Company No: SC509567 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Current assets
Stocks		463,988		451,318
Debtors	3	4,940		2,803
Cash at bank and in hand		290		590
		469,218		454,711
Creditors
Amounts falling due within one year	4	( 171,764)		( 154,354)
Net current assets		297,454		300,357
Total assets less current liabilities		297,454		300,357
Creditors
Amounts falling due after more than one year	5	( 327,038)		( 327,038)
Net liabilities		( 29,584)		( 26,681)
Capital and reserves
Called-up share capital	6	30		30
Profit and loss account		( 29,614 )		( 26,711 )
Total shareholders' deficit		( 29,584)		( 26,681)

For the financial year ending 30 June 2021 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Strathcarron Homes Limited (registered number: SC509567) were approved and authorised for issue by the Director on 24 March 2022. They were signed on its behalf by:

Dallas Peter Rhodes Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Strathcarron Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7-11 Melville Street, Edinburgh, EH3 7PE, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. External funding sources have provided their ongoing support and not seek repayment of loans for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks,

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Debtors

	2021		2020
	£		£
Amounts owed by related parties (note 7)	4,910		2,000
Other debtors	30		803
	4,940		2,803

4. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	0		11,911
Amounts owed to related parties (note 7)	56,669		53,159
Other creditors	115,095		89,284
	171,764		154,354

5. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Amounts owed to related parties (note 7)	227,038		227,038
Other creditors	100,000		100,000
	327,038		327,038

The other creditor is secured by a fixed charge over the property at Belhelvie.

6. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
30 Ordinary shares of £ 1.00 each	30		30

7. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

	2021		2020
	£		£
Entities with control, joint control or significant influence over the company.	4,910		2,000

The above loans due to related parties by virtue of significant influence by directors are unsecured, interest free and have no fixed repayment terms.

Amounts owed to related parties

	2021		2020
	£		£
Entities with control, joint control or significant influence over the company.	283,707		280,197

The above loans due to related parties by virtue of significant influence by directors are unsecured, interest free and have no fixed repayment terms.