Free Range Investments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC399773 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

FREE RANGE INVESTMENTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Costello

REGISTERED OFFICE:

C/O Callander Estates

9 Woodside Crescent

Glasgow

G3 7UL

REGISTERED NUMBER:

SC399773 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

1,600,000

Investment property

4

-

CURRENT ASSETS

-

Stocks

868,009

129,718

Debtors

5

116,702

97,380

Cash at bank

261,338

227,098

1,246,049

CREDITORS

383,062

Amounts falling due within one year

6

448,773

(155,964

)

NET CURRENT ASSETS/(LIABILITIES)

797,276

1,444,036

TOTAL ASSETS LESS CURRENT LIABILITIES

797,276

CREDITORS

683,476

Amounts falling due after more than one year

7

-

760,560

NET ASSETS

797,276

CAPITAL AND RESERVES

4

Called up share capital

4

340,952

Fair value reserve

9

-

419,604

Retained earnings

797,272

760,560

SHAREHOLDERS' FUNDS

797,276

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 26 January 2018 and were signed by:

J Costello - Director

1.	STATUTORY INFORMATION

Free Range Investments Limited is a private company, limited by shares, registered in Scotland, registration

number SC399773 . The registered office is 9 Woodside Crescent, Glasgow, G3 7UL.

The company's presentational currency is pounds 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 April 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date

of transition to FRS 102 Section 1A is 1 May 2015.

Note 10 outlines the impact on the financial statements on transition to the new reporting standards.

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and

assumptions that affect the application of the Company's accounting policies and the reported amounts of assets,

liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the

financial statements:

Valuation of investment property

As noted below, investment property is included in the Statement of Financial Position at fair value. The

valuation is based on several factors, including a 2016 independent professional valuation by Lambert Smith

Hampton, and the directors' considerations of local market conditions.

Turnover

Turnover is measured at the fair value of consideration received or receivable in relation to rental income and

related management services, excluding value added tax and other sales taxes.

Rental income

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

Services

Income from management services is recognised when performed, such that risks and rewards have been

transferred.

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.

Work in progress

Work in progress includes all costs incurred to date in relation to the purchase and development of land.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference

and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

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.

Cash and cash equivalents

Cash and cash equivalents comprises cash balances. Bank overdrafts that are payable on demand and form an

integral part of the company's cash management are included as a component of cash and cash equivalents for

the purpose only of the cash flow statement.

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.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current

market assessments of the time value of money and the risks specific to the liability. The unwinding of the

discount is recognised as finance cost.

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.

Short term employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the

period in which they are incurred. A liability is recognised for the amount expected to be paid if the company

has a present legal or constructive obligation to pay this amount as a result of past service provided by the

employee, and the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

1,600,000

Disposals

(1,600,000

)

At 30 April 2017

-

NET BOOK VALUE

At 30 April 2017

-

At 30 April 2016

1,600,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

18,540

Amounts owed by associates

111,275

111,175

Other debtors

5,427

3

116,702

129,718

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

115,240

Trade creditors

3,229

169

Taxation and social security

60,541

41,680

Other creditors

385,003

225,973

448,773

383,062

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

-

683,476

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

-

798,716

The loan, on which security was held, was repaid in full during the year with all charges now satisfied.

9.

RESERVES

Fair

value

reserve

£

At 1 May 2016

340,952

Released in year

(340,952

)

At 30 April 2017

-

10.	FIRST YEAR ADOPTION

The changes arising on transition to FRS102 are shown below, and their impact on opening equity and profit for

the comparative period are explained in the reconciliations which follow (unless "Filleted" accounts).

Investment properties

Prior to applying FRS102, the company accounted for investment properties at market value. Although this

approach is still required under FRS102, adjustments have been made to reflect fair value gains and losses in

profit and loss, rather than directly in fair value reserve.

It is also a requirement of the standard to provide deferred taxation on fair value adjustments. Although a

deferred tax asset would have existed in the prior year, this has not been recognised in the accounts on the basis

that the property was sold during the year under review.