New Silvermills Car Park Co. Limited - Period Ending 2020-07-31
New Silvermills Car Park Co. Limited - Period Ending 2020-07-31
Registration number:
New Silvermills Car Park Co. Limited
for the Year Ended 31 July 2020
New Silvermills Car Park Co. Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
New Silvermills Car Park Co. Limited
Company Information
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Directors |
A T F Gibb G M Bolton D G Abernethy |
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Company secretary |
A T F Gibb |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
New Silvermills Car Park Co. Limited
for the Year Ended 31 July 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of New Silvermills Car Park Co. Limited for the year ended 31 July 2020 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.
This report is made solely to the Board of Directors of New Silvermills Car Park Co. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of New Silvermills Car Park Co. Limited and state those matters that we have agreed to state to the Board of Directors of New Silvermills Car Park Co. Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Silvermills Car Park Co. Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that New Silvermills Car Park Co. Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of New Silvermills Car Park Co. Limited. You consider that New Silvermills Car Park Co. 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 accounts of New Silvermills Car Park Co. 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 accounts.
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Bathgate
West Lothian
EH48 2UP
New Silvermills Car Park Co. Limited
(Registration number: SC202130)
Balance Sheet as at 31 July 2020
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2020 |
2019 |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
72 |
72 |
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Capital redemption reserve |
1 |
1 |
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Profit and loss account |
17,793 |
15,074 |
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Shareholders' funds |
17,866 |
15,147 |
For the financial year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company secretary and director
New Silvermills Car Park Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in respect of levies charged to members. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured; and
collectability of the related receivables is fairly assured.
Tax
The company has been granted mutual trading status for corporation tax purposes therefore no tax charge is applied to the profit or loss achieved in any financial period.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from members for outstanding levies.
Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
New Silvermills Car Park Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Special Levy |
During 2016 the company received £24,120 from the shareholders in order to pay a special levy to the car park factor. The car park factor incurred costs of £396 (2019: £2,249) in respect of the levy during the financial period. A balance of £3,199 (2019: £3,595) is included within other debtors, this represents amounts paid to the car park factor in respect of anticipated costs. A corresponding amount of £3,199 (2019: £3,595) has been included in other creditors which represents the amounts paid by shareholders which have not yet been utilised by the car park factor.
The amounts included in other debtors and other creditors will be released to car park costs and turnover respectively within the profit and loss account each year, in line with the costs incurred by the factor.
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Debtors |
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2020 |
2019 |
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Trade debtors |
- |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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New Silvermills Car Park Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020
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Related party transactions |
Summary of transactions with other related parties
Included within other creditors is an amount of £3,199 (2019: £3,595) in respect of the special levy which was collected by the car park factor and held by them for anticipated costs. This amount will be released to the profit and loss account as costs are incurred by the car park factor.