Channel House Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC089448 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2022

for

Channel House Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountant's Report

9

DIRECTORS:

Mrs L Paterson

D S Paterson

S Paterson

S D Paterson

REGISTERED OFFICE:

Channel House

Channel Street

Galashiels

Selkirkshire

TD1 1BA

REGISTERED NUMBER:

SC089448 (Scotland)

ACCOUNTANT:

Gall Robertson CA

Tweedside Park

Tweedbank

Galashiels

Selkirkshire

TD1 3TE

FIXED ASSETS

Tangible assets

4

1,133

1,798

Investment property

5

640,000

640,000

641,133

641,798

CURRENT ASSETS

Debtors

6

5,998

8,134

Cash at bank

8,832

13,603

14,830

21,737

CREDITORS

Amounts falling due within one year

7

45,605

36,372

NET CURRENT LIABILITIES

(30,775

)

(14,635

)

TOTAL ASSETS LESS CURRENT LIABILITIES

610,358

627,163

CREDITORS

Amounts falling due after more than one year

8

(139,713

)

(182,682

)

PROVISIONS FOR LIABILITIES

(19,603

)

(19,619

)

NET ASSETS

451,042

424,862

CAPITAL AND RESERVES

Called up share capital

14,000

14,000

Fair value reserve

10

416,391

416,391

Retained earnings

20,651

(5,529

)

SHAREHOLDERS' FUNDS

451,042

424,862

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2023 and were signed on its behalf by:

S D Paterson - Director

1.	STATUTORY INFORMATION

Channel House Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The directors have assessed a period of 12 months from the date of approval of the financial statements and consider that no material uncertainties exist that cast significant doubt about the ability of the company to continue as a going concern. Thus the directors adopt the going concern basis of accounting in preparing the financial statements.

Revenue

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

10% on cost

Tangible assets are initially recorded at cost, and are 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. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, 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 result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The company have a separate fair value reserve which represents the unrealised gain on investment properties that is non distributable.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities including trade creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 in finance costs in profit or loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2021

and 30 June 2022

35,934

DEPRECIATION

At 1 July 2021

34,136

Charge for year

665

At 30 June 2022

34,801

NET BOOK VALUE

At 30 June 2022

1,133

At 30 June 2021

1,798

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2021

and 30 June 2022

640,000

NET BOOK VALUE

At 30 June 2022

640,000

At 30 June 2021

640,000

Fair value at 30 June 2022 is represented by:

£

Valuation in 2012

621,528

Valuation in 2014

18,472

Valuation in 2015

50,000

Valuation in 2017

3,178

Valuation in 2019

(53,178

)

640,000

If investment property had not been revalued it would have been included at the following historical cost:

30.6.22

30.6.21

£

£

Cost

223,609

223,609

Investment property was valued on an open market basis on 30 June 2021 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Other debtors

5,998

8,134

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

32,093

21,288

Taxation and social security

6,157

2,157

Other creditors

7,355

12,927

45,605

36,372

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans

97,867

139,324

Amounts owed to group undertakings

41,846

41,846

Other creditors

-

1,512

139,713

182,682

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.22

30.6.21

£

£

Bank loans

129,960

160,612

The bank borrowings are secured by a bond and floating charge over all the assets of the company and by standard securities over the investment properties.

10.

RESERVES

Fair

value

reserve

£

At 1 July 2021

and 30 June 2022

416,391

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2022 and 30 June 2021:

30.6.22

30.6.21

£

£

Mrs L Paterson

Balance outstanding at start of year

7,115

4,615

Amounts advanced

-

2,500

Amounts repaid

(2,672

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,443

7,115

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Kemp Blair (Holdings) Ltd.

The ultimate controlling party is Kemp Blair (Holdings) Ltd.

Registered office address:

Channel House

Channel Street

Galashiels

TD1 1BA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Channel House Limited for the year ended 30 June 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of ICAS, I am subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Channel House Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Channel House Limited and state those matters that I have agreed to state to the Board of Directors of Channel House Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Channel House Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Channel House Limited. You consider that Channel House Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Channel House Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Gall Robertson CA

Tweedside Park

Tweedbank

Galashiels

Selkirkshire

TD1 3TE

13 March 2023