Company registration number SC000364 (Scotland)
STANDARD PROPERTY INVESTMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
STANDARD PROPERTY INVESTMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STANDARD PROPERTY INVESTMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
5
5,551,205
5,551,205
Creditors: amounts falling due within one year
6
(801,633)
(801,633)
Net current assets
4,749,572
4,749,572
Capital and reserves
Called up share capital
7
5,800,000
5,800,000
Profit and loss reserves
(1,050,428)
(1,050,428)
Total equity
4,749,572
4,749,572
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
A D M MacDonald
Director
Company Registration No. SC000364
STANDARD PROPERTY INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Standard Property Investment Limited is a private company limited by shares incorporated in Scotland. The registered office is Caledonian Exchange, 19a Canning Street, Edinburgh, Midlothian, United Kingdom, EH3 8HE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
1.3
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
STANDARD PROPERTY INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
55,343
Depreciation and impairment
At 1 January 2022 and 31 December 2022
55,343
Carrying amount
At 31 December 2022
At 31 December 2021
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,476,791
5,476,791
Other debtors
74,414
74,414
5,551,205
5,551,205
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
74,414
74,414
Amounts owed to related parties
301,922
301,922
Other creditors
425,297
425,297
801,633
801,633
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £5 each
1,160,000
1,160,000
5,800,000
5,800,000
6
Parent company
The ultimate parent undertaking is MacDonald Orr Limited, a company registered in Scotland and incorporated in Great Britain.
STANDARD PROPERTY INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
7
Related Party Transactions
The amount owed by related parties is due from MacDonald Orr Limited, a company controlled by Mr MacDonald and Mr Orr.
The amount due to related parties is due to Orrmac (No:500) Ltd, a company controlled by Mr MacDonald and Mr Orr.