss account	847,893	717,802
	------------	------------
Shareholders funds	3,162,406	3,041,505
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ecosse Estates Limited

Statement of Financial Position (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 29 June 2020 , and are signed on behalf of the board by:

Mr R A Caplan

Director

Company registration number: 08994078

Ecosse Estates Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 1st Floor Elizabeth House, 13-19 Queen Street, Leeds, LS1 2TW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Motor Vehicles	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tangible assets

	Land and buildings	Motor vehicles	Total
	£	£	£
Cost
At 1 July 2018	7,270,000	22,000	7,292,000
Additions	635,656	–	635,656
Disposals	( 580,000)	–	( 580,000)
	------------	--------	------------
At 30 June 2019	7,325,656	22,000	7,347,656
	------------	--------	------------
Depreciation
At 1 July 2018	–	5,844	5,844
Charge for the year	–	4,039	4,039
	------------	--------	------------
At 30 June 2019	–	9,883	9,883
	------------	--------	------------
Carrying amount
At 30 June 2019	7,325,656	12,117	7,337,773
	------------	--------	------------
At 30 June 2018	7,270,000	16,156	7,286,156
	------------	--------	------------

The company's investment properties were valued by the directors at £7,325,656 (2018: £7,270,000) at 30th June 2019, after taking appropriate professional advice. In accordance with FRS 102, investment properties are shown at fair value, any surplus or deficit being transferred to non-distributable reserve. Accordingly, such assets are not depreciated as this would conflict in the Directors' opinion, with the requirement to give a true and fair view, (see note 1). It is not possible to quantify the depreciation which would otherwise have been charged.

6. Debtors

	2019	2018
	£	£
Trade debtors	( 1,975)	20,528
Other debtors	183,910	62,537
	---------	--------
	181,935	83,065
	---------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	35,320	95,287
Trade creditors	2,422	2,120
Corporation tax	112,595	118,661
Social security and other taxes	2,304	394
Other creditors	1,726,959	1,659,222
	------------	------------
	1,879,600	1,875,684
	------------	------------

Bank of Scotland Plc has been granted standard securities over the property portfolio in respect of term loan borrowings.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	2,539,537	2,368,081
Other creditors	12,526	15,436
	------------	------------
	2,552,063	2,383,517
	------------	------------

Included within creditors: amounts falling due after more than one year is an amount of £2,398,258 (2018: £1,986,933) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Directors' advances, credits and guarantees

As at the 30th June 2019 £901,545 (2018: £806,299) was owed to Mr R A Caplan and Mrs A T Caplan and £793,136 (2018: £776,104) was owed to Mr B H Caplan and Mrs A Caplan. As at 30th June 2019 the company was owed £24,981 (2018: £1,703) by Ringley Park Properties Ltd, a company in which Mrs A T Caplan (wife of Mr R A Caplan ) has an interest. As at 30th June 2019 the company owed £922 (2018: £922) to A Need to Sell, a partnership in which Mr R A Caplan and Mr B H Caplan have an interest. As at 30th June 2019 the company owed £Nil (2018: £31,402) to Core 2013 Ltd, a company in which Mr B H Caplan has an interest. The balances above are interest free and have no fixed date for repayment.

10. Controlling party

The company was under the control of Mr R A Caplan and Mr B H Caplan during the current period.