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Company registration number SC473446
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FILING FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 MARCH 2020
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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COMPANY INFORMATION
1
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THISTLE-PEAT LIMITED
REGISTERED NUMBER:SC473446
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Profit and loss account - non distributable
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Profit and loss account - distributable
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
2
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THISTLE-PEAT LIMITED
REGISTERED NUMBER:SC473446
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
As permitted by Section 444 of the Companies Act 2006, the director has not delivered to the Registrar a copy
of the company's Statement of Income and Retained Earnings for the year ended 31 March 2020.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
D W Stephen
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The notes on pages 4 to 10 form part of these financial statements.
3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which (the majority of) the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 31 March 2020.
The continuing activities of Thistle-Peat Limited ('the company') are commercial property sales, rental and management.
The company is a private company limited by shares and is incorporated in the United Kingdom and registered in Scotland. Details of the registered office can be found on the company information page of these financial statements. The company's registered number is SC473446.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities) and the Companies Act 2006.
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.
The following principal accounting policies have been applied:
The director has considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all relevant information available to him, believe it appropriate to prepare the financial statements on a going concern basis. This assessment of going concern includes the expected impact of COVID-19 to the entity in the 12 months following the signing of these financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the accruals basis.
Investment property is carried at fair value determined regularly and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.
Development properties are held at the lower of cost and net realisable value.
Debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Short term creditors are measured at the transaction price.
5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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The average monthly number of employees, including directors, during the year was 1 (2019 - 1).
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6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Freehold investment property
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Investment properties were revalued by an independent valuer, Lambert Smith Hampton in May 2018 based on an open marker valuation in accordance with the Red Book Valuation Standards published by the Royal Institute of Chartered Surveyors.
The director has reviewed the valuations and believes these are a fair representation of the valuation of the properties at the year-end on the basis that there has been no material change in market conditions in that time.
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Prepayments and accrued income
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7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Cash and cash equivalents
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Cash at bank and in hand includes £291,274 (2019: £247,232) which is controlled by the bank and is restricted to future capital repayments of debt.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Secured loans
Secured creditors were equal to £11,480,000 (2019: £11,926,000).
The loans have been secured by standard securities over the company's properties and by a bond and floating charge over all of the company's assets.
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8
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Due on revaluation of investment properties
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Profit and loss account
Profit and loss account - non-distributable. This represents the investment property revaluation reserve and is non-distributable.
Profit and loss account - distributable. These are the profits retained by the company which are available for distribution to the shareholders.
9
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Related party transactions
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The company was owed £225,000 (2019: £Nil) at 31 March 2020 by Thistle Residential Ltd, a company under common control of the director. This amount is included within other debtors.
The company owed £1,892,708 (2019: £1,892,708) at 31 March 2020 to Thistle Property Development Ltd, a company under common control of the director. This amount is included within other creditors.
The company owed £1,412,987 (2019: £1,512,987) at 31 March 2020 to Thistle Property Holding Company Ltd, a company under common control of the director. This amount is included within other creditors.
The company owed £171 (2019: £100,171) at 31 March 2020 to Whinstane LLP which is under common control of the director. This amount is included within other creditors.
All of the above loans are interest free, with no terms attached and are repayable on demand.
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The parent, and ultimate controlling party is Thistle-Peat Holdco Ltd, a company registered in Scotland.
10
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