Scotco (Eastern) Limited Filleted accounts for Companies House (small and micro)

Scotco (Eastern) Limited Filleted accounts for Companies House (small and micro)

SCOTCO (EASTERN) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC377269
Scotco (Eastern) Limited
Filleted Financial Statements
29 December 2019
Scotco (Eastern) Limited
Financial Statements
Period from 24 December 2018 to 29 December 2019
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Scotco (Eastern) Limited
Officers and Professional Advisers
The board of directors
Mr M A Herbert
Mrs L E Herbert
Mr J Carlisle (Resigned 12 March 2020)
Company secretary
Mrs L E Herbert
Registered office
C/O DWF Law
110 Queen Street
Glasgow
Scotland
G1 3HD
Auditor
Maneely Mc Cann
Chartered Accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
HSBC
118 Princes Street
Edinburgh
EH2 4AA
Isle of Man Bank
East Region
Douglas
Isle of Man
IM99 1AN
Ulster Bank
11-16 Donegall Square East
Belfast
BT1 5UB
Solicitors
Carson McDowell
Murray House
Murray Street
Belfast
BT1 6DN
DWF (Northern Ireland) LLP
Jefferson House
42 Queen Street
Belfast
BT1 6HL
Scotco (Eastern) Limited
Statement of Financial Position
29 December 2019
29 Dec 19
23 Dec 18
Note
£
£
£
Fixed assets
Tangible assets
4
5,804,615
4,716,262
Investments
5
20,509,708
20,509,708
-------------
-------------
26,314,323
25,225,970
Current assets
Stocks
2,017,142
3,343,915
Debtors
6
27,818,751
27,920,891
Cash at bank and in hand
1,521
7,587
-------------
-------------
29,837,414
31,272,393
Creditors: amounts falling due within one year
7
390,082
807,720
-------------
-------------
Net current assets
29,447,332
30,464,673
-------------
-------------
Total assets less current liabilities
55,761,655
55,690,643
Creditors: amounts falling due after more than one year
8
11,095,706
11,338,563
-------------
-------------
Net assets
44,665,949
44,352,080
-------------
-------------
Capital and reserves
Called up share capital
419,000
419,000
Profit and loss account
44,246,949
43,933,080
-------------
-------------
Shareholders funds
44,665,949
44,352,080
-------------
-------------
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 income and retained earnings has not been delivered.
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.
Scotco (Eastern) Limited
Statement of Financial Position (continued)
29 December 2019
These financial statements were approved by the board of directors and authorised for issue on 21 September 2020 , and are signed on behalf of the board by:
Mrs L E Herbert Director
Company registration number: SC377269
Scotco (Eastern) Limited
Notes to the Financial Statements
Period from 24 December 2018 to 29 December 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is C/O DWF Law, 110 Queen Street, Glasgow, Scotland, G1 3HD.
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.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the total amounts derived from rentals receivable on lettings to third party tenants and from the sale of trading property. Turnover from rentals accrues on a time basis by reference to the agreements entered and turnover from property sales is recognised on the date of completion.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Income tax
Corporation tax is calculated on the results for the period. Tax deferred as a result of timing differences between accounting and taxation profits is provided for in full in respect of deferred tax liabilities with the exception of differences arising from the revaluation of fixed assets, where there is no binding agreement to sell the asset at the balance sheet date and where the gain or loss on such a sale has not been recognised in the financial statements. The provision is made at the taxation rates at which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised to the extent that they are regarded as recoverable. Tax arising on the sale of revalued assets is allocated on a pro rata basis between any gain reported in the profit and loss account and the revaluation gains reported previously in the statement of total recognised gains and losses.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translates into sterling at the date of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 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. Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Trading property stock Trading property stock is stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each property or site to its present location and condition. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
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. 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. Tangible assets
Investment property
£
Cost
At 24 December 2018
4,716,262
Additions
1,088,353
------------
At 29 December 2019
5,804,615
------------
Depreciation
At 24 December 2018 and 29 December 2019
–
------------
Carrying amount
At 29 December 2019
5,804,615
------------
At 23 December 2018
4,716,262
------------
Tangible assets held at valuation
Investment properties are valued by the director on an open market value for existing use basis, having regard to any recent professional valuations and marketing material provided by external agents. The director is of the opinion that the market valuations of the investment properties are not materially different from that shown in the accounts.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 29 December 2019
Aggregate cost
5,544,695
Aggregate depreciation
–
------------
Carrying value
5,544,695
------------
At 23 December 2018
Aggregate cost
4,456,342
Aggregate depreciation
–
------------
Carrying value
4,456,342
------------
5. Investments
Shares in group undertakings
£
Cost
At 24 December 2018 and 29 December 2019
20,509,708
-------------
Impairment
At 24 December 2018 and 29 December 2019
–
-------------
Carrying amount
At 29 December 2019
20,509,708
-------------
At 23 December 2018
20,509,708
-------------
6. Debtors
29 Dec 19
23 Dec 18
£
£
Trade debtors
96,754
6,792
Amounts owed by group undertakings and undertakings in which the company has a participating interest
26,699,675
26,122,919
Other debtors
1,022,322
1,791,180
-------------
-------------
27,818,751
27,920,891
-------------
-------------
The debtors above include the following amounts falling due after more than one year:
29 Dec 19
23 Dec 18
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
14,700,897
26,090,691
Other debtors - desc in a/cs
232,000
232,000
-------------
-------------
14,932,897
26,322,691
-------------
-------------
7. Creditors: amounts falling due within one year
29 Dec 19
23 Dec 18
£
£
Trade creditors
3,403
10,994
Accruals and deferred income
113,910
311,754
Corporation tax
9,919
166,449
Other creditors
262,850
318,523
---------
---------
390,082
807,720
---------
---------
The company has given security to the bank in the form of a charge of cash deposit.
8. Creditors: amounts falling due after more than one year
29 Dec 19
23 Dec 18
£
£
Other creditors
11,095,706
11,338,563
-------------
-------------
9. Contingencies
Bank loans and overdrafts of the group are secured by way of fixed and floating charges on the company's and group's assets and by charges over property leases between group companies. The company has also provided letters of guarantee plus interest in respect of the obligations of fellow group companies.
10. Summary audit opinion
The auditor's report for the period dated 21 September 2020 was qualified on the following basis:
With respect to part of the company's stock of trading property having a carrying value of £2.0 million, the evidence available to us was limited. The director of the company has complied fully with the requirements of accounting standards in respect of these properties and has valued the properties to the best of his ability, at open market value. However, in the current market conditions, we are unable to make an assessment of the accuracy of this valuation. Owing to the uncertainty in the current property environment, although the director has valued these properties to the best of his ability, there is no active market from which we could make an assessment of their fair value and we were unable to obtain sufficient appropriate audit evidence regarding the valuation of trading properties by using other audit procedures.
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann .
11. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
29 Dec 19
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs L E Herbert
1,036,194
( 1,036,194)
–
Mr J Carlisle
–
30,520
30,520
------------
------------
--------
1,036,194
( 1,005,674)
30,520
------------
------------
--------
23 Dec 18
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs L E Herbert
494,342
541,852
1,036,194
Mr J Carlisle
–
–
–
---------
---------
------------
494,342
541,852
1,036,194
---------
---------
------------
The director's advance is repayable on demand and subject to an annual interest rate of 2.5%.
12. Related party transactions
Control The company is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales. Banner Dell Limited is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Mrs L E Herbert is the sole shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', Section 33, Related Party Disclosures. Herbel Pension Scheme Mrs L E Herbert and Mr M A Herbert , directors of the company, are trustees of the Herbel Pension Scheme. The Herbel Pension Scheme owns property which was occupied by Scotco (Eastern) Limited in the prior period and used as retail outlets. At the year end, a balance of £37,027 (2019: £31,027) is owed by the Herbel Pension Scheme to Scotco (Eastern) Limited . Montgomery Management Limited Mr M A Herbert is also a director of Montgomery Management Limited, and Scotco (Eastern) Limited paid expenses during a prior period on behalf of Montgomery Management Limited and the balance outstanding at the balance sheet date is £1,200 (2019: £1,200).
13. Controlling party
Herbert Corporate Holdings Limited is the company's ultimate parent company. Copies of consolidated financial statements may be obtained from Lesley House, 605 Lisburn Road, Belfast, BT9 7GS .