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REGISTERED NUMBER: SC372022 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

CULTER PROPERTIES LIMITED

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 10

CULTER PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTOR: Mrs J McKay





REGISTERED OFFICE: Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA





REGISTERED NUMBER: SC372022 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

BALANCE SHEET
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 70,659 53,371
Investment property 6 4,976,160 6,732,160
5,046,819 6,785,531

CURRENT ASSETS
Stocks 7 80,000 40,000
Debtors 8 136,073 96,316
Cash at bank 2,478 656
218,551 136,972
CREDITORS
Amounts falling due within one year 9 1,594,296 2,724,697
NET CURRENT LIABILITIES (1,375,745 ) (2,587,725 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,671,074

4,197,806

CREDITORS
Amounts falling due after more than one year 10 (1,981,516 ) (2,371,897 )

PROVISIONS FOR LIABILITIES (17,665 ) (10,482 )
NET ASSETS 1,671,893 1,815,427

CAPITAL AND RESERVES
Called up share capital 514,854 514,854
Share premium 2,496,561 2,496,561
Fair value reserve (247,438 ) (327,130 )
Retained earnings (1,092,084 ) (868,858 )
1,671,893 1,815,427

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

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

The director acknowledges her 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.

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

BALANCE SHEET - continued
31 January 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 October 2023 and were signed by:





Mrs J McKay - Director


CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Culter Properties 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 20,146
AMORTISATION
At 1 February 2022
and 31 January 2023 20,146
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2022 34,816 78,081 1,489
Additions 35,307 - 1,730
Disposals - (12,345 ) -
At 31 January 2023 70,123 65,736 3,219
DEPRECIATION
At 1 February 2022 9,534 51,298 542
Charge for year 10,321 8,596 453
Eliminated on disposal - (12,089 ) -
At 31 January 2023 19,855 47,805 995
NET BOOK VALUE
At 31 January 2023 50,268 17,931 2,224
At 31 January 2022 25,282 26,783 947

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2022 24,751 369 139,506
Additions - - 37,037
Disposals (1,875 ) - (14,220 )
At 31 January 2023 22,876 369 162,323
DEPRECIATION
At 1 February 2022 24,751 10 86,135
Charge for year - 123 19,493
Eliminated on disposal (1,875 ) - (13,964 )
At 31 January 2023 22,876 133 91,664
NET BOOK VALUE
At 31 January 2023 - 236 70,659
At 31 January 2022 - 359 53,371

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 6,732,160
Disposals (1,756,000 )
At 31 January 2023 4,976,160
NET BOOK VALUE
At 31 January 2023 4,976,160
At 31 January 2022 6,732,160

7. STOCKS
2023 2022
£    £   
Stocks 80,000 40,000

8. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 8,187 -
Tax - 4,614
Prepayments 6,509 10,725
14,696 15,339

Amounts falling due after more than one year:
Other debtors 121,377 80,977

Aggregate amounts 136,073 96,316

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 858,147 1,640,753
Trade creditors 1,226 -
Tax 6,490 15,581
VAT 4,168 2,335
Other creditors 702,227 104,000
Directors' current accounts - 943,653
Accruals and deferred income 22,038 18,375
1,594,296 2,724,697

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 5,367 5,232
Bank loans - 2-5 years 30,838 16,503
Bank loans more 5 yrs non-inst 1,945,311 2,350,162
1,981,516 2,371,897

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,945,311 2,350,162

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank Loans < 1 Year 805,235 1,505,103
Bank Loans > 1 Year 1,981,517 2,371,898
2,786,752 3,877,001

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming flats A, C, D, E, H, K and I, 4 Trinity Lane, Aberdeen, AB11 6QF.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 222F North Deeside Road, Peterculter, AB11 0UQ.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming flats A, B , D, E, G, H, J, K, and L, 5 Palmerston Road, Aberdeen, AB11 5QP.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 40 Whitehall Place, Aberdeen, AB25 2PB.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 287 North Deeside Road, Peterculter, AB14 0UL.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 1, 3, 4, 5, 6, 9, 10, 11 and 12 Peterculter apartments, 279 - 281 North Deeside Road, Peterculter, AB14 0UL.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 190 North Deeside Road, Peterculter, AB14 0UD.

A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 16M Ashgrove Road, Aberdeen, AB25 3AD.

A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 32 Ashgrove Road, Aberdeen.

A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 'The Bothy', Peterculter, AB14 0LN.

A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 154 North Deeside Road, Peterculter AB14 0UD.

A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 220 North Deeside Road, Peterculter AB140UQ.

A bond and floating charge is held by Svenska Handelsbanken Ab (Publ) over the undertakings, all property and assets present and future and uncalled share capital of the company (first lenders floating charge).

A bond and floating charge is held by Aldermore Bank PLC over the undertakings, all property and assets present and future and uncalled share capital of the company (second lenders floating charge).

CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
K R Pratt
Balance outstanding at start of year (943,653 ) (831,872 )
Amounts advanced 943,653 219,765
Amounts repaid - (331,546 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (943,653 )

The loan is interest free and has no fixed repayment terms.

13. RELATED PARTY DISCLOSURES

As at the year end £50,767 (2022: £nil) remains outstanding in respect of loans owed by Culter Properties Limited to a company under common control of the director.

As at the year end £84,804 (2022: £34,403) remains outstanding in respect of loans owed to Culter Properties Limited from a company under common control of the director.

As at the year end £36,427 (2022: £36,427) remains outstanding in respect of loans owed by Culter Properties Limited to a company under common control of the director.

As at the year end £50,000 (2022: £40,000) remains outstanding in respect of loans owed by Culter Properties Limited to a company under common control of the director.

As at the year end £551,460 (2022: £943,653) remains outstanding in respect of amounts owed by Culter Properties Limited to an immediate family member of the director

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CULTER PROPERTIES LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Culter Properties Limited for the year ended 31 January 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Culter Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Culter Properties Limited and state those matters that we have agreed to state to the director of Culter Properties Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Culter Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Culter Properties Limited. You consider that Culter Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Culter Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


25 October 2023