IRIS Accounts Production v22.1.4.3 SC230537 Board of Directors 6.4.21 5.4.22 5.4.22 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC2305372021-04-05SC2305372022-04-05SC2305372021-04-062022-04-05SC2305372020-04-05SC2305372020-04-062021-04-05SC2305372021-04-05SC230537ns16:Scotland2021-04-062022-04-05SC230537ns15:PoundSterling2021-04-062022-04-05SC230537ns11:Director12021-04-062022-04-05SC230537ns11:PrivateLimitedCompanyLtd2021-04-062022-04-05SC230537ns11:SmallEntities2021-04-062022-04-05SC230537ns11:AuditExempt-NoAccountantsReport2021-04-062022-04-05SC230537ns11:SmallCompaniesRegimeForDirectorsReport2021-04-062022-04-05SC230537ns11:SmallCompaniesRegimeForAccounts2021-04-062022-04-05SC230537ns11:FullAccounts2021-04-062022-04-05SC230537ns11:Director22021-04-062022-04-05SC230537ns11:RegisteredOffice2021-04-062022-04-05SC230537ns6:CurrentFinancialInstruments2022-04-05SC230537ns6:CurrentFinancialInstruments2021-04-05SC230537ns6:ShareCapital2022-04-05SC230537ns6:ShareCapital2021-04-05SC230537ns6:RevaluationReserve2022-04-05SC230537ns6:RevaluationReserve2021-04-05SC230537ns6:RetainedEarningsAccumulatedLosses2022-04-05SC230537ns6:RetainedEarningsAccumulatedLosses2021-04-05SC230537ns6:CostValuation2021-04-05SC230537ns6:WithinOneYearns6:CurrentFinancialInstruments2022-04-05SC230537ns6:WithinOneYearns6:CurrentFinancialInstruments2021-04-05SC230537ns6:DeferredTaxation2021-04-05SC230537ns6:DeferredTaxation2022-04-05SC230537ns6:RevaluationReserve2021-04-05
REGISTERED NUMBER: SC230537 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

FOR

PRESTWICK ASSETS LIMITED

PRESTWICK ASSETS LIMITED (REGISTERED NUMBER: SC230537)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTWICK ASSETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2022







DIRECTORS: C I Grier
G S Grier



REGISTERED OFFICE: 48 St. Vincent
Glasgow
G2 5HS



REGISTERED NUMBER: SC230537 (Scotland)



ACCOUNTANTS: Galbraith Pritchards
Chartered Accountants
20 Barns Street
Ayr
Ayrshire
KA7 1XA



BANKERS: The Royal Bank of Scotland plc
30 Sandgate
Ayr
KA7 1BY

PRESTWICK ASSETS LIMITED (REGISTERED NUMBER: SC230537)

BALANCE SHEET
5 APRIL 2022

5/4/22 5/4/21
Notes £    £    £    £   
FIXED ASSETS
Investments 4 851,660 851,660

CURRENT ASSETS
Debtors 5 8,675 7,028
Cash at bank 21,167 31,201
29,842 38,229
CREDITORS
Amounts falling due within one year 6 262,778 302,289
NET CURRENT LIABILITIES (232,936 ) (264,060 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

618,724

587,600

PROVISIONS FOR LIABILITIES 7 6,701 6,701
NET ASSETS 612,023 580,899

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 8 106,024 106,024
Retained earnings 504,999 473,875
SHAREHOLDERS' FUNDS 612,023 580,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PRESTWICK ASSETS LIMITED (REGISTERED NUMBER: SC230537)

BALANCE SHEET - continued
5 APRIL 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 Board of Directors and authorised for issue on 2 September 2022 and were signed on its behalf by:





C I Grier - Director


PRESTWICK ASSETS LIMITED (REGISTERED NUMBER: SC230537)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022


1. STATUTORY INFORMATION

Prestwick Assets 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.

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 represents rental income receivable from ordinary activities, excluding value added tax. No revenue is recognised if there are significant uncertainties regarding the recovery of the consideration.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

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

PRESTWICK ASSETS LIMITED (REGISTERED NUMBER: SC230537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2022


4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 6 April 2021
and 5 April 2022 851,660
NET BOOK VALUE
At 5 April 2022 851,660
At 5 April 2021 851,660

Cost or valuation at 5 April 2022 is represented by:

Other
investments
£   
Valuation in 2006 106,024
Valuation in 2008 200,000
Valuation in 2009 (150,000 )
Valuation in 2012 (50,000 )
Cost 745,636
851,660

The investment properties were revalued on 19th April 2012 by Bell Ingram Ayrshire Limited, Chartered Surveyors. The directors consider this to be a fair value at 5 April 2022.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5/4/22 5/4/21
£    £   
Trade debtors 8,675 7,028

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5/4/22 5/4/21
£    £   
Taxation and social security 9,648 11,193
Other creditors 253,130 291,096
262,778 302,289

7. PROVISIONS FOR LIABILITIES
5/4/22 5/4/21
£    £   
Deferred tax 6,701 6,701

PRESTWICK ASSETS LIMITED (REGISTERED NUMBER: SC230537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2022


7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 6 April 2021 6,701
Balance at 5 April 2022 6,701

8. RESERVES
Revaluation
reserve
£   
At 6 April 2021
and 5 April 2022 106,024

9. ULTIMATE CONTROLLING PARTY

In the opinion of the directors the controlling party is Lagavulin Properties Limited.