REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2022 |
for |
Solbud Property and Development Company |
Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2022 |
for |
Solbud Property and Development Company |
Limited |
Solbud Property and Development Company |
Limited (Registered number: SC210823) |
Contents of the Financial Statements |
for the Year Ended 28 February 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Solbud Property and Development Company |
Limited |
Company Information |
for the Year Ended 28 February 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants |
Glebefield House |
21 Links Terrace |
Peterhead |
Aberdeenshire |
AB42 2XA |
Solbud Property and Development Company |
Limited (Registered number: SC210823) |
Balance Sheet |
28 February 2022 |
28.2.22 | 28.2.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing 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. |
Solbud Property and Development Company |
Limited (Registered number: SC210823) |
Balance Sheet - continued |
28 February 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Solbud Property and Development Company |
Limited (Registered number: SC210823) |
Notes to the Financial Statements |
for the Year Ended 28 February 2022 |
1. | STATUTORY INFORMATION |
Solbud Property and Development Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
The investment properties were valued at fair value on 28 February 2022 by the company directors. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
Solbud Property and Development Company |
Limited (Registered number: SC210823) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2021 |
Disposals | ( |
) |
Fair value adjustment | (999 | ) |
At 28 February 2022 |
DEPRECIATION |
At 1 March 2021 | 23,152 |
Eliminated on disposal | (23,152 | ) |
At 28 February 2022 | - |
NET BOOK VALUE |
At 28 February 2022 |
At 28 February 2021 |
Fair value at 28 February 2022 is represented by: |
£ |
Valuation in 2018 | 406,779 |
Valuation in 2021 | (23,000 | ) |
Valuation in 2022 | (999 | ) |
Cost | 309,220 |
692,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.22 | 28.2.21 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.22 | 28.2.21 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.22 | 28.2.21 |
£ | £ |
Bank loans (see note 8) |
Solbud Property and Development Company |
Limited (Registered number: SC210823) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
8. | LOANS |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.2.22 | 28.2.21 |
£ | £ |
Bank loans |
Bank borrowings are secured by means of standard securities over the company's investment properties. |
10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2021 | 605,189 |
Deficit for the year | ( |
) | - | ( |
) |
Fair value reserve | (355,375 | ) | 355,375 | - |
At 28 February 2022 | 605,159 |