Locheil Development (Edinburgh) Limited - Period Ending 2016-12-31

Registration number: SC052994

Locheil Development (Edinburgh) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Newsham Hanson Ltd
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

Locheil Development (Edinburgh) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 7

Locheil Development (Edinburgh) Limited

Company Information

Directors

Mr Richard Douglas Mr Mervyn W Douglas Mr Stuart Douglas

Company secretary

Mrs Joan M Douglas

Registered office

302 St Vincent Street Glasgow G2 5RZ

Accountants

Newsham Hanson Ltd Chartered Certified Accountants Edinburgh House 1-5 Bellevue Road Clevedon North Somerset BS21 7NP

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Locheil Development (Edinburgh) Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Locheil Development (Edinburgh) Limited for the year ended 31 December 2016 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Locheil Development (Edinburgh) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Locheil Development (Edinburgh) Limited and state those matters that we have agreed to state to the Board of Directors of Locheil Development (Edinburgh) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Locheil Development (Edinburgh) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Locheil Development (Edinburgh) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Locheil Development (Edinburgh) Limited. You consider that Locheil Development (Edinburgh) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Locheil Development (Edinburgh) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Newsham Hanson Ltd
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

21 September 2017

Page 2

Locheil Development (Edinburgh) Limited

(Registration number: SC052994)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Current assets
Debtors	3	4,407,645	4,407,645
Cash at bank and in hand		129	129
		4,407,774	4,407,774
Creditors: Amounts falling due within one year	4	(19)	(19)
Net assets		4,407,755	4,407,755
Capital and reserves
Called up share capital		100,000	100,000
Profit and loss account		4,307,755	4,307,755
Total equity		4,407,755	4,407,755

For the financial year ending 31 December 2016 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 September 2017 and signed on its behalf by:
 

.........................................

Mr Richard Douglas

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Locheil Development (Edinburgh) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in Scotland.

The address of its registered office is:
302 St Vincent Street
Glasgow
G2 5RZ
Scotland

These financial statements were authorised for issue by the Board on 21 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 4

Locheil Development (Edinburgh) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost using the effective interest method.
 
 

3

Debtors

	Note	2016 £	2015 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		284,163	284,163
Other debtors		4,123,482	4,123,482
Total current trade and other debtors		4,407,645	4,407,645

4

Creditors

	Note	2016 £	2015 £
Due within one year
Other creditors		19	19

5	Parent and ultimate parent undertaking

The ultimate controlling party is the directors, by virture of their shareholding in Cadentrend Limited.

Page 5

Locheil Development (Edinburgh) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

6	Transition to FRS 102

The policies adopted under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Debtors		4,407,645	-	-	4,407,645
Cash at bank and in hand		129	-	-	129
		4,407,774	-	-	4,407,774
Creditors: Amounts falling due after more than one year		(19)	-	-	(19)
Net assets		4,407,755	-	-	4,407,755
Capital and reserves
Called up share capital		100,000	-	-	100,000
Profit and loss account		4,307,755	-	-	4,307,755
Total equity		4,407,755	-	-	4,407,755

Page 6

Locheil Development (Edinburgh) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Debtors		4,407,645	-	-	4,407,645
Cash at bank and in hand		130	-	-	130
		4,407,775	-	-	4,407,775
Creditors: Amounts falling due within one year		(20)	-	-	(20)
Net assets		4,407,755	-	-	4,407,755
Capital and reserves
Called up share capital		100,000	-	-	100,000
Profit and loss account		4,307,755	-	-	4,307,755
Total equity		4,407,755	-	-	4,407,755

Page 7