Craighouse Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC228982 (Scotland)

Financial Statements for the Year Ended 31 March 2020

for

Craighouse Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

W B Johnston

SECRETARY:

JM Taylor

REGISTERED OFFICE:

1 James Street

Aberdeen

AB11 5AP

REGISTERED NUMBER:

SC228982 (Scotland)

ACCOUNTANTS:

J M Taylor

5 Rubislaw Terrace

ABERDEEN

AB10 1XE

FIXED ASSETS

Tangible assets

4

23,504

22,873

Investment property

5

3,845,000

3,845,000

3,868,504

3,867,873

CURRENT ASSETS

Debtors

6

33,240

19,200

Cash at bank

5,392

2,317

38,632

21,517

CREDITORS

Amounts falling due within one year

7

101,079

98,097

NET CURRENT LIABILITIES

(62,447

)

(76,580

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,806,057

3,791,293

CREDITORS

Amounts falling due after more than one year

8

(1,863,641

)

(1,886,334

)

PROVISIONS FOR LIABILITIES

10

(271,697

)

(271,667

)

NET ASSETS

1,670,719

1,633,292

CAPITAL AND RESERVES

Called up share capital

11

10

10

Fair value reserve

12

1,429,762

1,429,762

Retained earnings

12

240,947

203,520

SHAREHOLDERS' FUNDS

1,670,719

1,633,292

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 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 director and authorised for issue on 4 November 2020 and were signed by:

W B Johnston - Director

1.	STATUTORY INFORMATION

Craighouse Properties 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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

22,810

6,587

29,397

Additions

501

220

721

At 31 March 2020

23,311

6,807

30,118

DEPRECIATION

At 1 April 2019

-

6,524

6,524

Charge for year

-

90

90

At 31 March 2020

-

6,614

6,614

NET BOOK VALUE

At 31 March 2020

23,311

193

23,504

At 31 March 2019

22,810

63

22,873

The properties were revalued as per valuations carried out by Allied Scotland, Chartered Surveyors in September 2017 and the director believes these values are still accurate. The properties are reported at open market value, which is described by the valuers as the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction, after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion. Open market value is considered to equate to fair value.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

3,845,000

NET BOOK VALUE

At 31 March 2020

3,845,000

At 31 March 2019

3,845,000

Fair value at 31 March 2020 is represented by:

£

Valuation in 2003

14,154

Valuation in 2006

199,111

Valuation in 2007

308,678

Valuation in 2008

858,107

Valuation in 2009

225,000

Valuation in 2013

(153,328

)

Valuation in 2014

249,399

Valuation in 2016

83,641

Valuation in 2018

(355,000

)

Cost

2,415,238

3,845,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Other debtors

33,240

19,200

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

37,300

36,100

Taxation and social security

10,848

10,368

Other creditors

52,931

51,629

101,079

98,097

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

1,847,803

1,886,334

Other creditors

15,838

-

1,863,641

1,886,334

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

5,806

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank loans

1,885,103

1,922,434

10.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

271,697

271,667

Deferred

tax

£

Balance at 1 April 2019

271,667

Accelerated capital allowances

30

Balance at 31 March 2020

271,697

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

10

Ordinary

£1

10

10

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2019

203,520

1,429,762

1,633,282

Profit for the year

46,750

46,750

Dividends

(9,323

)

(9,323

)

At 31 March 2020

240,947

1,429,762

1,670,709

13.	ULTIMATE CONTROLLING PARTY

The controlling party is W B Johnston.