Company Registration No. SC156247 (Scotland)
ALBION EQUITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
ALBION EQUITY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
ALBION EQUITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
123
2,553
Investment properties
5
3,100,000
3,100,000
Investments
6
120
120
3,100,243
3,102,673
Current assets
Debtors
8
949
1,817
Cash at bank and in hand
20,478
44,829
21,427
46,646
Creditors: amounts falling due within one year
9
(44,461)
(128,161)
Net current liabilities
(23,034)
(81,515)
Total assets less current liabilities
3,077,209
3,021,158
Creditors: amounts falling due after more than one year
10
(438,625)
(465,383)
Net assets
2,638,584
2,555,775
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
12
2,638,484
2,555,675
Total equity
2,638,584
2,555,775
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 13 December 2021 and are signed on its behalf by:
L Norris
Director
Company Registration No. SC156247
ALBION EQUITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2019
100
2,553,193
2,553,293
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
32,482
32,482
Distributions to parent charity under gift aid
-
(30,000)
(30,000)
Balance at 31 March 2020
100
2,555,675
2,555,775
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
112,809
112,809
Distributions to parent charity under gift aid
-
(30,000)
(30,000)
Balance at 31 March 2021
100
2,638,484
2,638,584
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Albion Equity Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Norton Park, 57 Albion Road, Edinburgh, EH7 5QY.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest
income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements
Norton Park SCIO
. These consolidated financial statements are available from its registered office
of Norton Park, 57 Albion Road, Edinburgh, EH7 5QY.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors have considered a period of 12 months from the date of approval of the financial statements.
The directors continue to carefully monitor the ongoing impact of Covid-19 and are actively taking all the necessary steps to mitigate any impact the virus may have on the company.
1.3
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.
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
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 equipment
25% Straight Line
Fixtures and fittings
10% 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
.
1.4
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
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.
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
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.
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.
Deferred tax
Deferred tax is not recognised in the financial statements as the company gifts all taxable profits to its parent charity and, therefore does not incur any liability to tax.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Operating profit
2021
2020
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
2,162
8,241
Loss on disposal of tangible fixed assets
268
Auditors' remuneration - audit fees
2,420
1,750
Auditors' remuneration - accountancy fees
500
Operating lease income
(60,000)
(202,005)
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2020
34,196
69,215
103,411
Disposals
(3,940)
(3,940)
At 31 March 2021
34,196
65,275
99,471
Depreciation and impairment
At 1 April 2020
33,206
67,652
100,858
Depreciation charged in the year
990
1,172
2,162
Eliminated in respect of disposals
(3,672)
(3,672)
At 31 March 2021
34,196
65,152
99,348
Carrying amount
At 31 March 2021
123
123
At 31 March 2020
990
1,563
2,553
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
5
Investment property
2021
£
Fair value
At 1 April 2020 and 31 March 2021
3,100,000
Investment property comprises of Norton Park and Lockhart Church. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 1 March 2016 by Ryden Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The directors are in of the opinion that there has been no material change in value between 1 March 2016 and the period end date.
The companies investment property at Norton Park, Edinburgh, is rented out under an operating lease.
Valuation at 31 March 2021 is represented by:
Lockhart
Norton
Church
Park
Total
£
£
£
Historical cost
635,232
3,612,132
4,247,364
Historical cost written off in 2010
(101,975)
-
(101,975)
Decrease in valuation in 1999
-
(1,681,045)
(1,681,045)
Increase in valuation in 2005
198,676
718,913
917,589
Decrease in valuation in 2010
(131,933)
(150,000)
(281,933)
600,000
2,500,000
3,100,000
If the property at Norton Park was sold, the company would be required to pay £707,386 (2020: £706,711) to the preference shareholders.
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
120
120
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020 & 31 March 2021
120
Carrying amount
At 31 March 2021
120
At 31 March 2020
120
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Albion Trust Management Limited
Scotland
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Albion Trust Management Limited
7,016
(9,763)
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
949
1,817
9
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
25,959
46,806
Trade creditors
1,800
6,999
Amounts owed to group undertakings
14,431
72,106
Other creditors
2,271
2,250
44,461
128,161
10
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
88,625
115,383
Preference shares
350,000
350,000
438,625
465,383
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
11
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
2021
2020
2021
2020
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
350,000
350,000
350,000
350,000
Preference shares classified as liabilities
350,000
350,000
These shares have no dividend or voting rights and fall to be redeemed within 28 days of the sale of the company's investment property at Norton Park, Edinburgh. The aggregate redemption price for the shares shall be the lower of the Net Sale Amount and the Indexed Amount as defined in the company's Article of Association. As at the year end, the indexed Amount was £707,386 (2020: £706,011). The directors have no intention of selling the property in the foreseeable future.
On winding up of the company, any excess of assets over liabilities should first be applied to pay the redemption price to the redeemable preference shareholders. Any residue should then be distributed amongst the ordinary shareholders.
12
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
2,555,675
2,553,193
Profit for the year
112,809
32,482
Distribution to parent
(30,000)
(30,000)
At the end of the year
2,638,484
2,555,675
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Fiona Haro and the auditor was Thomson Cooper.
14
Parent company
The parent company of Albion Equity Limited is Norton Park, a Scottish Charitable Incorporated Organisation and its registered office is Norton Park, 57 Albion Road, Edinburgh.
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 11 -
15
Deferred Tax
No provision is made for deferred tax liability in respect of accelerated capital allowances as the liability will only crystallise if the company fails to gift its taxable profits to the parent charity. The directors intend to continue gifting all taxable profits to the parent charity for the foreseeable future. Were the company to cease paying its taxable profits to the parent charity, a deferred tax liability would arise.
No provision has been made for deferred tax on revalued investment properties. If these were both sold at their current value a corporation tax asset on capital losses would crystallise, provided there were sufficient taxable gains to relieve the losses.
2021-03-31
2020-04-01
false
13 December 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
J Aldridge
S Callaghan
L Norris
P Randall
N Henderson
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