REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Blythswood Group Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Blythswood Group Limited |
Blythswood Group Limited (Registered number: SC102538) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Blythswood Group Limited |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
Blythswood Group Limited (Registered number: SC102538) |
Balance Sheet |
31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 | ( |
) | ( |
) |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Blythswood Group Limited (Registered number: SC102538) |
Balance Sheet - continued |
31 March 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 Board of Directors and authorised for issue on |
Blythswood Group Limited (Registered number: SC102538) |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Blythswood Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
Gross rents received and receivable from properties are included in the profit and loss account. Provision is made for any rents due not considered recoverable. |
Tangible fixed assets |
Tangible fixed assets are stated at their purchase price, together with any incidental expenses of acquisition. |
Provision for depreciation is made so as to write off the cost of tangible fixed assets less their residual value on a straight line basis over the expected useful economic life to the entity of the asset concerned or, if held under a finance lease, over the lease term, whichever is the shorter. Depreciation is charged over the following periods: |
Fixtures & Fittings - 15% on cost |
No depreciation is provided in respect of investment properties. The directors consider that this accounting |
policy (which represents a departure from the statutory accounting principles) is necessary to provide a true and fair view. |
Investment property |
Investment properties are included at fair value. Any surplus or deficit is recognised within the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less impairment. Loans receivable are measured at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities 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 balance sheet date. |
Blythswood Group Limited (Registered number: SC102538) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Blythswood Group Limited (Registered number: SC102538) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
PROVISIONS |
At 1 April 2021 |
and 31 March 2022 | 31,517 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2021 |
Revaluations | 60,000 |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
The investment properties were valued on a fair value basis on 31 March 2022 by the directors. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
Blythswood Group Limited (Registered number: SC102538) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
The bank loan is secured by standard securities over the investment properties owned by the company and by a floating charge. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2021 | ( |
) |
Investment property |
revaluation reclassification | 69,209 |
At 31 March 2022 | ( |
) |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021: |
31.3.22 | 31.3.21 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The maximum balance outstanding on the above loan during the year was £10,406 (2021 £17,331). The above loan is interest free and has no fixed repayment date. |
12. | ULTIMATE CONTROLLING PARTY |