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Registration number: SC682942

Ten 15 Property Ltd

Annual Report and Unaudited Financial Statements

for the Period from 7 December 2020 to 31 May 2022

 

Ten 15 Property Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Ten 15 Property Ltd

Company Information

Directors

Ben Colin Richard Wilkinson

Andrew Stephen Paterson

Kenneth James Dannfald

Registered office

115A Edmonstone Road
Danderhall
Dalkeith
EH22 1QX

Bankers

Starling Bank
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP

Accountants

Roderick Gunkel & Associates Ltd
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ten 15 Property Ltd
for the Period Ended 31 May 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ten 15 Property Ltd for the period ended 31 May 2022 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Ten 15 Property Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Ten 15 Property Ltd and state those matters that we have agreed to state to the Board of Directors of Ten 15 Property Ltd, as a body, in this report.

This is in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.doc. And, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ten 15 Property Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Ten 15 Property Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ten 15 Property Ltd. You consider that Ten 15 Property Ltd is exempt from the statutory audit requirement for the period.
 

We have not been instructed to carry out an audit or a review of the accounts of Ten 15 Property Ltd. 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 accounts.

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....................................................................

Roderick Gunkel & Associates Ltd
Orchardlea
Callander
FK17 8BG


 

1 September 2022

 

Ten 15 Property Ltd

(Registration number: SC682942)
Balance Sheet as at 31 May 2022

Note

2022
£

Fixed assets

 

Tangible assets

4

164,664

Current assets

 

Cash at bank and in hand

 

8,187

Creditors: Amounts falling due within one year

5

(51,492)

Net current liabilities

 

(43,305)

Total assets less current liabilities

 

121,359

Creditors: Amounts falling due after more than one year

5

(113,970)

Net assets

 

7,389

Capital and reserves

 

Called up share capital

6

3

Other reserves

5,000

Retained earnings

2,386

Shareholders' funds

 

7,389

For the financial period ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 1 September 2022 and signed on its behalf by:
 

.........................................
Ben Colin Richard Wilkinson
Director

 

Ten 15 Property Ltd

Notes to the Financial Statements for the Period from 7 December 2020 to 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
115A Edmonstone Road
Danderhall
Dalkeith
EH22 1QX

These financial statements were authorised for issue by the Board on 1 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Ten 15 Property Ltd

Notes to the Financial Statements for the Period from 7 December 2020 to 31 May 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

currently not applicable

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3.

 

Ten 15 Property Ltd

Notes to the Financial Statements for the Period from 7 December 2020 to 31 May 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

163,232

1,432

164,664

At 31 May 2022

163,232

1,432

164,664

Depreciation

Carrying amount

At 31 May 2022

163,232

1,432

164,664

5

Creditors

Creditors: amounts falling due within one year

Note

2022
£

Due within one year

 

Loans and borrowings

8

49,732

Taxation and social security

 

560

Accruals and deferred income

 

1,200

 

51,492

Creditors: amounts falling due after more than one year

Note

2022
£

Due after one year

 

Loans and borrowings

8

113,970

6

Share capital

Allotted, called up and fully paid shares

 

2022

 

No.

£

Ordinary shares of £1 each

3

3

     
 

Ten 15 Property Ltd

Notes to the Financial Statements for the Period from 7 December 2020 to 31 May 2022

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Non-distributable reserve
£

Total
£

Undistributable reserve

5,000

5,000

8

Loans and borrowings

2022
£

Non-current loans and borrowings

Bank borrowings

113,970

2022
£

Current loans and borrowings

Director current account

49,732