Infinity Edinburgh Limited - Period Ending 2018-04-30

Registration number: SC200297

Infinity Edinburgh Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2018

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

Infinity Edinburgh Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Infinity Edinburgh Limited

Company Information

Director

Mrs AE Henderson

Registered office

Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Accountants

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

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Infinity Edinburgh Limited
for the Year Ended 30 April 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Infinity Edinburgh Limited for the year ended 30 April 2018 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Infinity Edinburgh Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Infinity Edinburgh Limited and state those matters that we have agreed to state to the Board of Directors of Infinity Edinburgh Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Infinity Edinburgh Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Infinity Edinburgh Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Infinity Edinburgh Limited. You consider that Infinity Edinburgh Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Infinity Edinburgh Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

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

29 January 2019

Page 2

Infinity Edinburgh Limited

(Registration number: SC200297)
Balance Sheet as at 30 April 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	299,669	300,991
Current assets
Debtors	5	14,819	821
Cash at bank and in hand		2	15
		14,821	836
Creditors: Amounts falling due within one year	6	(40,644)	(31,139)
Net current liabilities		(25,823)	(30,303)
Total assets less current liabilities		273,846	270,688
Creditors: Amounts falling due after more than one year	6	(41,006)	(54,569)
Net assets		232,840	216,119
Capital and reserves
Called up share capital	8	90	90
Revaluation reserve		63,903	64,269
Profit and loss account		168,847	151,760
Total equity		232,840	216,119

For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Infinity Edinburgh Limited

(Registration number: SC200297)
Balance Sheet as at 30 April 2018

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.

Approved and authorised by the director on 29 January 2019
 

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

Mrs AE Henderson
Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Infinity Edinburgh Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

1	General information

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

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 29 January 2019.

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 rental. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Page 5

Infinity Edinburgh Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 £500 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	1% on cost

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 6

Infinity Edinburgh Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

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) during the year was 1 (2017 - 1).

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 May 2017	303,635	303,635
At 30 April 2018	303,635	303,635
Depreciation
At 1 May 2017	2,644	2,644
Charge for the year	1,322	1,322
At 30 April 2018	3,966	3,966
Carrying amount
At 30 April 2018	299,669	299,669
At 30 April 2017	300,991	300,991

Included within the net book value of land and buildings above is £299,669 (2017 - £300,991) in respect of freehold land and buildings.
 

5

Debtors

Page 7

Infinity Edinburgh Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

	2018 £	2017 £
Other debtors	14,819	821
	14,819	821

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	7	16,267	15,801
Taxation and social security		10,563	13,318
Other creditors		13,814	2,020
		40,644	31,139

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	41,006	54,569

7	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Bank borrowings	41,006	54,569

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	14,682	15,801
Bank overdrafts	1,585	-
	16,267	15,801

Page 8

Infinity Edinburgh Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

The bank term loan is secured by a floating charge over all the property and assets of the company.

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	90	90	90	90

9	Related party transactions

Mrs A E Henderson
Director

The company operates a loan account with the director. During the year, the director advanced loans totalling £11,794 to the company. At the year end, the balance due to the director was £13,814 (2017 - £2,020). This loan is unsecured, interest free and has no fixed repayment terms.

Robert Anthony Jewellers
Mrs A E Henderson is a partner of the above partnership

The company operates a loan account with the above partnership. During the year, the company advanced loans totalling £14,000 to the partnership. Also during the year, the above partnership paid rent to the company totalling £30,000 (2017 - £30,000) for the use of the premises. This was conducted under normal commercial terms. At the year end, the balance due from the partnership was £14,819 (2017 - £819). This loan is unsecured, interest free and has no fixed repayment terms.
 

Page 9