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REGISTERED NUMBER: SC363549 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PREMIUM PROPERTIES (SCOTLAND) LIMITED

PREMIUM PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC363549)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PREMIUM PROPERTIES (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: Alexander Clarkson





REGISTERED OFFICE: 4d Auchingramont Road
Hamilton
ML3 6JT





BUSINESS ADDRESS: Drumbow Farm
Caldercruix
Airdrie
ML6 7RX





REGISTERED NUMBER: SC363549 (Scotland)





ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT

PREMIUM PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC363549)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,429 39,910

CURRENT ASSETS
Stocks 266,500 75,229
Debtors 5 185,637 178,298
Cash at bank and in hand 75,598 417,389
527,735 670,916
CREDITORS
Amounts falling due within one year 6 488,648 626,025
NET CURRENT ASSETS 39,087 44,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

67,516

84,801

CREDITORS
Amounts falling due after more than one year 7 (65,859 ) (73,175 )

PROVISIONS FOR LIABILITIES (1,006 ) (2,761 )
NET ASSETS 651 8,865

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 551 8,765
SHAREHOLDERS' FUNDS 651 8,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

PREMIUM PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC363549)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 31 July 2022 and were signed by:





Alexander Clarkson - Director


PREMIUM PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC363549)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Premium Properties (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
In common with most businesses the company is facing potential issues in respect of the Covid-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever changing situation as effectively as possible.

The director is satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Turnover from the rendering of services, namely the provision of house building, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Motor vehicles - 25% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued at lower of cost and net realisable value plus attributable costs.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

PREMIUM PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC363549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period using the effective interest method. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

PREMIUM PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC363549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Provisions for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was NIL (2020 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2021 22,512 27,000 49,512
Disposals (1,900 ) - (1,900 )
At 31 December 2021 20,612 27,000 47,612
DEPRECIATION
At 1 January 2021 9,039 563 9,602
Charge for year 3,092 6,750 9,842
Eliminated on disposal (261 ) - (261 )
At 31 December 2021 11,870 7,313 19,183
NET BOOK VALUE
At 31 December 2021 8,742 19,687 28,429
At 31 December 2020 13,473 26,437 39,910

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2021
and 31 December 2021 17,608 27,000 44,608
DEPRECIATION
At 1 January 2021 7,923 563 8,486
Charge for year 2,641 6,750 9,391
At 31 December 2021 10,564 7,313 17,877
NET BOOK VALUE
At 31 December 2021 7,044 19,687 26,731
At 31 December 2020 9,685 26,437 36,122

PREMIUM PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC363549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 68,548 145,601
Other debtors 35,344 24,699
VAT 1,747 -
Prepaid charges 79,998 7,998
185,637 178,298

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Hire purchase contracts 2,536 2,536
Trade creditors 103,711 119,259
Corporation tax 26,919 30,680
CIS Tax 53,166 65,223
VAT - 358
Other creditors 270,971 270,971
Director's loan 29,665 135,298
Accrued charges 1,680 1,700
488,648 626,025

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans 10,000 50,000
Bank loans - 2-5 years 36,362 -
Hire purchase contracts 19,497 23,175
65,859 73,175

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Hire purchase contracts 22,033 25,711

Hire purchase contracts are secured on the assets to which they relate.

9. RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £29,665 (2020 : £135,298).