Company Registration No. SC274562 (Scotland)
IMAGE ESTATES QUEEN STREET LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
IMAGE ESTATES QUEEN STREET LIMITED
COMPANY INFORMATION
Directors
A Cunningham
M Cunningham
Secretary
Burness Paull LLP
Company number
SC274562
Registered office
50 Lothian Road
Festival Square
Edinburgh
EH3 9WJ
Auditor
Geoghegans
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
IMAGE ESTATES QUEEN STREET LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
IMAGE ESTATES QUEEN STREET LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Stocks
50,000
145,620
Debtors
3
57,237
2,431,286
Cash at bank and in hand
19,459
31,734
126,696
2,608,640
Creditors: amounts falling due within one year
4
(119,702)
(174,982)
Net current assets
6,994
2,433,658
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
6,993
2,433,657
Total equity
6,994
2,433,658
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 August 2020 and are signed on its behalf by:
A Cunningham
Director
Company Registration No. SC274562
IMAGE ESTATES QUEEN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 2 -
1
Accounting policies
Company information
Image Estates Queen Street Limited is a private company limited by shares incorporated in Scotland. The registered office is 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Image Estate Queen Street Limited is a wholly owned subsidiary of Applied Capital Property Holdings Limited, a company registered in Scotland, with their registered office being 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.
1.2
Going concern
At the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future despite any potential impact as a result of covid-19. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Reporting period
The profit and loss account presented reflects a 12 month period. The comparative profit and loss account reflects a 16 month period following a change in the accounting period to aid operational changes within the business. As such, the two periods are not entirely comparable.
1.4
Stocks
Work in progress comprises land and property which has been acquired for ultimate resale.
Work in progress is stated at the lower of cost and net realisable value. Cost comprises the direct cost of acquiring plots of land and property and development costs. Net realisable value is based on estimated selling price allowing for all further costs of completion and disposal.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
IMAGE ESTATES QUEEN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowings which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
IMAGE ESTATES QUEEN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2018 - 0).
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
2,785
Amounts owed by group undertakings
50,000
2,427,792
Other debtors
7,237
709
57,237
2,431,286
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
16,702
-
Amounts owed to group undertakings
-
171,983
Other creditors
103,000
2,999
119,702
174,982
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
IMAGE ESTATES QUEEN STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 5 -
6
Events after the reporting date
During the period post year end as a result from the outbreak of covid-19 there is an unprecedented level of uncertainty about the economy, and it is anticipated that global markets will reduce in value in the short to medium term. Any impact on the financial statements as at 31 August 2019, other than the value of work in progress which continues to be measured at the lower of cost and net realisable value, would be a non adjusting event and would be reflected in the financial statements to 31 August 2019. The directors have also considered the potential implications on going concern and, despite any potential covid-19 implications arising, believe the financial statements should continue to be prepared on a going concern basis.
7
Related party transactions
The company has taken advantage of the disclosure exemption available in FRS 102 section 1A appendix C whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Iain Binnie.
The auditor was Geoghegans.
2019-08-312018-09-01false10 August 2020CCH SoftwareCCH Accounts Production 2020.200No description of principal activityThis audit opinion is unqualifiedA CunninghamM CunninghamBurness Paull LLPSC2745622018-09-012019-08-31SC274562bus:Director12018-09-012019-08-31SC274562bus:Director22018-09-012019-08-31SC274562bus:CompanySecretary12018-09-012019-08-31SC274562bus:RegisteredOffice2018-09-012019-08-31SC2745622019-08-31SC2745622018-08-31SC274562core:CurrentFinancialInstrumentscore:WithinOneYear2019-08-31SC274562core:CurrentFinancialInstrumentscore:WithinOneYear2018-08-31SC274562core:CurrentFinancialInstruments2019-08-31SC274562core:CurrentFinancialInstruments2018-08-31SC274562core:ShareCapital2019-08-31SC274562core:ShareCapital2018-08-31SC274562core:RetainedEarningsAccumulatedLosses2019-08-31SC274562core:RetainedEarningsAccumulatedLosses2018-08-31SC274562core:WithinOneYear2019-08-31SC274562core:WithinOneYear2018-08-31SC274562bus:PrivateLimitedCompanyLtd2018-09-012019-08-31SC274562bus:SmallCompaniesRegimeForAccounts2018-09-012019-08-31SC274562bus:FRS1022018-09-012019-08-31SC274562bus:Audited2018-09-012019-08-31SC274562bus:FullAccounts2018-09-012019-08-31xbrli:purexbrli:sharesiso4217:GBP