Camlin (Gorgie) Limited 30/06/2018 iXBRL

Camlin (Gorgie) Limited 30/06/2018 iXBRL

CAMLIN (GORGIE) LIMITED - Company Information

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Company registration number: SC338496
Camlin (Gorgie) Limited
Unaudited filleted financial statements
30 June 2018
Camlin (Gorgie) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Camlin (Gorgie) Limited
Directors and other information
Directors D J Cameron
B R Linton
Secretary F Maclennan
Company number SC338496
Registered office First Floor
111 Grampian Road
Aviemore
Inverness-shire
PH22 1RH
Business address First Floor
111 Grampian Road
Aviemore
Inverness-shire
PH22 1RH
Accountants Frame Kennedy
Metropolitan House
31-33 High Street
Inverness
IV1 1HT
Bankers Santander
Bootle
Merseyside
L30 4GB
Solicitors Harper Macleod
The C'a'd'ora
45 Gordon Street
Glasgow
G1 3PE
Camlin (Gorgie) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Camlin (Gorgie) Limited
Year ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Camlin (Gorgie) Limited for the year ended 30 June 2018 which comprise the statement of financial position and 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 Camlin (Gorgie) 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 financial statements of Camlin (Gorgie) Limited and state those matters that we have agreed to state to the board of directors of Camlin (Gorgie) 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 Camlin (Gorgie) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Camlin (Gorgie) 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 profit of Camlin (Gorgie) Limited. You consider that Camlin (Gorgie) 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 Camlin (Gorgie) 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.
Frame Kennedy
Chartered Accountants
Metropolitan House
31-33 High Street
Inverness
IV1 1HT
20 March 2019
Camlin (Gorgie) Limited
Statement of financial position
30 June 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 2,000,000 2,000,000
_______ _______
2,000,000 2,000,000
Current assets
Debtors 5 19,427 41,377
Cash at bank and in hand 46,991 2,468
_______ _______
66,418 43,845
Creditors: amounts falling due
within one year 6 ( 1,922,801) ( 1,910,621)
_______ _______
Net current liabilities ( 1,856,383) ( 1,866,776)
_______ _______
Total assets less current liabilities 143,617 133,224
_______ _______
Net assets 143,617 133,224
_______ _______
Capital and reserves
Called up share capital 7 100 100
Revaluation reserve ( 3,949,423) ( 3,949,423)
Profit and loss account 4,092,940 4,082,547
_______ _______
Shareholders funds 143,617 133,224
_______ _______
For the year ending 30 June 2018 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2019 , and are signed on behalf of the board by:
D J Cameron
Director
Company registration number: SC338496
Camlin (Gorgie) Limited
Notes to the financial statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is First Floor, 111 Grampian Road, Aviemore, Inverness-shire, PH22 1RH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings - No depreciation
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 July 2017 and 30 June 2018 2,000,000 2,000,000
_______ _______
Depreciation
At 1 July 2017 and 30 June 2018 - -
_______ _______
Carrying amount
At 30 June 2018 2,000,000 2,000,000
_______ _______
At 30 June 2017 2,000,000 2,000,000
_______ _______
Investment property
Included within the above is investment property as follows:
£
At 1 July 2017 and 30 June 2018 2,000,000
_______
At 30 June 2018
At 30 June 2017
5. Debtors
2018 2017
£ £
Trade debtors 750 1,400
Other debtors 18,677 39,977
_______ _______
19,427 41,377
_______ _______
6. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 2,238 1,434
Corporation tax 60 4,998
Social security and other taxes 6,238 6,586
Other creditors 1,914,265 1,897,603
_______ _______
1,922,801 1,910,621
_______ _______
7. Called up share capital
Issued and called up
2018 2017
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
Issued and partly paid
2018 2017
No £ No £
Ordinary shares shares of £ 1.00 each - £ - paid 100 - 100 -
_______ _______ _______ _______
8. Related party transactions
9. Controlling party
The company is controlled by D J Cameron and B R Linton .