PARTMILE_LIMITED - Accounts

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 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 member has 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.

Partmile Ltd is a private company limited by shares incorporated in Scotland. The registered office is 115 Lauriston Place, Edinburgh, EH3 9JG.

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, modified to include the revaluation of properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Early in 2020, the world started to face unprecedented uncertainty and disruption as a result of Covid-19. The results of this financial year have not been significantly impacted by this global pandemic, which unfortunately continues to make itself felt throughout the world. Post year end the directors have continued to consider the effects of this pandemic on the operations of the business, and after reviewing and considering the company's forecasts and projections, at the date of signing the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future. The directors therefore consider it appropriate for the company to adopt the going concern basis in preparing its financial statements.

Turnover is recognised at the fair value of the consideration of rent received or receivable in the normal course of business, excluding discounts, rebates, value added tax and other sales taxes.

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 the statement of income and retained earnings.

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. Any impairment loss is recognised immediately in the statement of income and retained earnings.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of Income and Retained Earnings.

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.

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 income statement 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 is recognised in respect of all timing differences that have assigned but not reversed at the balance sheet date.

The average monthly number of persons (including directors) employed by the company during the year was 2 (2019-2).

The 2020 valuations were made by the directors, on an open market value basis.

Bank loans are secured by standard security over the company's investment properties, a debt servicing guarantee from Mr I M Shand and Mr G Shand, the directors of the company, and a floating charge over the company's assets and undertakings.

The loans are repayable in quarterly instalments, bear interest at 2.5% over LIBOR and are fully repayable by 30 September 2024 with a bullet repayment of £750,000.

The profit and loss account represents accumulated profits and losses for the company less distributions to shareholders.

Included within the profit and loss reserve of the Company is £814,432 (2019: £814,432) of investment property gains (net of related deferred tax liability) which are non distributable.

During the year the company entered into the following transactions with related parties:

During the year, the company repaid loans of £10,000 (2019: £3,100) and received repayments on loans of £Nil (2019: £Nil) to entities under common control.

At the year end, the amounts owing to entities under common control was £6,800 (2019: £16,800) and the amounts owing by entities under common control is £23,082 (2019: £3,374).

At the year end, the balance owed by fellow subsidiaries was £56,384 (2019: £4,530) and the balance owed by the immediate parent was £59,470 (2019: £34,470).

Amounts owed are unsecured, interest free and repayable on demand.

The company's immediate parent undertaking is Andstrat (No. 144) Limited, a company registered in Scotland.

The company's ultimate parent undertaking is Andstrat (No. 363) Limited, a company registered in Scotland.

In the directors' opinion the company has no ultimate controlling party.