JUNIOR_ESTATES_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Junior Estates Limited is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The average monthly number of persons (including directors) employed by the company during the year was:

The properties have been valued at open market value at the year end by the directors

The bank overdraft and loan is secured by means of a bond and floating charge over the assets of the company and by a standard security over the company's properties.

A standard security with Svenska Handelsbanken AB (publ) has been charged over 2 Henderson Street, Bridge of Allan which is one of the company's properties to secure the liabilities of Cairn Leisure, a partnership in which both Mr M and Mrs H Heron are partners.

Included within profit and loss reserves are non-distributable profits, as set out below:

During the year the directors provided a loan to the company. At the balance sheet date the company owed the directors £1,479 (2019: the directors owed the company £107,920). The loan is unsecured, interest free and repayable on demand.

Sniper & Co (Stirling) Ltd

During the year the company provided a loan to Sniper & Co (Stirling). At the balance sheet date Sniper & Co (Stirling) owed the company £203,300 (2019: Nil). The loan is unsecured, interest free and repayable on demand.

Titanium Shelf 102 Ltd

During the year Titanium Shelf 102 provided a loan to the company. At the balance sheet date the company owed Titanium Shelf 102 £119,197 (2019: £119,197). The loan is unsecured, interest free and repayable on demand.

Avondruie

During the year Avondruie provided a loan to the company. At the balance sheet date the company owed Avondruie £162,498 (2019: £162,498). The loan is unsecured, interest free and repayable on demand.

Aviemore Mountain Lodges Ltd

During the year Aviemore Mountain Lodges provided a loan to the company. At the balance sheet date the company owed Aviemore Mountain Lodges £146,956 (2019: £146,956). The loan is unsecured, interest free and repayable on demand.