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REGISTERED NUMBER: SC292803 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

FILSHILL LIMITED

FILSHILL LIMITED (REGISTERED NUMBER: SC292803)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FILSHILL LIMITED

COMPANY INFORMATION
for the year ended 28 February 2023







DIRECTOR: S Filshill





SECRETARY: C Filshill





REGISTERED OFFICE: 9 Commercial Road
Leven
Fife
KY8 4LE





REGISTERED NUMBER: SC292803 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

FILSHILL LIMITED (REGISTERED NUMBER: SC292803)

STATEMENT OF FINANCIAL POSITION
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,700 11,550
Tangible assets 5 96,917 101,205
Investment property 6 605,040 605,040
709,657 717,795

CURRENT ASSETS
Debtors 7 168,798 172,941
Cash at bank and in hand 82,119 47,211
250,917 220,152
CREDITORS
Amounts falling due within one year 8 46,598 59,044
NET CURRENT ASSETS 204,319 161,108
TOTAL ASSETS LESS CURRENT
LIABILITIES

913,976

878,903

PROVISIONS FOR LIABILITIES 9 1,404 1,717
NET ASSETS 912,572 877,186

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 912,570 877,184
912,572 877,186

FILSHILL LIMITED (REGISTERED NUMBER: SC292803)

STATEMENT OF FINANCIAL POSITION - continued
28 February 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2023 and were signed by:





S Filshill - Director


FILSHILL LIMITED (REGISTERED NUMBER: SC292803)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 February 2023

1. STATUTORY INFORMATION

Filshill 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 value of invoices raised for services provided in the selling of property, rental of property and agents fees for renting out property 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 ten years

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 2% on reducing balance
Fixtures and fittings - 25% per annum reducing balance
Computer equipment - 25% per annum reducing balance

Tangible fixed assets are initially stated at cost less accumulated depreciation.

The asset's residual value, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

GOVERNMENT GRANTS
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

FILSHILL LIMITED (REGISTERED NUMBER: SC292803)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

FILSHILL LIMITED (REGISTERED NUMBER: SC292803)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 38,500
AMORTISATION
At 1 March 2022 26,950
Charge for year 3,850
At 28 February 2023 30,800
NET BOOK VALUE
At 28 February 2023 7,700
At 28 February 2022 11,550

5. TANGIBLE FIXED ASSETS
Fixtures
Heritable and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 March 2022
and 28 February 2023 125,764 28,290 32,293 186,347
DEPRECIATION
At 1 March 2022 34,411 24,498 26,233 85,142
Charge for year 1,827 947 1,514 4,288
At 28 February 2023 36,238 25,445 27,747 89,430
NET BOOK VALUE
At 28 February 2023 89,526 2,845 4,546 96,917
At 28 February 2022 91,353 3,792 6,060 101,205

Tangible fixed assets totalling £96,917 (2022 - £101,205) are held as security by the Clydesdale bank.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 605,040
NET BOOK VALUE
At 28 February 2023 605,040
At 28 February 2022 605,040

FILSHILL LIMITED (REGISTERED NUMBER: SC292803)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

6. INVESTMENT PROPERTY - continued

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2021 29,876
Cost 575,164
605,040

If Investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 575,164 575,164

The investment property valuation has been performed by the director after considering the open market valuation of similar properties. The director operates in real estate industry of buying, selling and management of properties.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,953 7,714
Other debtors 163,845 165,227
168,798 172,941

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,369 9,044
Taxation and social security 32,745 47,449
Other creditors 2,484 2,551
46,598 59,044

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,404 1,717

Deferred
tax
£   
Balance at 1 March 2022 1,717
Credit to Statement of Income and Retained Earnings during year (313 )
Balance at 28 February 2023 1,404

FILSHILL LIMITED (REGISTERED NUMBER: SC292803)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
S Filshill
Balance outstanding at start of year 136,294 86,958
Amounts advanced 101,409 133,068
Amounts repaid (100,109 ) (83,732 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 137,594 136,294

Interest is charged on overdrawn loan balances exceeding £10,000 and no fixed terms of repayment have been agreed.