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REGISTERED NUMBER: SC210823 (Scotland)















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Solbud Property and Development Company
Limited

Solbud Property and Development Company
Limited (Registered number: SC210823)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Solbud Property and Development Company
Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: Mr W M MacDonald





REGISTERED OFFICE: 45 High Street
New Pitsligo
Fraserburgh
Aberdeenshire
AB43 6ND





REGISTERED NUMBER: SC210823 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Solbud Property and Development Company
Limited (Registered number: SC210823)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 473,000 692,000

CURRENT ASSETS
Debtors 5 14,447 4,357
Cash at bank 44,332 27,271
58,779 31,628
CREDITORS
Amounts falling due within one year 6 6,109 20,802
NET CURRENT ASSETS 52,670 10,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

525,670

702,826

CREDITORS
Amounts falling due after more than one
year

7

-

(55,150

)

PROVISIONS FOR LIABILITIES (20,218 ) (42,515 )
NET ASSETS 505,452 605,161

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 8 198,176 355,375
Retained earnings 8 307,274 249,784
SHAREHOLDERS' FUNDS 505,452 605,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Solbud Property and Development Company
Limited (Registered number: SC210823)

Balance Sheet - continued
28 February 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 23 October 2023 and were signed by:





Mr W M MacDonald - Director


Solbud Property and Development Company
Limited (Registered number: SC210823)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Solbud Property and Development Company 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.

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.

Investment property
The investment properties were valued at fair value on 28 February 2023 by the company directors. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

Solbud Property and Development Company
Limited (Registered number: SC210823)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 692,000
Disposals (92,000 )
Fair value adjustment (127,000 )
At 28 February 2023 473,000
NET BOOK VALUE
At 28 February 2023 473,000
At 28 February 2022 692,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2018 369,393
Valuation in 2021 (23,000 )
Valuation in 2022 (999 )
Valuation in 2023 (127,000 )
Cost 254,606
473,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 14,447 4,357

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts - 13,172
Trade creditors - 780
Taxation and social security 200 -
Other creditors 5,909 6,850
6,109 20,802

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans - 55,150

Solbud Property and Development Company
Limited (Registered number: SC210823)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 March 2022 249,784 355,375 605,159
Deficit for the year (99,709 ) - (99,709 )
Fair value reserve 157,199 (157,199 ) -
At 28 February 2023 307,274 198,176 505,450

9. RELATED PARTY DISCLOSURES

Included in other debtors is a loan of £5,489 made to Mrs J F MacDonald, spouse of the late Mr I MacDonald who was a Director and Shareholder of the company. The loan is interest free and there are no fixed repayment terms.