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REGISTERED NUMBER: SC135438 (Scotland)















Financial Statements for the Year Ended 31 December 2022

for

Broughton Properties Limited

Broughton Properties Limited (Registered number: SC135438)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Broughton Properties Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: G Crolla



SECRETARY: Mrs I F Crolla



REGISTERED OFFICE: 14 Rutland Square
Edinburgh
Midlothian
EH1 2BD



REGISTERED NUMBER: SC135438 (Scotland)



ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD



SOLICITORS: Thorntons
13 Melville Street
Edinburgh
EH3 7PE

Broughton Properties Limited (Registered number: SC135438)

Statement of Financial Position
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,857 9,244
Investment property 5 9,827,172 9,827,172
9,835,029 9,836,416

CURRENT ASSETS
Debtors 6 3,619,866 3,455,462
Cash at bank 30,075 123,176
3,649,941 3,578,638
CREDITORS
Amounts falling due within one year 7 698,674 713,951
NET CURRENT ASSETS 2,951,267 2,864,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,786,296

12,701,103

CREDITORS
Amounts falling due after more than one
year

8

(3,499,753

)

(3,629,623

)

PROVISIONS FOR LIABILITIES 10 (816,083 ) (620,328 )
NET ASSETS 8,470,460 8,451,152

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 11 8,468,460 8,449,152
SHAREHOLDERS' FUNDS 8,470,460 8,451,152

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

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

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 30 September 2023 and were signed by:




G Crolla - Director


Broughton Properties Limited (Registered number: SC135438)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Broughton 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified for the inclusion of investment property at fair value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of the investing in and letting of property.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and Buildings Not Depreciated
Plant and Machinery 15% Reducing Balance

Depreciation and impairment losses are charged to the Statement of Comprehensive Income within administrative expenses.
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.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Broughton Properties Limited (Registered number: SC135438)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

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 payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2022
and 31 December 2022 83,852
DEPRECIATION
At 1 January 2022 74,608
Charge for year 1,387
At 31 December 2022 75,995
NET BOOK VALUE
At 31 December 2022 7,857
At 31 December 2021 9,244

Broughton Properties Limited (Registered number: SC135438)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2022
and 31 December 2022 9,827,172
NET BOOK VALUE
At 31 December 2022 9,827,172
At 31 December 2021 9,827,172

If the investment properties had not been included at valuation, they would have been included under the historical cost convention at £5,076,616 (2021: £5,076,616).

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2016 3,645,555
Valuation in 2019 1,105,001
Cost 5,076,616
9,827,172

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 186,259 156,855
Other debtors 3,433,607 3,298,607
3,619,866 3,455,462

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 128,196 128,296
Taxation and social security 131,761 155,638
Other creditors 438,717 430,017
698,674 713,951

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans 3,499,753 3,629,623

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,393,842 3,393,842

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank loans 3,627,949 3,757,919

The bank loans are secured by a floating charge and standard securities over the company investment properties.

Broughton Properties Limited (Registered number: SC135438)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

10. PROVISIONS FOR LIABILITIES
31.12.22 31.12.21
£    £   
Deferred tax 816,083 620,328

Deferred
tax
£   
Balance at 1 January 2022 620,328
Provided during year 195,755
Balance at 31 December 2022 816,083

11. RESERVES

Retained earnings are analysed as follows:

31.12.2231.12.21
££
Distributable4,423,8184,205,091
Non-distributable4,048,4454,244,061
Total8,472,2638,449,152

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31.12.22 31.12.21
£    £   
G Crolla
Balance outstanding at start of year (264,322 ) (290,947 )
Amounts advanced 3,204 (3,375 )
Amounts repaid (7,375 ) 30,000
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (268,493 ) (264,322 )

The directors loan is interest free, unsecured and has no set repayment terms.

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £4,000 were paid to the director .

At the year end, the balance on the inter-company loan account due by Rapido Restaurants Limited was £3,020,760. This loan is unsecured and has no set repayment terms. Interest was being charged at a rate of base plus 1% pa to 31 December 2018 with no interest being charged for the four years to 31 December 2022. Accrued interest being receivable at the 31 December 2022 is £423,183. At the year end, the balances on the inter-company loan accounts due by SoCo Catering Co Ltd and Maretea Investments Limited were £203,230 and £103,000 respectively. These loans are unsecured, interest free and have no set repayment terms.

At the year end, the balance on the inter-company loan account due to Pronto Restaurants Limited was £108,913. This loan is unsecured, interest free and has no set repayment terms. All these companies are controlled by Mr G Crolla.