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COMPANY REGISTRATION NUMBER: SC543719

Beothail Property Ltd

Filleted Unaudited Financial Statements

For the year ended

31 May 2023

Beothail Property Ltd

Statement of Financial Position

31 May 2023

| 2023 | 2022
Note | £ | £

Fixed assets

Tangible assets | 6 | 1,133,890 | 1,705,881

Current assets

Cash at bank and in hand | 28,808 | 78,595

Creditors: amounts falling due within one year | 7 | 368,531 | 1,178,842
| --------- | ------------
Net current liabilities | 339,723 | 1,100,247
| ------------ | ------------
Total assets less current liabilities | 794,167 | 605,634

Provisions | 900 | 700
| --------- | ---------
Net assets | 793,267 | 604,934
| --------- | ---------

Capital and reserves

Called up share capital | 100 | 100
Revaluation reserve | 290,000 | 290,000
Profit and loss account | 503,167 | 314,834
| --------- | ---------
Shareholders funds | 793,267 | 604,934
| --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:

Dr K J Chandler | Mrs R E Chandler
Director | Director

Company registration number: SC543719

Beothail Property Ltd

Notes to the Financial Statements

Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continues to adopt the going concern basis of accounting in preparing these financial statements. Future notwithstanding Covid-19. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Equipment | - | 20% straight line

Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include other debtor and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include accruals, director's loan account and corporation tax, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit
Major components of tax expense

| 2023 | 2022
| £ | £

Current tax:

UK current tax expense | 49,451 | 22,126
Adjustments in respect of prior periods | ( 1,622) | 150
| -------- | --------
Total current tax | 47,829 | 22,276
| -------- | --------

Deferred tax:

Origination and reversal of timing differences | 200 | 189
| -------- | --------
Tax on profit | 48,029 | 22,465
| -------- | --------

6. Tangible assets

| Investment property | Equipment | Total
| £ | £ | £
Cost |  |  |
At 1 June 2022 | 1,703,081 | 4,566 | 1,707,647
Additions | – | 2,137 | 2,137
Disposals | ( 572,788) | – | ( 572,788)
| ------------ | ------- | ------------
At 31 May 2023 | 1,130,293 | 6,703 | 1,136,996
| ------------ | ------- | ------------
Depreciation |  |  |
At 1 June 2022 | – | 1,766 | 1,766
Charge for the year | – | 1,340 | 1,340
| ------------ | ------- | ------------
At 31 May 2023 | – | 3,106 | 3,106
| ------------ | ------- | ------------
Carrying amount |  |  |
At 31 May 2023 | 1,130,293 | 3,597 | 1,133,890
| ------------ | ------- | ------------
At 31 May 2022 | 1,703,081 | 2,800 | 1,705,881
| ------------ | ------- | ------------

As at 31 May 2023, the directors have considered the value of the investment properties and they consider the closing amounts to be a fair estimate of the value of the assets.
7. Creditors: amounts falling due within one year

| 2023 | 2022
| £ | £
Trade creditors | 989 | –
Corporation tax | 49,451 | 22,126
Other creditors | 318,091 | 1,156,716
| --------- | ------------
| 368,531 | 1,178,842
| --------- | ------------

8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2023 | 2022
| £ | £
Not later than 1 year | 1,137 | 636
| ------- | ----