0 false false false false false false false false false false true false false false false false false No description of principal activity 2021-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 514,063 5,000 509,063 509,063 514,063 xbrli:pure xbrli:shares iso4217:GBP SC574598 2021-11-01 2022-10-30 SC574598 2022-10-30 SC574598 2021-10-31 SC574598 2020-11-01 2021-10-31 SC574598 2021-10-31 SC574598 2020-10-31 SC574598 bus:OrdinaryShareClass1 2021-11-01 2022-10-30 SC574598 bus:Director1 2021-11-01 2022-10-30 SC574598 core:WithinOneYear 2022-10-30 SC574598 core:WithinOneYear 2021-10-31 SC574598 core:AfterOneYear 2021-10-31 SC574598 core:ShareCapital 2022-10-30 SC574598 core:ShareCapital 2021-10-31 SC574598 core:RetainedEarningsAccumulatedLosses 2022-10-30 SC574598 core:RetainedEarningsAccumulatedLosses 2021-10-31 SC574598 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-30 SC574598 core:LandBuildings core:OwnedOrFreeholdAssets 2021-10-31 SC574598 core:LandBuildings core:OwnedOrFreeholdAssets 2021-10-31 SC574598 core:LandBuildings core:OwnedOrFreeholdAssets 2021-11-01 2022-10-30 SC574598 bus:SmallEntities 2021-11-01 2022-10-30 SC574598 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-30 SC574598 bus:SmallCompaniesRegimeForAccounts 2021-11-01 2022-10-30 SC574598 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-30 SC574598 bus:FullAccounts 2021-11-01 2022-10-30 SC574598 bus:OrdinaryShareClass1 2022-10-30 SC574598 bus:OrdinaryShareClass1 2021-10-31
COMPANY REGISTRATION NUMBER: SC574598
Suilven Investments Limited
Filleted Unaudited Financial Statements
For the period ended
30 October 2022
Suilven Investments Limited
Statement of Financial Position
30 October 2022
30 Oct 22
31 Oct 21
Note
£
£
£
Fixed assets
Tangible assets
5
509,063
514,063
Current assets
Cash at bank and in hand
685
2,442
Creditors: amounts falling due within one year
6
730,824
547,347
---------
---------
Net current liabilities
730,139
544,905
---------
---------
Total assets less current liabilities
( 221,076)
( 30,842)
Creditors: amounts falling due after more than one year
7
187,500
---------
---------
Net liabilities
( 221,076)
( 218,342)
---------
---------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
( 221,077)
( 218,343)
---------
---------
Shareholders deficit
( 221,076)
( 218,342)
---------
---------
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 period ending 30 October 2022 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his 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 25 October 2023 , and are signed on behalf of the board by:
Mr M Galloway
Director
Company registration number: SC574598
Suilven Investments Limited
Notes to the Financial Statements
Period from 1 November 2021 to 30 October 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL, Scotland.
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. 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 reasonable expectation that the company has adequate resources with the support of the director to continue in operational existence for the foreseeable future. On this basis, they continue to adopt the going concern basis of accounting in preparing these financial statements.
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 and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, 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 payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, 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 payments discounted at a market rate of interest for a similar debt instrument. 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 period amounted to Nil (2021: 1 ).
5. Tangible assets
Freehold property
£
Cost or valuation
At 1 November 2021
514,063
Revaluations
( 5,000)
---------
At 30 October 2022
509,063
---------
Depreciation
At 1 November 2021 and 30 October 2022
---------
Carrying amount
At 30 October 2022
509,063
---------
At 31 October 2021
514,063
---------
6. Creditors: amounts falling due within one year
30 Oct 22
31 Oct 21
£
£
Bank loans and overdrafts
187,500
12,500
Trade creditors
2,294
2,467
Corporation tax
205
205
Other creditors
540,825
532,175
---------
---------
730,824
547,347
---------
---------
7. Creditors: amounts falling due after more than one year
30 Oct 22
31 Oct 21
£
£
Bank loans and overdrafts
187,500
----
---------
8. Called up share capital
Issued, called up and fully paid
30 Oct 22
31 Oct 21
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Related party transactions
Included within Debtors is a balance of £198,804 (2021: £196,891) due from Galloway McBain Ltd - a company in which Mr M Galloway is also a director. The loan is interest free and repayable on demand. This loan has been provided for as a doubtful debt as it is unclear as to whether this amount is still receivable.