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REGISTERED NUMBER: SC372022 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

CULTER PROPERTIES LIMITED

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 10

CULTER PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2022







DIRECTOR: K R Pratt





REGISTERED OFFICE: Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA





REGISTERED NUMBER: SC372022 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

BALANCE SHEET
31 January 2022

2022 2021
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 53,371 66,926
Investments 6 - 70
Investment property 7 6,732,160 6,732,160
6,785,531 6,799,156

CURRENT ASSETS
Stocks 40,000 40,000
Debtors 8 96,316 79,440
Cash at bank 656 11,408
136,972 130,848
CREDITORS
Amounts falling due within one year 9 2,724,697 2,776,535
NET CURRENT LIABILITIES (2,587,725 ) (2,645,687 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,197,806

4,153,469

CREDITORS
Amounts falling due after more than one year 10 (2,371,897 ) (2,380,357 )

PROVISIONS FOR LIABILITIES (10,482 ) (12,716 )
NET ASSETS 1,815,427 1,760,396

CAPITAL AND RESERVES
Called up share capital 514,854 514,854
Share premium 2,496,561 2,496,561
Fair value reserve (327,130 ) (327,130 )
Retained earnings (868,858 ) (923,889 )
1,815,427 1,760,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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.

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

BALANCE SHEET - continued
31 January 2022


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 August 2022 and were signed by:





K R Pratt - Director


CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2022

1. STATUTORY INFORMATION

Culter Properties 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 as modified by the revaluation of certain assets.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Investment property
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold.

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

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.


CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2021
and 31 January 2022 20,146
AMORTISATION
At 1 February 2021
and 31 January 2022 20,146
NET BOOK VALUE
At 31 January 2022 -
At 31 January 2021 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2021 34,816 78,875 1,489
Additions - 2,355 -
Disposals - (3,149 ) -
At 31 January 2022 34,816 78,081 1,489
DEPRECIATION
At 1 February 2021 2,571 45,457 226
Charge for year 6,963 8,990 316
Eliminated on disposal - (3,149 ) -
At 31 January 2022 9,534 51,298 542
NET BOOK VALUE
At 31 January 2022 25,282 26,783 947
At 31 January 2021 32,245 33,418 1,263

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2021 24,751 - 139,931
Additions - 369 2,724
Disposals - - (3,149 )
At 31 January 2022 24,751 369 139,506
DEPRECIATION
At 1 February 2021 24,751 - 73,005
Charge for year - 10 16,279
Eliminated on disposal - - (3,149 )
At 31 January 2022 24,751 10 86,135
NET BOOK VALUE
At 31 January 2022 - 359 53,371
At 31 January 2021 - - 66,926

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 February 2021 70
Disposals (70 )
At 31 January 2022 -
NET BOOK VALUE
At 31 January 2022 -
At 31 January 2021 70

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2021
and 31 January 2022 6,732,160
NET BOOK VALUE
At 31 January 2022 6,732,160
At 31 January 2021 6,732,160

Fair value at 31 January 2022 is represented by:
£   
Valuation in 2018 (408,600 )
Valuation in 2020 81,470
Cost 7,059,290
6,732,160

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

8. DEBTORS
2022 2021
as restated
£    £   
Amounts falling due within one year:
Tax 4,614 4,614
Prepayments 10,725 1,249
15,339 5,863

Amounts falling due after more than one year:
Other debtors 80,977 73,577

Aggregate amounts 96,316 79,440

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
as restated
£    £   
Bank loans and overdrafts 1,640,753 1,907,435
Trade creditors - 10,319
Tax 15,581 -
VAT 2,335 1,907
Other creditors 104,000 4,000
Directors' current accounts 943,653 831,872
Accruals and deferred income 18,375 21,002
2,724,697 2,776,535

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
as restated
£    £   
Bank loans - 1-2 years 5,232 3,752
Bank loans - 2-5 years 16,503 15,732
Bank loans more 5 yrs non-inst 2,350,162 2,360,873
2,371,897 2,380,357

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,350,162 2,360,873

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

11. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
as restated
£    £   
Bank Loans < 1 Year 1,505,103 1,500,000
Bank Loans > 1 Year 2,371,898 2,380,136
3,877,001 3,880,136

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming flats A, C, D, E, H, K and I, 4 Trinity Lane, Aberdeen, AB11 6QF.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 222F North Deeside Road, Peterculter, AB11 0UQ.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming flats A, B , D, E, G, H, J, K, and L, 5 Palmerston Road, Aberdeen, AB11 5QP.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 40 Whitehall Place, Aberdeen, AB25 2PB.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 287 North Deeside Road, Peterculter, AB14 0UL.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 1, 3, 4, 5, 6, 9, 10, 11 and 12 Peterculter apartments, 279 - 281 North Deeside Road, Peterculter, AB14 0UL.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 190 North Deeside Road, Peterculter, AB14 0UD.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 16M Ashgrove Road, Aberdeen, AB25 3AD.

A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 32 Ashgrove Road, Aberdeen.

A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 'The Bothy', Peterculter, AB14 0LN.

A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 154 North Deeside Road, Peterculter AB14 0UD.

A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 220 North Deeside Road, Peterculter AB140UQ.

A bond and floating charge is held by Svenska Handelsbanken Ab (Publ) over the undertakings, all property and assets present and future and uncalled share capital of the company (first lenders floating charge).

A bond and floating charge is held by Aldermore Bank PLC over the undertakings, all property and assets present and future and uncalled share capital of the company (second lenders floating charge).

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2022 and 31 January 2021:

2022 2021
as restated
£    £   
K R Pratt
Balance outstanding at start of year (831,872 ) (729,684 )
Amounts advanced 219,765 9,000
Amounts repaid (331,546 ) (111,188 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (943,653 ) (831,872 )

The loan is interest free and has no fixed repayment terms.

13. RELATED PARTY DISCLOSURES

During the year loan repayments of £nil (2021: £nil) were received from a company under common control of the director. As at the year end £13,573 (2021: £13,573) remains outstanding in respect of loans owed to Culter Properties Limited from a company under common control of the director.

During the year Culter Properties Limited advanced £nil (2021: £37,004) to a company under common control of the director. During the year loan repayments of £2,600 (2021: £nil) were received by Culter Properties Limited. As at the year end £34,404 (2021: £37,004) remains outstanding in respect of loans owed to Culter Properties Limited from a company under common control of the director.

During the year Culter Properties Limited advanced £10,000 (2021: £nil) to a company under common control of the director. As at the year end £10,000 (2021: £nil) remains outstanding in respect of loans owed to Culter Properties Limited from a company under common control of the director.

During the year Culter Properties Limited was advanced £50,000 (2021: £nil) from a company under common control of the director. As at the year end £50,000 (2021: £nil) remains outstanding in respect of loans owed by Culter Properties Limited to a company under common control of the director.

During the year Culter Properties Limited was advanced £50,000 (2021: £nil) from a company under common control of the director. As at the year end £50,000 (2021: £nil) remains outstanding in respect of loans owed by Culter Properties Limited to a company under common control of the director.

14. POST BALANCE SHEET EVENTS

In April 2022 an investment property was sold for £1,196,762.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CULTER PROPERTIES LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Culter Properties Limited for the year ended 31 January 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Culter Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Culter Properties Limited and state those matters that we have agreed to state to the director of Culter Properties Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Culter Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Culter Properties Limited. You consider that Culter Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Culter Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


31 August 2022