Falkirk Properties Ltd SC692709 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property letting and development. Digita Accounts Production Advanced 6.30.9574.0 true SC692709 2022-04-01 2023-03-31 SC692709 2023-03-31 SC692709 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC692709 core:ShareCapital 2023-03-31 SC692709 core:CurrentFinancialInstruments 2023-03-31 SC692709 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC692709 bus:SmallEntities 2022-04-01 2023-03-31 SC692709 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC692709 bus:FullAccounts 2022-04-01 2023-03-31 SC692709 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC692709 bus:RegisteredOffice 2022-04-01 2023-03-31 SC692709 bus:Director1 2022-04-01 2023-03-31 SC692709 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC692709 bus:Agent1 2022-04-01 2023-03-31 SC692709 core:InvestmentPropertyIncludedWithinPPE 2022-04-01 2023-03-31 SC692709 countries:Scotland 2022-04-01 2023-03-31 SC692709 2022-03-31 SC692709 2021-03-18 2022-03-31 SC692709 2022-03-31 SC692709 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC692709 core:ShareCapital 2022-03-31 SC692709 core:CurrentFinancialInstruments 2022-03-31 SC692709 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: SC692709

Falkirk Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Falkirk Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

Accountants' Report

7

 

Falkirk Properties Ltd

Company Information

Director

Mr Patrick Noel Keir

Registered office

Unit 4B Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Falkirk Properties Ltd

(Registration number: SC692709)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

60,120

10,440

Current assets

 

Stocks

5

-

122,433

Debtors

6

135

200

Cash at bank and in hand

 

99,877

278

 

100,012

122,911

Creditors: Amounts falling due within one year

7

(128,339)

(134,306)

Net current liabilities

 

(28,327)

(11,395)

Net assets/(liabilities)

 

31,793

(955)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

31,693

(1,055)

Shareholders' funds/(deficit)

 

31,793

(955)

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 October 2023
 

.........................................
Mr Patrick Noel Keir
Director

 

Falkirk Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also recognised
directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Falkirk Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Asset class

Depreciation method and rate

Investment Property

nil

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

 

Falkirk Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 April

10,440

Additions

49,680

At 31 March

60,120

There has been no valuation of investment property by an independent valuer.

5

Stocks

2023
£

2022
£

Other inventories

-

122,433

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

200

Prepayments

135

-

 

135

200

 

Falkirk Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

7,434

-

Other creditors

120,905

134,306

128,339

134,306

8

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

Year ended 31 March 2023
 £

18 March 2021 to 31 March 2022
 £

Mr Patrick Noel Keir

2,102

13,422

 

2,102

13,422

The maximum balance outstanding during the year amounted to £13,422.

The directors current accounts are repayable on demand.

Loans to related parties

The director Mr P Keir is also a director of Whisky Barrels Direct Ltd.

Included in creditors is a loan from Whisky Barrels Direct Ltd amounting to £117,642.

The above loan is repayable on demand.
 

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Falkirk Properties Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Falkirk Properties Ltd for the year ended 31 March 2023 as set out on pages 2 to 6 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 http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Falkirk Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Falkirk Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Falkirk Properties Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Falkirk Properties Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Falkirk Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Falkirk Properties Ltd. You consider that Falkirk Properties 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 accounts of Falkirk Properties 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

9 October 2023