Silverfin false 31/03/2023 01/04/2022 31/03/2023 Brian Toft 23/04/1996 Edward Toft 23/04/1996 Aileen Toft-Mcnamee 23/04/1996 03 October 2023 The principal activity of the Company during the financial year was property letting. SC164012 2023-03-31 SC164012 bus:Director1 2023-03-31 SC164012 bus:Director2 2023-03-31 SC164012 bus:Director3 2023-03-31 SC164012 2022-03-31 SC164012 core:CurrentFinancialInstruments 2023-03-31 SC164012 core:CurrentFinancialInstruments 2022-03-31 SC164012 core:Non-currentFinancialInstruments 2023-03-31 SC164012 core:Non-currentFinancialInstruments 2022-03-31 SC164012 core:ShareCapital 2023-03-31 SC164012 core:ShareCapital 2022-03-31 SC164012 core:RevaluationReserve 2023-03-31 SC164012 core:RevaluationReserve 2022-03-31 SC164012 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC164012 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC164012 core:InvestmentPropertyIncludedWithinPPE 2022-03-31 SC164012 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 SC164012 bus:OrdinaryShareClass1 2023-03-31 SC164012 2022-04-01 2023-03-31 SC164012 bus:FullAccounts 2022-04-01 2023-03-31 SC164012 bus:SmallEntities 2022-04-01 2023-03-31 SC164012 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC164012 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC164012 bus:Director1 2022-04-01 2023-03-31 SC164012 bus:Director2 2022-04-01 2023-03-31 SC164012 bus:Director3 2022-04-01 2023-03-31 SC164012 2021-04-01 2022-03-31 SC164012 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC164012 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC164012 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC164012 (Scotland)

TOFT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

TOFT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

TOFT PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
TOFT PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 520,000 520,000
520,000 520,000
Current assets
Debtors 4 193,393 193,138
Cash at bank and in hand 5 98,635 92,809
292,028 285,947
Creditors: amounts falling due within one year 6 ( 366,330) ( 368,198)
Net current liabilities (74,302) (82,251)
Total assets less current liabilities 445,698 437,749
Creditors: amounts falling due after more than one year 7 ( 156,588) ( 169,778)
Net assets 289,110 267,971
Capital and reserves
Called-up share capital 8 6 6
Revaluation reserve 35,410 35,410
Profit and loss account 253,694 232,555
Total shareholders' funds 289,110 267,971

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Toft Properties Limited (registered number: SC164012) were approved and authorised for issue by the Director on 03 October 2023. They were signed on its behalf by:

Aileen Toft-Mcnamee
Director
TOFT PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
TOFT PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Toft Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Toft Properties Ltd, 154 Market Street, Aberdeen, AB11 5PP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Although the financial statements have net current liabilities of £74,302 (2022 £82,251) they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors and related parties will not seek repayment for amounts due to them until there are sufficient cash resources to do so.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a f inancing transaction, where the debt instrument is measured at the present value of t he future payment s discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Investment property Total
£ £
Cost
At 01 April 2022 651,050 651,050
At 31 March 2023 651,050 651,050
Accumulated depreciation
At 01 April 2022 131,050 131,050
At 31 March 2023 131,050 131,050
Net book value
At 31 March 2023 520,000 520,000
At 31 March 2022 520,000 520,000

4. Debtors

2023 2022
£ £
Other debtors 193,393 193,138

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 98,635 92,809

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 13,789 14,389
Corporation tax 4,959 5,759
Other taxation and social security 1,419 2,100
Other creditors 346,163 345,950
366,330 368,198

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 156,588 169,778

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each 6 6

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Toft and Toft Limited - Loan 342,957 342,957

Transactions with the entity's directors

2023 2022
£ £
Directors' Current accounts 141,329 141,329