Cumbrae Property Limited Filleted accounts for Companies House (small and micro)

CUMBRAE PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC492499

Cumbrae Property Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2019

Cumbrae Property Limited

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Current assets

Stocks		627,828	383,117
Debtors	4	144,956	519,636
Cash at bank and in hand		531,042	41,948
		------------	---------
		1,303,826	944,701

Creditors: amounts falling due within one year	5	( 926,519)	( 696,310)
		------------	---------
Net current assets		377,307	248,391
		---------	---------
Total assets less current liabilities		377,307	248,391
		---------	---------

Capital and reserves

Called up share capital	120	120
Profit and loss account	377,187	248,271
	---------	---------
Shareholders funds	377,307	248,391
	---------	---------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 December 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 .

These financial statements were approved by the board of directors and authorised for issue on 14 September 2020 , and are signed on behalf of the board by:

Mr C B Geddes

Director

Company registration number: SC492499

Cumbrae Property Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 34 Grange Knowe, Linlithgow, EH49 7HX.

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. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continues to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the period, exclusive of Value Added Tax.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2019	2018
	£	£

Other debtors	144,956	519,636
	---------	---------

5. Creditors: amounts falling due within one year

	2019	2018
	£	£

Trade creditors	7,294	23,952
Corporation tax	30,240	10,021
Other creditors	888,985	662,337
	---------	---------
	926,519	696,310
	---------	---------

6. Events after the end of the reporting period

I n March 2020, the United Kingdom entered a public health crisis in the form of COVID-19. At the time of signing the full impact of this is unknown however the directors believe at this point in time, the financial statements should be prepared on a going concern basis on the grounds that reserves held, combined with current and future sources of funding from the directors, will be adequate to meet the company's needs for the period of at least 12 months from the date of approval of these financial statements.

7. Related party transactions

At the year end £477,020 (2018: £200,020) was due by the company to Mr C D Geddes, a director and a director of CBRG Limited. No interest has been charged and it is repayable on demand. At the year end £92,693 (2018: £92,693) was due to the company by CBRG Limited, a 50% shareholder. No interest has been charged and it is repayable on demand. At the year end £183,580 (2018: £183,580) was due by the company to Mr B Stewart, a director and a director of Redesdale Limited. No interest has been charged and it is repayable on demand. At the year end £203,785 was due by the company to Redesdale Limited, a 50% shareholder (2018: £349,265 due to the company). No interest has been charged and it is repayable on demand.