Cachet Property Services Limited Filleted accounts for Companies House (small and micro)

CACHET PROPERTY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC271829

Cachet Property Services Limited

Filleted Unaudited Financial Statements

31 March 2021

Cachet Property Services Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Cachet Property Services Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		715,660	653,188

Current assets

Debtors	5	2,460	–
Cash at bank and in hand		3,096	667
		-------	----
		5,556	667

Creditors: amounts falling due within one year	6	237,552		216,365
		---------		---------
Net current liabilities			231,996	215,698
			---------	---------
Total assets less current liabilities			483,664	437,490

Creditors: amounts falling due after more than one year	7		260,426	265,515

Provisions

Taxation including deferred tax	5,231	–
	---------	---------
Net assets	218,007	171,975
	---------	---------

Capital and reserves

Called up share capital	8	1	1
Fair Value Reserve		56,849	–
Profit and loss account		161,157	171,974
		---------	---------
Shareholders funds		218,007	171,975
		---------	---------

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 comprehensive income has not been delivered.

For the year ending 31 March 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 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 .

Cachet Property Services Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 22 February 2022 , and are signed on behalf of the board by:

Ms C.P. Dunn

Director

Company registration number: SC271829

Cachet Property Services Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.

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 though profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% reducing balance

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. This is in accordance with the FRS 102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Investment Property	Equipment	Total
	£	£	£
Cost or valuation
At 1 April 2020	652,921	1,592	654,513
Additions	–	722	722
Revaluations	62,079	–	62,079
	---------	-------	---------
At 31 March 2021	715,000	2,314	717,314
	---------	-------	---------
Depreciation
At 1 April 2020	–	1,325	1,325
Charge for the year	–	329	329
	---------	-------	---------
At 31 March 2021	–	1,654	1,654
	---------	-------	---------
Carrying amount
At 31 March 2021	715,000	660	715,660
	---------	-------	---------
At 31 March 2020	652,921	267	653,188
	---------	-------	---------

The investment properties were revalued in the year to 31st March 2021 by the director.

5. Debtors

	2021	2020
	£	£
Other debtors	2,460	–
	-------	----

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	31,106	34,700
Trade creditors	2,965	3,587
Corporation tax	–	3,757
Other creditors	203,481	174,321
	---------	---------
	237,552	216,365
	---------	---------

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

	2021	2020
	£	£
Bank loans and overdrafts	260,426	265,515
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £99,169 (2020: £88,334) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Bank loans due over 5 years are repayable in monthly installments at a variable interest rate of 3.74%.

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----