0 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,075,000 20,000 1,095,000 1,095,000 1,075,000 xbrli:pure xbrli:shares iso4217:GBP SC371864 2022-02-01 2023-01-31 SC371864 2023-01-31 SC371864 2022-01-31 SC371864 2021-02-01 2022-01-31 SC371864 2022-01-31 SC371864 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC371864 bus:Director2 2022-02-01 2023-01-31 SC371864 core:WithinOneYear 2023-01-31 SC371864 core:WithinOneYear 2022-01-31 SC371864 core:AfterOneYear 2023-01-31 SC371864 core:AfterOneYear 2022-01-31 SC371864 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 SC371864 core:LandBuildings core:LongLeaseholdAssets 2022-01-31 SC371864 core:UKTax 2022-02-01 2023-01-31 SC371864 core:UKTax 2021-02-01 2022-01-31 SC371864 core:ShareCapital 2023-01-31 SC371864 core:ShareCapital 2022-01-31 SC371864 core:RevaluationReserve 2023-01-31 SC371864 core:RevaluationReserve 2022-01-31 SC371864 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC371864 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC371864 core:RevaluationInvestmentPropertyDeferredTax 2023-01-31 SC371864 core:RevaluationInvestmentPropertyDeferredTax 2022-01-31 SC371864 core:LandBuildings 2023-01-31 SC371864 core:LandBuildings 2022-01-31 SC371864 core:LandBuildings 2022-01-31 SC371864 core:LandBuildings 2022-02-01 2023-01-31 SC371864 bus:SmallEntities 2022-02-01 2023-01-31 SC371864 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC371864 bus:FullAccounts 2022-02-01 2023-01-31 SC371864 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC371864 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC371864 bus:OrdinaryShareClass1 2023-01-31 SC371864 bus:OrdinaryShareClass1 2022-01-31 SC371864 core:PropertiesRevaluationReserve 2022-02-01 2023-01-31 SC371864 bus:Director1 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: SC371864
Property Solutions (Scotland) Ltd
Filleted Unaudited Financial Statements
31 January 2023
Property Solutions (Scotland) Ltd
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Property Solutions (Scotland) Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,095,000
1,075,000
Current assets
Debtors
6
11,409
9,465
Cash at bank and in hand
4,973
15,539
--------
--------
16,382
25,004
Creditors: amounts falling due within one year
7
17,279
21,215
--------
--------
Net current (liabilities)/assets
( 897)
3,789
------------
------------
Total assets less current liabilities
1,094,103
1,078,789
Creditors: amounts falling due after more than one year
8
612,566
623,665
Provisions
Taxation including deferred tax
59,245
54,245
------------
------------
Net assets
422,292
400,879
------------
------------
Property Solutions (Scotland) Ltd
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
10
100
100
Fair value reserve (undistributable)
11
299,003
284,003
Profit and loss account
11
123,189
116,776
---------
---------
Shareholders funds
422,292
400,879
---------
---------
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 January 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 20 October 2023 , and are signed on behalf of the board by:
Mr R. J. Thomson
Director
Company registration number: SC371864
Property Solutions (Scotland) Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Smart Move, Ladywell Business Centre, 94 Duke Street, Glasgow, G4 0UW.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Corporation tax
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.
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS 102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view.
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
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.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
4,567
6,460
Deferred tax:
Origination and reversal of timing differences
5,000
40,455
-------
--------
Tax on profit
9,567
46,915
-------
--------
5. Tangible assets
Investment Property
£
Valuation
At 1 February 2022
1,075,000
Revaluations
20,000
------------
At 31 January 2023
1,095,000
------------
Depreciation
At 1 February 2022 and 31 January 2023
------------
Carrying amount
At 31 January 2023
1,095,000
------------
At 31 January 2022
1,075,000
------------
Based on their experience, it is the view of the directors that the carrying amount of the investment properties reflects the open market value at 31 January 2023.
Tangible assets held at valuation
Included in the carry value above, are revalued properties held at a value of £1,095,000.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 January 2023
Aggregate cost
736,751
Aggregate depreciation
---------
Carrying value
736,751
---------
At 31 January 2022
Aggregate cost
736,751
Aggregate depreciation
---------
Carrying value
736,751
---------
6. Debtors
2023
2022
£
£
Other debtors
11,409
9,465
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,425
9,890
Trade creditors
97
99
Corporation tax
4,567
6,460
Other creditors
3,190
4,766
--------
--------
17,279
21,215
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
612,566
623,665
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £578,566 (2022: £584,839) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
59,245
54,245
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
59,245
54,245
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Fair value reserve records the value of assets revaluations and fair value movements on assets recognised in other comprehensive income. The Fair value reserve is undistributable.
12. Transactions with directors
The company was under the control of Mr R J Thomson and Mr G T Reynolds throughout the current and previous year.