Lower Mills Industrial Estate Limited - Accounts to registrar (filleted) - small 18.2
Lower Mills Industrial Estate Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2018 |
FOR |
LOWER MILLS INDUSTRIAL ESTATE LIMITED |
LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
LOWER MILLS INDUSTRIAL ESTATE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
14 Rosemount Meadows |
Bothwell |
G71 8EL |
BANKERS: |
122 Busby Road |
Clarkston |
Glasgow |
G76 8BG |
SOLICITORS: |
2 Blythswood Square |
Glasgow |
G2 4AD |
LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637) |
STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2018 |
31.1.18 | 31.1.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637) |
STATEMENT OF FINANCIAL POSITION - continued |
31 JANUARY 2018 |
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 |
LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
1. | STATUTORY INFORMATION |
Lower Mills Industrial Estate Limited is a |
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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Rendering of services |
Turnover from the rendering of services, namely the provision of rental of industrial premises, is recognised by |
reference to the stage of completion of the service at the statement of financial position date. |
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. |
LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 February 2017 |
and 31 January 2018 |
DEPRECIATION |
At 1 February 2017 |
and 31 January 2018 |
NET BOOK VALUE |
At 31 January 2018 |
At 31 January 2017 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2017 |
and 31 January 2018 |
NET BOOK VALUE |
At 31 January 2018 |
At 31 January 2017 |
Fair value at 31 January 2018 is represented by: |
£ |
Valuation in 2018 | 650,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
Bank loans and overdrafts |
Accrued charges |
LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
12% Redeemable loan stock | 70,000 | 70,000 |
Other loans |
Loans from directors | 80,742 | 77,292 |
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 2018 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. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.18 | 31.1.17 |
£ | £ |
Bank overdraft |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 February 2017 |
and 31 January 2018 |
11. | RELATED PARTY DISCLOSURES |
During the year, the company received an interest free loan from the directors amounting to £80,742 (2017: |
£77,292). |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LOWER MILLS INDUSTRIAL ESTATE LIMITED |
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 Statement of Financial Position. 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, we have prepared for your approval the |
financial statements of Lower Mills Industrial Estate Limited for the year ended 31 January 2018 which comprise the |
Income Statement, Statement of Financial Position, 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 Board of Directors of Lower Mills Industrial Estate Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lower Mills Industrial Estate Limited and state those matters that we have agreed to state to the Board of Directors of Lower Mills Industrial Estate 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, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Lower Mills Industrial Estate 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 Lower Mills Industrial Estate Limited. You consider that Lower Mills Industrial Estate 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 Lower Mills Industrial Estate 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. |
Chartered Accountants |
14 Rosemount Meadows |
Bothwell |
G71 8EL |