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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC497126
2022-04-01
2023-03-31
SC497126
2023-03-31
SC497126
2022-03-31
SC497126
2021-04-01
2022-03-31
SC497126
2022-03-31
SC497126
2021-03-31
SC497126
core:LandBuildings
2022-04-01
2023-03-31
SC497126
core:PlantMachinery
2022-04-01
2023-03-31
SC497126
core:FurnitureFittings
2022-04-01
2023-03-31
SC497126
core:MotorVehicles
2022-04-01
2023-03-31
SC497126
bus:OrdinaryShareClass1
2022-04-01
2023-03-31
SC497126
bus:Director2
2022-04-01
2023-03-31
SC497126
bus:Director5
2022-04-01
2023-03-31
SC497126
core:LandBuildings
2022-03-31
SC497126
core:PlantMachinery
2022-03-31
SC497126
core:FurnitureFittings
2022-03-31
SC497126
core:MotorVehicles
2022-03-31
SC497126
core:LandBuildings
2023-03-31
SC497126
core:PlantMachinery
2023-03-31
SC497126
core:FurnitureFittings
2023-03-31
SC497126
core:MotorVehicles
2023-03-31
SC497126
core:WithinOneYear
2023-03-31
SC497126
core:WithinOneYear
2022-03-31
SC497126
core:AfterOneYear
2023-03-31
SC497126
core:AfterOneYear
2022-03-31
SC497126
core:ShareCapital
2023-03-31
SC497126
core:ShareCapital
2022-03-31
SC497126
core:RetainedEarningsAccumulatedLosses
2023-03-31
SC497126
core:RetainedEarningsAccumulatedLosses
2022-03-31
SC497126
core:LandBuildings
2022-03-31
SC497126
core:PlantMachinery
2022-03-31
SC497126
core:MotorVehicles
2022-03-31
SC497126
bus:SmallEntities
2022-04-01
2023-03-31
SC497126
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
SC497126
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
SC497126
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
SC497126
bus:FullAccounts
2022-04-01
2023-03-31
SC497126
bus:OrdinaryShareClass1
2023-03-31
SC497126
bus:OrdinaryShareClass1
2022-03-31
SC497126
core:OtherRelatedParties
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
SC497126
Filleted Unaudited Financial Statements |
|
Year ended 31 March 2023
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 7 |
|
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
232,912 |
236,922 |
|
|
|
|
Current assets
Stocks |
– |
101,560 |
Debtors |
6 |
16,455 |
8,252 |
Cash at bank and in hand |
60,239 |
66,700 |
|
-------- |
--------- |
|
76,694 |
176,512 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
59,811 |
334,914 |
|
-------- |
--------- |
Net current assets/(liabilities) |
16,883 |
(
158,402) |
|
--------- |
--------- |
Total assets less current liabilities |
249,795 |
78,520 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
127,182 |
1,602 |
|
|
|
|
Provisions
Taxation including deferred tax |
265 |
27 |
|
--------- |
-------- |
Net assets |
122,348 |
76,891 |
|
--------- |
-------- |
|
|
|
Capital and reserves
Called up share capital |
9 |
200 |
200 |
Profit and loss account |
122,148 |
76,691 |
|
--------- |
-------- |
Shareholders funds |
122,348 |
76,891 |
|
--------- |
-------- |
|
|
|
|
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 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
.
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2023
, and are signed on behalf of the board by:
K D Kerr |
J McDonald |
Director |
Director |
|
|
Company registration number:
SC497126
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 12 Home Street, Edinburgh, EH3 9LY.
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.
Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents property management fees receivable during the period together with the recovery of costs incurred on behalf of landlords.
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. 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Property |
- |
2% straight line |
|
Office equipment |
- |
20% straight line |
|
Fixtures and Fittings |
- |
33% straight line |
|
Motor Vehicles |
- |
20% straight line |
|
|
|
|
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, 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 receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, 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 receipts discounted at the market rate of interest for a similar debt instrument. Other financial instruments are initially recognised at fair value, unless payment for an asset has been deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised through profit or loss. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2022:
7
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
At 1 April 2022 |
242,140 |
5,978 |
969 |
7,909 |
256,996 |
Additions |
– |
– |
4,317 |
– |
4,317 |
|
--------- |
------- |
------- |
------- |
--------- |
At 31 March 2023 |
242,140 |
5,978 |
5,286 |
7,909 |
261,313 |
|
--------- |
------- |
------- |
------- |
--------- |
Depreciation |
|
|
|
|
|
At 1 April 2022 |
9,686 |
4,673 |
969 |
4,746 |
20,074 |
Charge for the year |
4,843 |
463 |
1,439 |
1,582 |
8,327 |
|
--------- |
------- |
------- |
------- |
--------- |
At 31 March 2023 |
14,529 |
5,136 |
2,408 |
6,328 |
28,401 |
|
--------- |
------- |
------- |
------- |
--------- |
Carrying amount |
|
|
|
|
|
At 31 March 2023 |
227,611 |
842 |
2,878 |
1,581 |
232,912 |
|
--------- |
------- |
------- |
------- |
--------- |
At 31 March 2022 |
232,454 |
1,305 |
– |
3,163 |
236,922 |
|
--------- |
------- |
------- |
------- |
--------- |
|
|
|
|
|
|
6.
Debtors
Trade debtors |
16,455 |
8,210 |
Other debtors |
– |
42 |
|
-------- |
------- |
|
16,455 |
8,252 |
|
-------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
Bank loans and overdrafts |
3,540 |
– |
Trade creditors |
24,639 |
44,732 |
Corporation tax |
11,497 |
13,899 |
Social security and other taxes |
2,977 |
6,742 |
Other creditors |
17,158 |
269,541 |
|
-------- |
--------- |
|
59,811 |
334,914 |
|
-------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
Bank loans and overdrafts |
126,862 |
– |
Other creditors |
320 |
1,602 |
|
--------- |
------- |
|
127,182 |
1,602 |
|
--------- |
------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each |
200 |
200 |
200 |
200 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
Related party transactions
The company had no ultimate controlling party during the period. During the year various expenses were paid for on behalf of the company by the Directors and funds introduced to the company to provide working capital. At the year end a balance of £1,000 (2022: £48,524 due to) was due from D J Kerr. This sum is interest free and repayable on demand. In addition a sum of £7,933 (2022: 110,000) was due to Lanark Road Properties, a company in which
J McDonald
and S McDonald are directors. Included in other creditors is an amount of £4,918 (2021: £106,985) due to Daker Property Company Ltd in respect of expenditure incurred on behalf of this company. D J Kerr is a director and shareholder of Daker Property Company Ltd.