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Carsyth Residential Limited SC574199 false 2017-08-21 2018-08-31 2018-08-31 The principal activity of the company is The holding and letting of residential property. Digita Accounts Production Advanced 6.24.8820.0 Software true true SC574199 2017-08-21 2018-08-31 SC574199 2018-08-31 SC574199 core:RetainedEarningsAccumulatedLosses 2018-08-31 SC574199 core:RevaluationReserve 2018-08-31 SC574199 core:ShareCapital 2018-08-31 SC574199 core:CurrentFinancialInstruments core:WithinOneYear 2018-08-31 SC574199 core:Non-currentFinancialInstruments core:AfterOneYear 2018-08-31 SC574199 bus:SmallEntities 2017-08-21 2018-08-31 SC574199 bus:AuditExemptWithAccountantsReport 2017-08-21 2018-08-31 SC574199 bus:FullAccounts 2017-08-21 2018-08-31 SC574199 bus:SmallCompaniesRegimeForAccounts 2017-08-21 2018-08-31 SC574199 bus:RegisteredOffice 2017-08-21 2018-08-31 SC574199 bus:Director1 2017-08-21 2018-08-31 SC574199 bus:PrivateLimitedCompanyLtd 2017-08-21 2018-08-31 SC574199 countries:UnitedKingdom 2017-08-21 2018-08-31 iso4217:GBP

Registration number: SC574199

Carsyth Residential Limited

Annual Report and Unaudited Financial Statements

for the Period from 21 August 2017 to 31 August 2018

Sense Accounting & Bookkeeping Limited
56 Marchmont Road
Edinburgh
EH9 1HS

 

Carsyth Residential Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Carsyth Residential Limited

Company Information

Director

Mr Ian Craig

Registered office

3 Maurice Place
Edinburgh
EH9 3EP

Accountants

Sense Accounting & Bookkeeping Limited
56 Marchmont Road
Edinburgh
EH9 1HS

 

Carsyth Residential Limited

(Registration number: SC574199)
Balance Sheet as at 31 August 2018

Note

2018
£

Fixed assets

 

Investment property

3

100,000

Current assets

 

Cash at bank and in hand

 

71,062

Creditors: Amounts falling due within one year

4

(78,435)

Net current liabilities

 

(7,373)

Total assets less current liabilities

 

92,627

Creditors: Amounts falling due after more than one year

4

(71,995)

Provisions for liabilities

(4,455)

Net assets

 

16,177

Capital and reserves

 

Called up share capital

10

Fair Value Reserve

26,208

Profit and loss account

(10,041)

Total equity

 

16,177

For the financial period ending 31 August 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 period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the director on 27 February 2019

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

Mr Ian Craig

Director

 

Carsyth Residential Limited

Notes to the Financial Statements for the Period from 21 August 2017 to 31 August 2018

1

General information

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

The address of its registered office is:
3 Maurice Place
Edinburgh
EH9 3EP
United Kingdom

These financial statements were authorised for issue by the director on 27 February 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 Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

At the year end, the company was in a net current liabilities position. The director has confirmed that he will continue to support the company for the foreseeable future therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Turnover for the sale of services is recognised when the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will be received by the company and the stage of completion at the balance sheet date can be measured reliably.

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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

 

Carsyth Residential Limited

Notes to the Financial Statements for the Period from 21 August 2017 to 31 August 2018

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference.

Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation
or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition
i. investment properties whose fair value can be measured reliably without undue cost or effort are held at
fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the
period that they arise; and
ii. no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property, this
item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a reliable
measure of fair value becomes available.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

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.

 

Carsyth Residential Limited

Notes to the Financial Statements for the Period from 21 August 2017 to 31 August 2018

3

Investment properties

2018
£

Additions

73,792

Fair value adjustments

26,208

At 31 August

100,000

The property was inspected and revalued for the purposes of a mortgage application. The valuation figure was based on the assumptions of vacant possesion and that the property is let on an assured shorthold tennancy basis.

The Property was valued by an independent valuer in June 2018.

4

Creditors

Creditors: amounts falling due within one year

Note

2018
£

Due within one year

 

Other creditors

 

78,435

Creditors: amounts falling due after more than one year

Note

2018
£

Due after one year

 

Loans and borrowings

71,995

5

Related party transactions

Other transactions with directors

As at 31 August 2018, the company owed the director £77,515