IRIS Accounts Production v23.3.0.418 SC245895 Board of Directors 1.4.22 31.3.23 31.3.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2458952022-03-31SC2458952023-03-31SC2458952022-04-012023-03-31SC2458952021-03-31SC2458952021-04-012022-03-31SC2458952022-03-31SC245895ns10:Originalns15:Scotland2022-04-012023-03-31SC245895ns14:PoundSterlingns10:Original2022-04-012023-03-31SC245895ns10:Originalns10:Director12022-04-012023-03-31SC245895ns10:Original2022-04-012023-03-31SC245895ns10:Original2023-03-31SC245895ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-31SC245895ns10:Originalns10:SmallEntities2022-04-012023-03-31SC245895ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-31SC245895ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC245895ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-31SC245895ns10:Originalns10:FullAccounts2022-04-012023-03-31SC245895ns10:Original2021-04-012022-03-31SC245895ns10:Originalns10:Director22022-04-012023-03-31SC245895ns10:CompanySecretary1ns10:Original2022-04-012023-03-31SC245895ns10:Originalns10:RegisteredOffice2022-04-012023-03-31SC245895ns10:Original2022-03-31SC245895ns10:Originalns5:CurrentFinancialInstruments2023-03-31SC245895ns10:Originalns5:CurrentFinancialInstruments2022-03-31SC245895ns5:ShareCapitalns10:Original2023-03-31SC245895ns5:ShareCapitalns10:Original2022-03-31SC245895ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-31SC245895ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-03-31SC245895ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-31SC245895ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-31SC245895ns10:Original12022-04-012023-03-31SC245895ns10:Original2022-03-31SC245895ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC245895ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: SC245895 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Abbotshaugh Property Limited

Abbotshaugh Property Limited (Registered number: SC245895)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Abbotshaugh Property Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Ms J E Hamilton
D J C Hamilton





SECRETARY: Ms J E Hamilton





REGISTERED OFFICE: 4 Douglas Crescent
Edinburgh
EH12 5BB





REGISTERED NUMBER: SC245895 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Abbotshaugh Property Limited (Registered number: SC245895)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,400,000 1,400,000

CURRENT ASSETS
Debtors 5 89,391 47,803
Cash at bank 47,422 23,701
136,813 71,504
CREDITORS
Amounts falling due within one year 6 86,288 73,641
NET CURRENT ASSETS/(LIABILITIES) 50,525 (2,137 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,450,525

1,397,863

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable fair value
reserve 24,959 24,959
Retained earnings 1,425,466 1,372,804
1,450,525 1,397,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2023 and were signed on its behalf by:





Ms J E Hamilton - Director


Abbotshaugh Property Limited (Registered number: SC245895)

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

1. STATUTORY INFORMATION

Abbotshaugh Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Accounting estimates
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Other income
Other income represents rental income, excluding value added tax. Income is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

Abbotshaugh Property Limited (Registered number: SC245895)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

Going concern
The company has cash resources and has no requirement for external funding. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accountancy appropriate in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,400,000
NET BOOK VALUE
At 31 March 2023 1,400,000
At 31 March 2022 1,400,000

Freehold land and buildings were valued at open market value on 4 May 2018 by DM Hall LLP. The directors are of the opinion that this valuation continues to be appropriate.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 74,098 35,844
Other debtors 15,293 11,959
89,391 47,803

Abbotshaugh Property Limited (Registered number: SC245895)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,640 3,581
Taxation and social security 53,561 40,835
Other creditors 29,087 29,225
86,288 73,641