Lower Mills Industrial Estate Limited - Accounts to registrar

REGISTERED NUMBER: SC040637 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017

FOR

LOWER MILLS INDUSTRIAL ESTATE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Jonathan Charles Gray Grant

Nancy Paterson Grant

REGISTERED OFFICE:

6 Springhill Road

Clarkston

Glasgow

G76 8BT

REGISTERED NUMBER:

SC040637 (Scotland)

ACCOUNTANTS:

Carrol & Co

Chartered Accountants

14 Rosemount Meadows

Bothwell

G71 8EL

BANKERS:

Clydesdale Bank plc

122 Busby Road

Clarkston

Glasgow

G76 8BG

SOLICITORS:

Morrison Bishop

2 Blythswood Square

Glasgow

G2 4AD

FIXED ASSETS

Tangible assets

4

1

Investment property

5

650,000

650,001

CURRENT ASSETS

Debtors

6

14,305

12,305

Cash at bank and in hand

1,033

1,274

15,338

13,579

CREDITORS

Amounts falling due within one year

7

15,490

14,290

NET CURRENT LIABILITIES

(152

)

(711

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

649,849

649,290

CREDITORS

Amounts falling due after more than one
year

8

394,208

390,558

NET ASSETS

255,641

258,732

CAPITAL AND RESERVES

Called up share capital

70,000

Revaluation reserve

9

372,727

Retained earnings

(187,086

)

(183,995

)

SHAREHOLDERS' FUNDS

255,641

258,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 September 2017 and were signed on its behalf
by:

Jonathan Charles Gray Grant - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value

added tax. Turnover includes revenue earned from the rendering of services, namely rental of industrial premises.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to

the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the

outcome of a contract cannot be estimated reliably.

Tangible fixed assets

All tangible fixed assets were recorded at cost and are now fully depreciated.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower,

the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the

income statement.

Investment property

Investment properties are valued at fair value at the statement of financial position date. Any changes in fair

value are recognised in the income statement. Deferred taxation is provided on these changes at the rate expected

to apply when the properties are sold.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Provision for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in

the current period, and which employees are entitled to carry forward and use within the next 12 months. The

provision is measured at the salary cost payable for the period of absence.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 February 2016

and 31 January 2017

8,614

DEPRECIATION

At 1 February 2016

and 31 January 2017

8,613

NET BOOK VALUE

At 31 January 2017

1

At 31 January 2016

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2016

and 31 January 2017

650,000

NET BOOK VALUE

At 31 January 2017

650,000

At 31 January 2016

650,000

Cost or valuation at 31 January 2017 is represented by:

£

Valuation in 2017

650,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

Trade debtors

14,305

12,305

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

Accrued charges

15,490

14,290

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.1.17

31.1.16

£

12% Redeemable loan stock

70,000

Other loans

246,916

Loans from directors

77,292

73,642

394,208

390,558

The 12% redeemable loan stock is repayable on 12 months notice. The interest due on this stock has been

waived by the holder for the years ending 31 January 2006 to 2017 inclusive.

Other loans have no fixed repayment terms, and no interest is payable on them. The lenders have confirmed that

they will not seek repayment for at least one year.

9.

RESERVES

Revaluation

reserve

£

At 1 February 2016

and 31 January 2017

372,727

Lower Mills Industrial Estate Limited - Accounts to registrar - small 17.2

Lower Mills Industrial Estate Limited - Accounts to registrar - small 17.2