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COMPANY REGISTRATION NUMBER: SC530350
Fergusson Residential Properties Ltd
Filleted Unaudited Financial Statements
31 March 2023
Fergusson Residential Properties Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Fergusson Residential Properties Ltd
Officers and Professional Advisers
The board of directors
Mrs M M Fergusson
Dr R J Fergusson
Registered office
7 Easter Belmont Road
Edinburgh
UK
EH12 6EX
Accountants
Charles Burrows & Co
Chartered Accountants
7 Palmerston Place
Edinburgh
EH12 5AH
Fergusson Residential Properties Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,680,000
1,475,000
Current assets
Debtors
6
1,500
1,500
Cash at bank and in hand
63,930
38,014
---------
---------
65,430
39,514
Creditors: amounts falling due within one year
7
890,167
179,471
----------
----------
Net current liabilities
824,737
139,957
-------------
-------------
Total assets less current liabilities
855,263
1,335,043
Creditors: amounts falling due after more than one year
8
377,205
1,085,956
Provisions
58,015
19,065
----------
-------------
Net assets
420,043
230,022
----------
-------------
Fergusson Residential Properties Ltd
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
75
75
Revaluation reserve
325,017
158,967
Profit and loss account
94,951
70,980
----------
----------
Shareholders funds
420,043
230,022
----------
----------
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 comprehensive income has not been delivered.
For the 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 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 9 October 2023 , and are signed on behalf of the board by:
Mrs M M Fergusson
Dr R J Fergusson
Director
Director
Company registration number: SC530350
Fergusson Residential Properties Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 7 Easter Belmont Road, Edinburgh, EH12 6EX, UK.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents rents receivable during the year.
Taxation
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.
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. 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 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.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
5,623
3,738
Deferred tax:
Origination and reversal of timing differences
38,950
( 880)
---------
-------
Tax on profit
44,573
2,858
---------
-------
5. Tangible assets
Investment properties
£
Cost or valuation
At 1 April 2022
1,475,000
Revaluations
205,000
-------------
At 31 March 2023
1,680,000
-------------
Depreciation
At 1 April 2022 and 31 March 2023
-------------
Carrying amount
At 31 March 2023
1,680,000
-------------
At 31 March 2022
1,475,000
-------------
Included within the above is investment property as follows:
£
At 1 April 2022
1,475,000
Fair value adjustments
205,000
-------------
At 31 March 2023
1,680,000
-------------
The properties were revalued on 31 March 2023 at £1,680,000, on a current market value basis.
6. Debtors
2023
2022
£
£
Other debtors
1,500
1,500
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
708,751
Accruals and deferred income
1,020
960
Corporation tax
5,623
3,738
Director loan accounts
174,773
174,773
----------
----------
890,167
179,471
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
377,205
1,085,956
----------
-------------
Included within creditors: amounts falling due after more than one year is an amount of £377,205 (2022: £1,085,956) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are secured over the freehold property of the company.
9. Related party transactions
The company was under the control of Dr R J Fergusson and Mrs M M Fergusson throughout the current and previous year. Dr and Mrs Fergusson are the only directors and major shareholders. At 31 March 2023, the company was due £174,773 (31 March 2022 - £174,773) to Dr and Mrs Fergusson. This loan is interest free with no fixed terms for repayment.