Eadie Cairns Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10302011 (England and Wales)

Eadie Cairns Limited

Unaudited Financial Statements

for the Year Ended 31 January 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Willis

Mrs F E L Willis

SECRETARY:

Mrs R Davidson

REGISTERED OFFICE:

Unit 7 Gordleton Industrial Park

Hannah Way

Pennington

Lymington

Hampshire

SO41 8JD

REGISTERED NUMBER:

10302011 (England and Wales)

FIXED ASSETS

Tangible assets

3

6,648

8,251

Investments

4

100

100

Investment property

5

3,756,456

3,478,500

3,763,204

3,486,851

CURRENT ASSETS

Debtors

6

647,067

217,765

Cash at bank and in hand

13,733

13,750

660,800

231,515

CREDITORS

Amounts falling due within one year

7

(1,710,395

)

(1,534,077

)

NET CURRENT LIABILITIES

(1,049,595

)

(1,302,562

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,713,609

2,184,289

CREDITORS

Amounts falling due after more than one year

8

(1,132,999

)

(1,150,092

)

NET ASSETS

1,580,610

1,034,197

CAPITAL AND RESERVES

Called up share capital

10

998,000

998,000

Retained earnings

582,610

36,197

SHAREHOLDERS' FUNDS

1,580,610

1,034,197

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2022 and were signed on its behalf by:

Mr J Willis - Director

1.	ACCOUNTING POLICIES

COMPANY INFORMATION

Eadie Cairns Limited is a private company limited by shares incorporated in England and Wales.The registered office is Unit 7, Gordleton Industrial Park, Hannah Way, Pennington, Lymington, Hampshire, England, SO41 8JD.

ACCOUNTING CONVERSION

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 investment properties at fair value. The principal accounting policies adopted are set out below.

TURNOVER

Turnover represents rent receivable in the period.

TANGIBLE FIXED ASSETS

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:

Fixtures and fittings 25% straight line

INVESTMENT PROPERTIES

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 profit or loss.

FIXED ASSET INVESTMENTS

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing

difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction

that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the

asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred

tax is also dealt with in equity, Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate

to taxes levied by the same tax authority.

IMPAIRMENT OF FIXED ASSETS

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, if any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

EQUITY INSTRUMENTS

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.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2020

14,856

Additions

1,325

Disposals

(1,933

)

At 31 January 2021

14,248

DEPRECIATION

At 1 February 2020

6,605

Charge for year

2,928

Eliminated on disposal

(1,933

)

At 31 January 2021

7,600

NET BOOK VALUE

At 31 January 2021

6,648

At 31 January 2020

8,251

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 February 2020

and 31 January 2021

100

NET BOOK VALUE

At 31 January 2021

100

At 31 January 2020

100

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2020

3,478,500

Additions

277,956

At 31 January 2021

3,756,456

NET BOOK VALUE

At 31 January 2021

3,756,456

At 31 January 2020

3,478,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

14,485

2,401

Other debtors

632,582

215,364

647,067

217,765

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 9)

61,931

66,417

Trade creditors

9,493

5,150

Amounts owed to group undertakings

1,434,192

1,305,972

Taxation and social security

4,581

35,700

Other creditors

200,198

120,838

1,710,395

1,534,077

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 9)

1,132,999

1,150,092

9.

LOANS

Loans

An analysis of the maturity of loans is given below

2021

2020

£

£

Amount following due within one year or on demand

Bank loans

61,931

66,417

Other loans

172,110

87,822

234,041

154,239

Amount falling due between one and two years

Bank loans 1-2 years

1,082,999

1,150,092

Bounceback loan

50,000

-

1,132,999

1,150,092

Bank of Scotland PLC has a bond and floating charge over the assets of company

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

998,000

Ordinary

1

998,000

998,000

11.	RELATED PARTY TRANSACTIONS

Transactions with related parties

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

The following amounts were outstanding at the reporting end date:

2021

2020

Amounts due to related parties

£

£

Key management personnel

172,110

87,822

Other related parties

1,434,192

1,305,972

The following amounts were outstanding at the reporting end date:

2021

2020

Amounts due from related parties

£

£

Other related parties

593,352

187,550