EAST_DUNBARTONSHIRE_DEVEL - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

East Dunbartonshire Development Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1, Kings Inch Place, Renfrew, Renfrewshire, United Kingdom, PA4 8WF.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The director has considered a period of twelve months from the date of the approval of the financial statements and despite the significant net liabilities it is considered appropriate to prepare the financial statements on the going concern basis. Net liabilities are £6,259,544 and it is made up of a loan from the parent undertaking, East Dunbartonshire Council. Following disposal of the property portfolio, the director is considering other development opportunities for the company. Additionally the company is in negotiations with its former banking partner with regards to the mis-selling of interest based hedged products.

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.

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.

The average monthly number of persons (including directors) employed by the company during the year was:

The following amounts were outstanding at the reporting end date:

Horizon Residential Developments Limited hold a standard security over the area of ground on the west side of station road.

The Royal Bank of Scotland PLC holds an assignation of rents over the ground at Westerhill Road.