Company Registration No. SC475769 (Scotland)
JSC PROPERTIES (BORDERS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
JSC PROPERTIES (BORDERS) LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
JSC PROPERTIES (BORDERS) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
2
206,237
32,285
Investment properties
3
533,370
496,930
739,607
529,215
Current assets
Trade and other receivables
4
55,473
87,265
Cash and cash equivalents
7,546
11,870
63,019
99,135
Current liabilities
5
(205,145)
(7,791)
Net current (liabilities)/assets
(142,126)
91,344
Total assets less current liabilities
597,481
620,559
Non-current liabilities
6
(648,422)
(671,543)
Net liabilities
(50,941)
(50,984)
Equity
Called up share capital
7
400
400
Retained earnings
(51,341)
(51,384)
Total equity
(50,941)
(50,984)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
JSC PROPERTIES (BORDERS) LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2019
30 April 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 January 2020 and are signed on its behalf by:
Cameron Crawford
Director
Company Registration No. SC475769
JSC PROPERTIES (BORDERS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
JSC Properties (Borders) Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Estates Office, Pavilion, Gattonside, MELROSE, Scottish Borders, TD6 9BN.
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Fixtures, fittings & equipment
15% reducing balance
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
1.5
Impairment of non-current 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.
JSC PROPERTIES (BORDERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.6
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.
1.7
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 statement of financial position 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 trade and other receivables 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.
JSC PROPERTIES (BORDERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 payables
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 payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
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.
2
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 May 2018
37,982
Additions
185,129
At 30 April 2019
223,111
Depreciation and impairment
At 1 May 2018
5,697
Depreciation charged in the year
11,177
At 30 April 2019
16,874
Carrying amount
At 30 April 2019
206,237
At 30 April 2018
32,285
3
Investment property
2019
£
Fair value
At 1 May 2018
496,930
Additions
36,440
At 30 April 2019
533,370
JSC PROPERTIES (BORDERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
3
Investment property
(Continued)
- 6 -
Investment property comprises rental units in Tweebank, Galashiels. The fair value of the investment property has been considered by the Directors, who have confirmed it's value is the initial cost plus the cost of improvements to date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Trade receivables
26,165
1,870
Other receivables
29,308
85,395
55,473
87,265
5
Current liabilities
2019
2018
£
£
Trade payables
200,196
5,269
Taxation and social security
-
94
Other payables
4,949
2,428
205,145
7,791
6
Non-current liabilities
2019
2018
£
£
Other payables
648,422
671,543
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
400 Ordinary shares of £1 each
400
400
8
Operating lease commitments
Lessor
JSC PROPERTIES (BORDERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
8
Operating lease commitments
(Continued)
- 7 -
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2019
2018
£
£
530,302
37,656
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included in trade creditors is an amount of £196,552 due To J S Crawford Properties (Berwick ) Ltd.
Included in non-current liabilities is an amount due to J S Crawford Properties (Berwick) Ltd of £648,422. J S Crawford Properties (Berwick) Ltd and JSC Properties (Borders) Ltd have the same directors. The debt is interest free and will be repaid as and when funds allow.