Infinity Edinburgh Limited - Period Ending 2019-04-30

Registration number: SC200297

Infinity Edinburgh Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2019

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Infinity Edinburgh Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 10

Infinity Edinburgh Limited

Company Information

Directors

Mrs AE Henderson Mr J Henderson

Registered office

Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Accountants

Glen Drummond Ltd Chartered Accountants Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Infinity Edinburgh Limited
for the Year Ended 30 April 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Infinity Edinburgh Limited for the year ended 30 April 2019 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, 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 Infinity Edinburgh 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 accounts of Infinity Edinburgh Limited and state those matters that we have agreed to state to the Board of Directors of Infinity Edinburgh Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland 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 Infinity Edinburgh Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Infinity Edinburgh Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Infinity Edinburgh Limited. You consider that Infinity Edinburgh 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 accounts of Infinity Edinburgh 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 accounts.

......................................

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

28 January 2020

Page 2

Infinity Edinburgh Limited

(Registration number: SC200297)
Balance Sheet as at 30 April 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	298,347	299,669
Current assets
Debtors	5	28,598	14,819
Cash at bank and in hand		14	2
		28,612	14,821
Creditors: Amounts falling due within one year	6	(48,292)	(40,644)
Net current liabilities		(19,680)	(25,823)
Total assets less current liabilities		278,667	273,846
Creditors: Amounts falling due after more than one year	6	(26,049)	(41,006)
Net assets		252,618	232,840
Capital and reserves
Called up share capital	8	90	90
Revaluation reserve		63,537	63,903
Profit and loss account		188,991	168,847
Total equity		252,618	232,840

For the financial year ending 30 April 2019 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 accounts for the year in question in accordance with section 476; and

•

The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Infinity Edinburgh Limited

(Registration number: SC200297)
Balance Sheet as at 30 April 2019

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 January 2020 and signed on its behalf by:
 

.........................................

Mrs AE Henderson
Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Infinity Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 28 January 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of property rental. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Page 5

Infinity Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	1% on cost

Page 6

Infinity Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2018 - 1).

Page 7

Infinity Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 May 2018	303,635	303,635
At 30 April 2019	303,635	303,635
Depreciation
At 1 May 2018	3,966	3,966
Charge for the year	1,322	1,322
At 30 April 2019	5,288	5,288
Carrying amount
At 30 April 2019	298,347	298,347
At 30 April 2018	299,669	299,669

Included within the net book value of land and buildings above is £298,347 (2018 - £299,669) in respect of freehold land and buildings.
 

5

Debtors

	2019 £	2018 £
Other debtors	28,598	14,819
	28,598	14,819

Page 8

Infinity Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	7	16,270	16,267
Taxation and social security		16,208	10,563
Other creditors		15,814	13,814
		48,292	40,644

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	7	26,049	41,006

7	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	26,049	41,006

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	16,270	14,682
Bank overdrafts	-	1,585
	16,270	16,267

The bank term loan is secured by a floating charge over all the property and assets of the company.

Page 9

Infinity Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	90	90	90	90

9	Related party transactions

The company operates a loan account with the director, Mrs AE Henderson.

During the year, the director advanced loans totalling £2,000 to the company. At the year end, the balance due to the director was £15,814 (2018 - £13,814). This loan is unsecured, interest free and has no fixed repayment terms.


The company operates a loan account with the related partnership, Robert Anthony Jewellers.

During the year, the company advanced loans totalling £13,780 to the partnership. Also, during the year the above partnership paid rent to the company totalling £30,000 (2018 - £30,000) for use of the premises. This was conducted under normal commercial terms. At the year end, the balance due from the partnership was £28,599 (2018 - £14,819). This loan is unsecured, interest free and has no fixed repayment terms.
 

Page 10