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No description of principal activity
2022-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
204,643
53,310
257,953
257,953
204,643
xbrli:pure
xbrli:shares
iso4217:GBP
SC585406
2022-02-01
2023-01-31
SC585406
2023-01-31
SC585406
2022-01-31
SC585406
2021-02-01
2022-01-31
SC585406
2022-01-31
SC585406
2021-01-31
SC585406
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2022-02-01
2023-01-31
SC585406
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2022-02-01
2023-01-31
SC585406
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2023-01-31
SC585406
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2022-01-31
SC585406
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2023-01-31
SC585406
core:ShareCapital
2022-01-31
SC585406
core:RetainedEarningsAccumulatedLosses
2023-01-31
SC585406
core:RetainedEarningsAccumulatedLosses
2022-01-31
SC585406
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2022-02-01
2023-01-31
SC585406
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2022-02-01
2023-01-31
SC585406
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2022-02-01
2023-01-31
SC585406
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2022-02-01
2023-01-31
SC585406
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2022-02-01
2023-01-31
SC585406
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2022-01-31
SC585406
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2022-02-01
2023-01-31
SC585406
core:LandBuildings
2023-01-31
COMPANY REGISTRATION NUMBER:
SC585406
Filleted Unaudited Financial Statements |
|
Year ended 31 January 2023
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Softbear Property Ltd |
|
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Softbear Property Ltd for the year ended 31 January 2023, which comprise the statement of financial position and the related notes 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Softbear Property Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Softbear Property Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Softbear Property Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Softbear Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Softbear Property Ltd. You consider that Softbear Property 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 financial statements of Softbear Property 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 financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
11 October 2023
Statement of Financial Position |
|
31 January 2023
Fixed assets
Tangible assets |
5 |
|
257,953 |
204,643 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
11,905 |
|
14,640 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
256,814 |
|
213,007 |
|
--------- |
|
--------- |
Net current liabilities |
|
244,909 |
198,367 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
13,044 |
6,276 |
|
|
-------- |
------- |
Net assets |
|
13,044 |
6,276 |
|
|
-------- |
------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
13,042 |
6,274 |
|
|
-------- |
------- |
Shareholders funds |
|
13,044 |
6,276 |
|
|
-------- |
------- |
|
|
|
|
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.
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
11 October 2023
, and are signed on behalf of the board by:
Company registration number:
SC585406
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 8A North Kirklands, Holehouse Road, Eaglesham, Glasgow, G76 0JF, Scotland.
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.
Cash and cash equivalent
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
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.
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.
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 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2022:
1
).
5.
Tangible assets
|
Investment Property |
|
£ |
Cost |
|
At 1 February 2022 |
204,643 |
Additions |
53,310 |
|
--------- |
At 31 January 2023 |
257,953 |
|
--------- |
Depreciation |
|
At 1 February 2022 and 31 January 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 January 2023 |
257,953 |
|
--------- |
At 31 January 2022 |
204,643 |
|
--------- |
|
|
In accordance with FRS 102A, investment properties are revalued annually on this basis, any surplus or deficit being transferred to revaluation reserve. Accordingly, such assets are not depreciated as this would conflict in the Directors' opinion, with the requirement to give a true and fair view (see note 1(b)). It is not possible to quantify the depreciation which would otherwise have been charged. The company's investment properties were valued by the directors at £257,953 (2022: £204,643). The directors consider that this value is still appropriate at 31 January 2023.
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Accruals and deferred income |
1,110 |
1,020 |
Corporation tax |
2,527 |
1,908 |
Director loan accounts |
253,177 |
210,079 |
|
--------- |
--------- |
|
256,814 |
213,007 |
|
--------- |
--------- |
|
|
|
7.
Directors' advances, credits and guarantees
At the year end the company owed the directors, Mr & Mrs Finch, £253,177. This loan interest free. (2022: £210,079).