OLDMELDRUM_PROPERTIES_LIM - Accounts


Company Registration No. SC468862 (Scotland)
OLDMELDRUM PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
OLDMELDRUM PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OLDMELDRUM PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
92,413
99,093
Investment properties
4
2,720,000
2,720,000
2,812,413
2,819,093
Current assets
Debtors
5
62,699
121,358
Cash at bank and in hand
144,459
186,715
207,158
308,073
Creditors: amounts falling due within one year
6
(3,656,419)
(3,839,235)
Net current liabilities
(3,449,261)
(3,531,162)
Total assets less current liabilities
(636,848)
(712,069)
Provisions for liabilities
Deferred tax liability
149,277
130,848
(149,277)
(130,848)
Net liabilities
(786,125)
(842,917)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(786,225)
(843,017)
Total equity
(786,125)
(842,917)
OLDMELDRUM PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2021
28 February 2021
- 2 -

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 28 February 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.

The financial statements were approved by the board of directors and authorised for issue on 20 November 2021 and are signed on its behalf by:
Mr John Barron
Director
Company Registration No. SC468862
OLDMELDRUM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 3 -
1
Accounting policies
Company information

Oldmeldrum Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, ABERDEEN, AB10 1HA.

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. These accounts replace accounts originally filed on 1 December 2020 and are now the statutory accounts. They are prepared as at 28 February 2020.

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 investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

At the year end, the company had net current liabilities of £3,449,261 and net liabilities of £786,125. Included within creditors is a balance of £3,556,044 due to the directors. The directors have agreed that the loan will not be repaid to the detriment of the company's ability to trade and they will continue to support the company for the next 12 months. After the year end the company offered a temporary rent reduction to the tenants as a result of COVID-19. Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income receivable and income from electricity generation net of VAT and trade discounts. Turnover is recognised on an accruals basis dependent on when the service is provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
5% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

OLDMELDRUM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.9
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
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.

OLDMELDRUM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 5 -
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Operating Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2020 - 3).

2021
2020
Number
Number
Total
3
3
OLDMELDRUM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 29 February 2020 and 28 February 2021
133,606
Depreciation and impairment
At 29 February 2020
34,513
Depreciation charged in the year
6,680
At 28 February 2021
41,193
Carrying amount
At 28 February 2021
92,413
At 28 February 2020
99,093
4
Investment property
2021
£
Fair value
At 29 February 2020 and 28 February 2021
2,720,000

The fair value of the investment property has been arrived at on the basis of an independent valuation carried out by DM Hall LLP, Chartered Surveyors on 21 August 2019. The directors believe this to reflect the market value of the property at 28 February 2021.

5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
57,850
117,896
Other debtors
4,849
3,462
62,699
121,358
OLDMELDRUM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
36,698
64,475
Other taxation and social security
9,660
19,384
Other creditors
3,610,061
3,755,376
3,656,419
3,839,235
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2021
2020
Amounts due to related parties
£
£
Key management personnel
3,556,044
3,654,039

There are no terms for repayment and no interest is charged.

2021-02-282020-02-29false22 November 2021CCH SoftwareCCH Accounts Production 2021.300No description of principal activityMr John BarronMr Alan StewartMr Ian PirieLC Secretaries LimitedSC4688622020-02-292021-02-28SC4688622021-02-28SC4688622020-02-28SC468862core:OtherPropertyPlantEquipment2021-02-28SC468862core:OtherPropertyPlantEquipment2020-02-28SC468862core:CurrentFinancialInstrumentscore:WithinOneYear2021-02-28SC468862core:CurrentFinancialInstrumentscore:WithinOneYear2020-02-28SC468862core:CurrentFinancialInstruments2021-02-28SC468862core:CurrentFinancialInstruments2020-02-28SC468862core:ShareCapital2021-02-28SC468862core:ShareCapital2020-02-28SC468862core:RetainedEarningsAccumulatedLosses2021-02-28SC468862core:RetainedEarningsAccumulatedLosses2020-02-28SC468862bus:Director12020-02-292021-02-28SC468862core:PlantMachinery2020-02-292021-02-28SC4688622019-03-012020-02-28SC468862core:OtherPropertyPlantEquipment2020-02-28SC468862core:OtherPropertyPlantEquipment2020-02-292021-02-28SC4688622020-02-28SC468862core:WithinOneYear2021-02-28SC468862core:WithinOneYear2020-02-28SC468862bus:PrivateLimitedCompanyLtd2020-02-292021-02-28SC468862bus:SmallCompaniesRegimeForAccounts2020-02-292021-02-28SC468862bus:FRS1022020-02-292021-02-28SC468862bus:AuditExemptWithAccountantsReport2020-02-292021-02-28SC468862bus:Director22020-02-292021-02-28SC468862bus:Director32020-02-292021-02-28SC468862bus:CompanySecretary12020-02-292021-02-28SC468862bus:FullAccounts2020-02-292021-02-28xbrli:purexbrli:sharesiso4217:GBP