Company Registration No. SC318926 (Scotland)
Sandeman Properties Limited
Unaudited financial statements
for the year ended 31 July 2017
Pages for filing with Registrar
Sandeman Properties Limited
Company information
Directors
JM Bennett
JS Robertson
Secretary
Thorntons Law LLP
Company number
SC318926
Registered office
Whitehall House
33 Yeaman Shore
Dundee
DD1 4BJ
Accountants
Henderson Loggie
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Sandeman Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Sandeman Properties Limited
Balance Sheet
as at 31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
1,500,000
1,500,000
Current assets
-
-
Creditors: amounts falling due within one year
3
(2,786,691)
(2,828,958)
Net current liabilities
(2,786,691)
(2,828,958)
Total assets less current liabilities
(1,286,691)
(1,328,958)
Deferred income
4
(68,340)
(136,680)
Net liabilities
(1,355,031)
(1,465,638)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(1,355,032)
(1,465,639)
Total equity
(1,355,031)
(1,465,638)
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 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he 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.
Sandeman Properties Limited
Balance Sheet (continued)
as at 31 July 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 April 2018 and are signed on its behalf by:
JM Bennett
Director
Company Registration No. SC318926
Sandeman Properties Limited
Notes to the financial statements
for the year ended 31 July 2017
- 3 -
1
Accounting policies
Company information
Sandeman Properties Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.
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 the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Rental income is recognised as
it becomes
receiv
able.
1.3
Investment property
Investment property, which is
a
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.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
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.
Sandeman Properties Limited
Notes to the financial statements (continued)
for the year ended 31 July 2017
1
Accounting policies (continued)
- 4 -
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
1.7
Government grants
Grants relating to investment properties are treated as deferred income and released to the profit and loss account over
a 20 year period in accordance with the conditions attached when awarded.
Other grants are credited to the profit and loss account as the related expenditure is incurred.
Sandeman Properties Limited
Notes to the financial statements (continued)
for the year ended 31 July 2017
- 5 -
2
Investment property
2017
£
Fair value
At 1 August 2016 and 31 July 2017
1,500,000
The fair value of the investment property has been considered by the director who is a retired RICS Chartered Surveyor and he considers £1,500,000 to reflect fair value.
3
Creditors: amounts falling due within one year
2017
2016
£
£
Accruals and deferred income
5,449
5,043
Loan from parent company
2,770,895
2,814,533
Corporation tax
10,347
9,382
2,786,691
2,828,958
4
Deferred income
Grants
£
Balance at 1 August 2016
136,680
Amortisation in the year
(68,340)
Balance at 31 July 2017
68,340
The grant is secured over the property and is amortised over 20 years.
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
Sandeman Properties Limited
Notes to the financial statements (continued)
for the year ended 31 July 2017
- 6 -
6
Financial commitments, guarantees and contingent liabilities
The company has to repay the grants of £1,000,000 if the property is sold before 2018. The grant is being released evenly over the period to 2018 from the date of award.
7
Related party transactions
The company has taken advantage of the exemption available in FRS102 Section 33.11 "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.
8
Parent company
The company's ultimate parent is TTD Limited which is controlled by Mr JM Bennett.