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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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Company registration number SC136832
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FILING FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 19 JANUARY 2020
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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COMPANY INFORMATION
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Morton Fraser Secretaries Limited
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5th Floor, Quartermile Two
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Svenska Handelsbanken AB (publ)
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1
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
REGISTERED NUMBER:SC136832
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STATEMENT OF FINANCIAL POSITION
AS AT 19 JANUARY 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Profit and loss account - non-distributable
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Profit and loss account - distributable
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
As permitted by Section 444 of the Companies Act 2006, the directors have not delivered to the Registrar a copy of the company’s Statement of Comprehensive Income for the year ended 19 January 2020.
2
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
REGISTERED NUMBER:SC136832
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 19 JANUARY 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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G J H Kerr
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The notes on pages 4 to 11 form part of these financial statements.
3
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 JANUARY 2020
These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 19 January 2020.
The continuing activities of John Smith & Company (Edinburgh) Limited ('the company') is property owning, letting and developing.
The company is a private company limited by shares and is incorporated in the United Kingdom and registered in Scotland. Details of the registered office can be found on the company information page of these financial statements. The company's registered number is SC136832.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The following principal accounting policies have been applied:
The directors have considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all relevant information available to them, believe it appropriate to prepare the financial statements on a going concern basis.
This assessment of going concern includes the expected impact of COVID-19 to the entity in the 12 months following the signing of these financial statements
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
4
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 JANUARY 2020
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the straight line method.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
5
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 JANUARY 2020
2.Accounting policies (continued)
Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently investments are measured at fair value. Investment property valuations are based on open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Comprehensive Income in the period in which they arise.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
6
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 JANUARY 2020
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Short term 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.
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The average monthly number of employees, including directors, during the year was 8 (2019 - 8).
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7
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 JANUARY 2020
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Transfers between classes
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Charge for the year on owned assets
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Investment properties were revalued by independent valuers in January 2020 based on an open market valuation in accordance with the Red Book Valuation Standards published by the Royal Institute of Chartered Surveyors.
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8
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 JANUARY 2020
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The amount included within work in progress represents the cost of the redevelopment of the upper floors of a property which was previously let out commercially and will be developed into residential flats.
In the 2020 financial statements the deemed cost of the upper floors of this property has been transferred from investment property (see note 4) and into work in progress.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Security for the loan facilities comprises legal securities on certain properties, heritable securities on certain properties and a floating charge over assets of the company.
9
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 JANUARY 2020
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Creditors: Amounts falling due after more than one year
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Security for the loan facilities comprises legal securities on certain properties, heritable securities on certain properties and a floating charge over assets of the company.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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10
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JOHN SMITH & COMPANY (EDINBURGH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 JANUARY 2020
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Allotted, called up and fully paid
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48,649 (2019 - 48,649) Ordinary shares class A of £1 each shares of £1.00 each
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15,000 (2019 - 15,000) Ordinary share class B of £1 each shares of £1.00 each
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Profit and loss account
Profit and loss - non-distributable represents the investment property revaluation reserve.
Profit and loss - distributable - reserves which can be withdrawn when profits are made.
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