Croileagan Nurseries Limited - Period Ending 2017-09-30

Registration number: SC288750

Croileagan Nurseries Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2017

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Croileagan Nurseries Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Croileagan Nurseries Limited

Company Information

Directors

Mr M Mortazavi Mr J B Murdoch

Registered office

6A Featherhall Avenue Edinburgh EH12 7TQ

Accountants

Glen Drummond Ltd Chartered Accountants Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Page 1

Croileagan Nurseries Limited

(Registration number: SC288750)
Balance Sheet as at 30 September 2017

	Note	2017 £	2016 £
Creditors: Amounts falling due within one year	5	(1,752)	(1,752)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(1,852)	(1,852)
Total equity		(1,752)	(1,752)

For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

•

The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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 profit or loss 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Croileagan Nurseries Limited

(Registration number: SC288750)
Balance Sheet as at 30 September 2017

Approved and authorised by the Board on 17 January 2018 and signed on its behalf by:
 

.........................................

Mr M Mortazavi

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Croileagan Nurseries Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6A Featherhall Avenue
Edinburgh
EH12 7TQ

These financial statements were authorised for issue by the Board on 17 January 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of property rentals.Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Page 4

Croileagan Nurseries Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £300 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Full ammortisation in first year.

Page 5

Croileagan Nurseries Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

3	Staff numbers

The average number of persons employed by the company (including the director's) during the year was 2 (2016 - 2).

Page 6

Croileagan Nurseries Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 October 2016	31,772	31,772
At 30 September 2017	31,772	31,772
Amortisation
At 1 October 2016	31,772	31,772
At 30 September 2017	31,772	31,772
Carrying amount
At 30 September 2017	-	-

5

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Other creditors	1,752	1,752

6	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

7	Related party transactions

Summary of transactions with subsidiaries

Page 7

Croileagan Nurseries Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

Wee Gems Broxburn Ltd.
(Fellow subsidiary)
During the year the above operated a loan account with the company. There are no repayment terms and no interest is due on the balance. At the balance sheet date the amount due to Wee Gems Broxburn Ltd was £1,371 (2016 - £1,371).

Wee Gems Livingston Ltd.
(Fellow subsidiary)
During the year the above operated a loan account with the company. There are no repayment terms and no interest is due on the balance. At the balance sheet date the amount due to Wee Gems Livingston Ltd was £380 (2016 - £380).

Wee Gems Corstorphine Ltd.
(Fellow subsidiary)
During the year the above operated a loan account with the company. There are no repayment terms and no interest is due on the balance. At the balance sheet date the amount due to Wee Gems Corstorphine Ltd. was £1 (2016 - £1).
 

8	Parent and ultimate parent undertaking

The ultimate controlling party is Mahyar Mortazavi.

Page 8