Orkney Islands Property Developments Ltd - Accounts to registrar (filleted) - small 18.2
Orkney Islands Property Developments Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2020 |
| for |
| Orkney Islands Property Developments Ltd |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Orkney Islands Property Developments Ltd |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 East Road |
| Kirkwall |
| Orkney |
| KW15 1HZ |
| BANKERS: |
| 1 Victoria Street |
| Kirkwall |
| Orkney |
| KW15 1DP |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Statement of Financial Position |
| 31 March 2020 |
| 2019 | 2020 |
| £ | £ | 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 ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| ( |
) | Amounts falling due after more than one year |
8 |
( |
) |
| ( |
) | ACCRUALS AND DEFERRED INCOME | ( |
) |
| PENSION ASSET | 12 |
| NET ASSETS |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Statement of Financial Position - continued |
| 31 March 2020 |
| 2019 | 2020 |
| £ | £ | Notes | £ | £ |
| RESERVES |
| Revaluation reserve | 11 |
| Sinking fund reserve | 11 |
| Pension reserve | 11 |
| Income and expenditure account | 11 |
| 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 surplus or deficit 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. |
| 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 and authorised for issue on |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Orkney Islands Property Developments Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover consists of rental income, exclusive of Value Added Tax, arising in the United Kingdom. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit. |
| Investment properties are included in the balance sheet at their fair value. |
| Full valuations are made by independent professional qualified valuers every five years and in the intervening years, these valuations are updated by directors with the assistance of independent professional advice as required. |
| Pension costs and other post-retirement benefits |
| The pension scheme liabilities are measured using a projected unit method. The pension scheme assets are valued at market rate. The pension scheme surplus (to the extent that it can be recovered)/deficit is recognised in full on the balance sheet. |
| Grants |
| Grants from The Scottish Government which relate to specific capital expenditure, are deducted from the cost of fixed assets in a manner similar to the accounting treatment adopted by Housing Associations. |
| Grants of a Revenue nature are credited to the profit and loss account when received. |
| Government grants received are treated as deferred credits until the expiry of the obligation period. |
| Sinking fund reserve |
| This provision within Reserves has been established for future major repairs to the Glaitness Scheme. Transfers to this reserve are based on 2% per annum of the original project cost. |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Maintenance fund reserve |
| This provision within Reserves has been established for the ongoing maintenance requirements of Glaitness. Transfers to this reserve are based on £344 per property per annum at Glaitness. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| F&F and |
| Equipment |
| £ |
| COST |
| At 1 April 2019 |
| Additions |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2019 |
| Revaluations | 255,000 |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 5. | INVESTMENT PROPERTY - continued |
| Fair value at 31 March 2020 is represented by: |
| £ |
| Valuation in 1995 | 4,810 |
| Valuation in 1996 | 1,442 |
| Valuation in 1997 | 2,683 |
| Valuation in 2002 | 229,846 |
| Valuation in 2007 | 1,041,562 |
| Valuation in 2011 | 790,000 |
| Valuation in 2016 | 395,359 |
| Valuation in 2020 | 255,000 |
| Cost | 1,629,298 |
| 4,350,000 |
| The Investment Properties were valued by Billy Groundwater AssocRICS of Orkney Surveying Services on 5 November 2020 at fair value. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other loans (see note 9) |
| Tax |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other loans (see note 9) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 880,107 | 916,834 |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans |
| Amounts falling due between two and five years: |
| Other loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 880,107 | 916,834 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Other loans |
| Scottish Homes, The Scottish Ministers and Orkney Islands Council hold standard securities over the properties. |
| 11. | RESERVES |
| Income |
| and |
| expenditure | Revaluation |
| Totals | account | reserve |
| £ | £ | £ |
| At 1 April 2019 | 3,029,031 |
| Surplus for the year |
| Movements | 88,000 | (23,536 | ) | - |
| Revaluation Movement | 255,000 | - | 255,000 |
| Expenditure in Year | (8,256 | ) | - | - |
| At 31 March 2020 | 3,391,633 |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 11. | RESERVES - continued |
| Sinking | Maintenance |
| fund | Pension | Fund |
| reserve | reserve | Reserve |
| £ | £ | £ |
| At 1 April 2019 |
| Surplus for the year |
| Movements | 15,280 | 88,000 | 8,256 |
| Expenditure in Year | - | - | (8,256 | ) |
| At 31 March 2020 |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS |
| The company's employees are eligible to join a Local Government pension scheme, which is a defined benefit statutory scheme. The most recent full actuarial valuation was on 31 March 2017 and was carried out by a qualified independent actuary. An updated valuation has been prepared at 31 March 2020 for the purposes of FRS102 disclosure. Contributions to the scheme are determined by the actuary on the basis of triennial valuations. The estimated Employer's contributions for the year to 31 March 2021 will be approximately £9,000. |
| The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rate of increase in salaries and pensions. It was assumed that salary increases would average 2.2% per year and that present and future pensions would increase at the rate of 1.9% per year. |
| The pension charge for the year was £9,415. The contributions of the company will be 17% and employees will contribute between 5.5% and 10.1% depending on salary. |
| The amounts recognised in the balance sheet are as follows: |
| Defined benefit |
| pension plans |
| 2020 | 2019 |
| £ | £ |
| Present value of funded obligations | ( |
) | ( |
) |
| Fair value of plan assets |
| 134,000 | 46,000 |
| Present value of unfunded obligations |
| Surplus |
| Net asset |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The amounts recognised in surplus or deficit are as follows: |
| Defined benefit |
| pension plans |
| 2020 | 2019 |
| £ | £ |
| Current service cost |
| Net interest from net defined benefit asset/liability |
- |
(3,000 |
) |
| Past service cost |
| 24,000 | 17,000 |
| Actual return on plan assets |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2020 | 2019 |
| £ | £ |
| Opening defined benefit obligation |
| Current service cost |
| Contributions by scheme participants |
| Interest cost |
| Benefits paid | ( |
) | ( |
) |
| Remeasurements: |
| Actuarial (gains)/losses from changes in demographic assumptions |
(47,000 |
) |
- |
| Actuarial (gains)/losses from changes in financial assumptions |
(131,000 |
) |
100,000 |
| Oblig other remeasurement | (9,000 | ) | - |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2020 | 2019 |
| £ | £ |
| Opening fair value of scheme assets |
| Contributions by employer |
| Contributions by scheme participants |
| Expected return | 33,000 | 36,000 |
| Benefits paid | (16,000 | ) | (16,000 | ) |
| Return on plan assets (excluding interest income) |
(84,000 |
) |
46,000 |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2020 | 2019 |
| £ | £ |
| Actuarial (gains)/losses from changes in demographic assumptions |
47,000 |
- |
| Actuarial (gains)/losses from changes in financial assumptions |
131,000 |
(100,000 |
) |
| Oblig other remeasurement | 9,000 | - |
| Return on plan assets (excluding interest income) |
(84,000 |
) |
46,000 |
| 103,000 | (54,000 | ) |
| The major categories of scheme assets as a percentage of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2020 | 2019 |
| Equities | 87% | 87% |
| Bonds | 12% | 11% |
| Cash | 1% | 2% |
| 100% | 100% |
| Orkney Islands Property Developments Ltd (Registered number: SC132049) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2020 | 2019 |
| Discount rate |
| Future salary increases |
| Future pension increases |
| Mortality Assumptions | 2020 | 2019 |
| Assumed life expectations on retirement at age 65: | Years | Years |
| Retiring today |
| - Males | 21.1 | 21.7 |
| - Females | 23.0 | 23.8 |
| Retiring in 20 years |
| - Males | 22.3 | 23.3 |
| - Females | 25.1 | 26.2 |
| 13. | CONTINGENT LIABILITIES |
| Contingent liabilities exist in respect of the Housing and Regeneration Directorate capital grants. Securities have been given over the grants received. The grants received and the expiry dates of the grant obligations are as follows: |
| 43 Junction Road £143,212 - March 2021 |