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COMPANY REGISTRATION NUMBER: SC259173
Holme Properties Limited
Filleted Unaudited Financial Statements
31 January 2023
Holme Properties Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Holme Properties Limited
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Holme Properties Limited for the year ended 31 January 2023, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Holme Properties Limited, as a body, in accordance with the terms of our engagement letter dated 26 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Holme Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holme Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Holme 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 Holme Properties Limited. You consider that Holme 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 Holme 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
26 October 2023
Holme Properties Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
50,464
50,696
Current assets
Debtors
6
1,397
1,118
Cash at bank and in hand
4,213
3,199
-------
-------
5,610
4,317
Creditors: amounts falling due within one year
7
109,005
94,929
---------
--------
Net current liabilities
103,395
90,612
---------
--------
Total assets less current liabilities
( 52,931)
( 39,916)
--------
--------
Net liabilities
( 52,931)
( 39,916)
--------
--------
Holme Properties Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 53,931)
( 40,916)
--------
--------
Shareholders deficit
( 52,931)
( 39,916)
--------
--------
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 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 26 October 2023 , and are signed on behalf of the board by:
Mr G F Heron
Director
Company registration number: SC259173
Holme Properties Limited
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 Killearn Mill Killearn, Glasgow, G63 9LQ.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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:
Equipment
-
20% straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
50,000
1,160
51,160
--------
-------
--------
Depreciation
At 1 February 2022
464
464
Charge for the year
232
232
--------
-------
--------
At 31 January 2023
696
696
--------
-------
--------
Carrying amount
At 31 January 2023
50,000
464
50,464
--------
-------
--------
At 31 January 2022
50,000
696
50,696
--------
-------
--------
6. Debtors
2023
2022
£
£
Other debtors
1,397
1,118
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,366
Other creditors
109,005
90,563
---------
--------
109,005
94,929
---------
--------
8. Directors' advances, credits and guarantees
At 31st January 2023 the company owed Mr G F Heron , director, the sum of £ 19,839 (2022: £19,839). The company owed Mr T Brown, director, the sum of £35,604 (2022: £35,604).
9. Controlling party
The company was under the control of Mr G F Heron and Mr T Brown throughout the current and previous year.