0 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC651333 2022-02-01 2023-01-31 SC651333 2023-01-31 SC651333 2022-01-31 SC651333 bus:Director1 2022-02-01 2023-01-31 SC651333 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 SC651333 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 SC651333 core:WithinOneYear 2023-01-31 SC651333 core:ShareCapital 2023-01-31 SC651333 core:ShareCapital 2022-01-31 SC651333 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC651333 bus:Director1 2023-01-31 SC651333 bus:SmallEntities 2022-02-01 2023-01-31 SC651333 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC651333 bus:FullAccounts 2022-02-01 2023-01-31 SC651333 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC651333 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC651333 core:PlantMachinery 2022-02-01 2023-01-31 SC651333 core:PlantMachinery 2023-01-31
COMPANY REGISTRATION NUMBER: SC651333
Salturn Ltd
Filleted Unaudited Financial Statements
31 January 2023
Salturn Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
187,558
Current assets
Debtors
5
151
1
Cash at bank and in hand
196
----
----
347
1
Creditors: amounts falling due within one year
6
192,436
---------
----
Net current (liabilities)/assets
( 192,089)
1
---------
----
Total assets less current liabilities
( 4,531)
1
-------
----
Net (liabilities)/assets
( 4,531)
1
-------
----
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 4,532)
-------
----
Shareholders (deficit)/funds
( 4,531)
1
-------
----
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 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Salturn Ltd
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
David Somerville
Director
Company registration number: SC651333
Salturn Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Kilmardinny Estate, 200 Milngavie Road, Bearsden, Glasgow, G61 3DH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
33% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 February 2022
Additions
187,038
567
187,605
---------
----
---------
At 31 January 2023
187,038
567
187,605
---------
----
---------
Depreciation
At 1 February 2022
Charge for the year
47
47
---------
----
---------
At 31 January 2023
47
47
---------
----
---------
Carrying amount
At 31 January 2023
187,038
520
187,558
---------
----
---------
At 31 January 2022
---------
----
---------
Included within the above is investment property as follows:
£
At 1 February 2022
Additions
187,038
---------
At 31 January 2023
187,038
---------
The property is valued annually by the director, with reference to market conditions. Fair value changes are recognised in the profit & loss account.
5. Debtors
2023
2022
£
£
Other debtors
151
1
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
77
Other creditors
192,359
---------
----
192,436
---------
----
7. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
187,038
---------
----
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
David Somerville
( 191,879)
( 191,879)
----
---------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
David Somerville
----
----
----