Torridon Developments Limited Filleted accounts for Companies House (small and micro)

Torridon Developments Limited Filleted accounts for Companies House (small and micro)

TORRIDON DEVELOPMENTS LIMITED - Company Information

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0 false false false false false false false false false true false false false false false false No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 1,329,845 22,163 203,010 1,148,998 1,148,998 1,329,845 xbrli:pure xbrli:shares iso4217:GBP SC485894 2019-04-01 2020-03-31 SC485894 2020-03-31 SC485894 2019-03-31 SC485894 2019-03-31 SC485894 bus:Director2 2019-04-01 2020-03-31 SC485894 core:LandBuildings 2019-04-01 2020-03-31 SC485894 core:WithinOneYear 2020-03-31 SC485894 core:WithinOneYear 2019-03-31 SC485894 core:AfterOneYear 2020-03-31 SC485894 core:AfterOneYear 2019-03-31 SC485894 core:ShareCapital 2020-03-31 SC485894 core:ShareCapital 2019-03-31 SC485894 core:RevaluationReserve 2020-03-31 SC485894 core:RevaluationReserve 2019-03-31 SC485894 core:RetainedEarningsAccumulatedLosses 2020-03-31 SC485894 core:RetainedEarningsAccumulatedLosses 2019-03-31 SC485894 core:LandBuildings 2020-03-31 SC485894 core:LandBuildings 2019-03-31 SC485894 core:LandBuildings 2019-03-31 SC485894 bus:SmallEntities 2019-04-01 2020-03-31 SC485894 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 SC485894 bus:FullAccounts 2019-04-01 2020-03-31 SC485894 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 SC485894 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 SC485894 1 2019-04-01 2020-03-31 SC485894 core:AllAssociates 2019-04-01 2020-03-31
COMPANY REGISTRATION NUMBER: SC485894
Torridon Developments Limited
Filleted Unaudited Financial Statements
31 March 2020
Torridon Developments Limited
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
4
1,148,998
1,329,845
Current assets
Debtors
5
319,154
390,774
Cash at bank and in hand
17,398
41,553
---------
---------
336,552
432,327
Creditors: amounts falling due within one year
6
342,330
559,458
---------
---------
Net current liabilities
5,778
127,131
------------
------------
Total assets less current liabilities
1,143,220
1,202,714
Creditors: amounts falling due after more than one year
7
309,110
355,967
Provisions
Taxation including deferred tax
127,532
127,532
------------
------------
Net assets
706,578
719,215
------------
------------
Capital and reserves
Called up share capital
2
2
Fair Value Reserve(Undistributable)
568,607
568,607
Profit and loss account
137,969
150,606
---------
---------
Shareholders funds
706,578
719,215
---------
---------
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 Section 1A of 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.
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Torridon Developments Limited
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 19 March 2021 , and are signed on behalf of the board by:
Mr J. R. Morrison
Director
Company registration number: SC485894
Torridon Developments Limited
Notes to the Financial Statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 56 Torridon Road, Broughty Ferry, Dundee, DD5 3JH.
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.
Going concern
The company has seen as reduction in rental income after the year end as a lease was renegotiated due to the tenant suffering financial difficulties due to Covid-19. The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of the business.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 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 property
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.
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2019
1,329,845
Additions
22,163
Disposals
( 203,010)
------------
At 31 March 2020
1,148,998
------------
Depreciation
At 1 April 2019 and 31 March 2020
–
------------
Carrying amount
At 31 March 2020
1,148,998
------------
At 31 March 2019
1,329,845
------------
The property was revalued to the market value by the company directors in the previous financial period. The directors believe that there is no material change in value in the current period.
5. Debtors
2020
2019
£
£
Other debtors
319,154
390,774
---------
---------
6. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
45,681
204,505
Trade creditors
4,654
7,854
Social security and other taxes
–
2,695
Other creditors
291,995
344,404
---------
---------
342,330
559,458
---------
---------
7. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
309,110
355,967
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £126,385 (2019: £177,946) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Events after the end of the reporting period
Since the year end the company has seen a reduction income due to the Covid crisis. The directors have secured additional funding from the Business Interruption Loan Scheme (CBILS).
9. Related party transactions
The company was under the control of the directors throughout the current period.