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Registration number: SC574281

Elgin House Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Elgin House Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

Accountants' Report

6

 

Elgin House Ltd

Company Information

Directors

Mr H M Saleh

Mr AK Mohammed Saleh

Mr A Robb

Mr G Robb

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates Business Solutions Ltd.
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Elgin House Ltd

(Registration number: SC574281)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

102,346

102,346

Current assets

 

Stocks

5

469,102

467,418

Cash at bank and in hand

 

22,100

18,740

 

491,202

486,158

Creditors: Amounts falling due within one year

6

(570,546)

(570,743)

Net current liabilities

 

(79,344)

(84,585)

Net assets

 

23,002

17,761

Capital and reserves

 

Called up share capital

200

200

Retained earnings

22,802

17,561

Shareholders' funds

 

23,002

17,761

For the financial year ending 31 August 2023 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2023 and signed on its behalf by:
 

.........................................
Mr A Robb
Director

 

Elgin House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

2

Accounting policies

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.

Tax

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.

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.

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 property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Elgin House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Investment properties

2023
£

At 1 September

102,346

At 31 August

102,346

There has been no valuation of investment property by an independent valuer.

5

Stocks

2023
£

2022
£

Other inventories

469,102

467,418

 

Elgin House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,230

1,507

Other creditors

569,316

569,236

570,546

570,743

7

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Mr H M Saleh

284,181

284,181

Mr A K M Saleh

141,436

141,436

Mr A Robb

16,794

16,794

Mr G Robb

16,655

16,655

 

459,066

459,066

The maximum balance outstanding during the year amounted to £459,066.

The directors current accounts are repayable on demand.

Loans from related parties

Terms of loans from related parties

The directors Mr A Robb and Mr G Robb are also directors of Robb Commercial Property Ltd. Included within other creditors is a loan from Robb Commercial Property Ltd amounting to £109,115 (2022: £109,115). This loan is repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Elgin House Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Elgin House Ltd for the year ended 31 August 2023 as set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Elgin House Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Elgin House Ltd and state those matters that we have agreed to state to the Board of Directors of Elgin House Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elgin House Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Elgin House 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 Elgin House Ltd. You consider that Elgin House Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Elgin House 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.

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

Yates Business Solutions Ltd.
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

26 September 2023