North Claremont Street Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC396629 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

NORTH CLAREMONT STREET LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

H H Munro

REGISTERED OFFICE:

Suite 2.1

Standard Buildings

94 Hope Street

Glasgow

G2 6QB

REGISTERED NUMBER:

SC396629 (Scotland)

ACCOUNTANTS:

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

FIXED ASSETS

Investment property

3

2,175,610

1,150,000

CURRENT ASSETS

Debtors

4

33,043

15,651

Cash at bank and in hand

28,710

16,434

61,753

32,085

CREDITORS

Amounts falling due within one year

5

468,681

384,726

NET CURRENT LIABILITIES

(406,928

)

(352,641

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,768,682

797,359

CREDITORS

Amounts falling due after more than one year

6

(1,505,096

)

(464,039

)

PROVISIONS FOR LIABILITIES

9

(50,783

)

(50,783

)

NET ASSETS

212,803

282,537

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

203,131

203,131

Retained earnings

11

9,572

79,306

SHAREHOLDERS' FUNDS

212,803

282,537

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 27 June 2018 and were signed by:

H H Munro - Director

1.	STATUTORY INFORMATION

North Claremont Street 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.

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.

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

These financial statements for the year ended 30 September 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 October 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

Investment properties are revalued at their open market value in accordance with the FRSSE (effective April

2008). The surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit

reduces the property below its historical cost in which case it is taken to the profit and loss account.

No depreciation is provided on investment properties which is a departure from the requirements of the

Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment

potential and so their current value is of more significance than any measure of consumption and to depreciate

them would not give a true and fair view.

The provisions of the FRSSE (effective April 2008) in respect of investment properties have therefore been

adopted in order to give a true and fair view. If this departure from from the Act had not been made, the profit

for the year would have been reduced by depreciation.

However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise

have been shown cannot be separately identified.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2016

1,150,000

Additions

1,025,610

At 30 September 2017

2,175,610

NET BOOK VALUE

At 30 September 2017

2,175,610

At 30 September 2016

1,150,000

Fair value at 30 September 2017 is represented by:

£

Valuation in 2015

253,914

Cost

1,921,696

2,175,610

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

30.9.17

30.9.16

£

£

Cost

1,921,696

896,086

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

19,357

756

Other debtors

8,500

8,373

Amounts due from associate coy

823

2,600

Prepayments and accrued income

4,363

3,922

33,043

15,651

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans and overdrafts (see note 7)

141,477

58,994

Trade creditors

9,596

613

Tax

-

17,713

VAT

1,946

6,112

Other creditors

186,105

128,453

Amounts due to Associated Coys

94,696

148,848

Accruals and deferred income

34,861

23,993

468,681

384,726

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans (see note 7)

1,505,096

464,039

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

939,187

228,062

7.

LOANS

An analysis of the maturity of loans is given below:

30.9.17

30.9.16

£

£

Amounts falling due within one year or on demand:

Bank loans

141,477

58,994

Amounts falling due between one and two years:

Bank loans - 1-2 years

141,477

58,994

Amounts falling due between two and five years:

Bank loans - 2-5 years

424,432

176,983

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

939,187

228,062

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.17

30.9.16

£

£

Bank loans

1,646,573

523,033

The bank loan is secured on the following property:

- 14 North Claremont Street, Glasgow

During the year the loan was refinanced and the lender changed from Lloyds Banking Group to Bank of

Scotland.

9.	PROVISIONS FOR LIABILITIES

30.9.17

30.9.16

£

£

Deferred tax

50,783

50,783

Deferred

tax

£

Balance at 1 October 2016

50,783

Balance at 30 September 2017

50,783

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

£

100

Ordinary

1

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 October 2016

79,306

203,131

282,437

Deficit for the year

(69,734

)

(69,734

)

At 30 September 2017

9,572

203,131

212,703

12.	RELATED PARTY DISCLOSURES

13.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 (1A). The last financial statements

under previous UK GAAP were for the year ended 30 September 2016 and the date of transition to FRS 102

(1A) was 1 October 2016.

The following reproduces the text of the report prepared for the director 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 Director 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, we have prepared for your approval the

financial statements of North Claremont Street Limited for the year ended 30 September 2017 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 us.

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

This report is made solely to the director of North Claremont Street Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of North Claremont Street Limited and state those matters that we have agreed to state to the director of North Claremont Street Limited 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, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that North Claremont Street 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 loss of North Claremont Street Limited. You consider that North Claremont Street 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 financial statements of North Claremont Street 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 financial statements.

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

27 June 2018