REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2022 |
for |
Core Property Solutions (Ayrshire) |
Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2022 |
for |
Core Property Solutions (Ayrshire) |
Limited |
Core Property Solutions (Ayrshire) |
Limited (Registered number: SC489033) |
Contents of the Financial Statements |
for the Year Ended 31 October 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
Core Property Solutions (Ayrshire) |
Limited |
Company Information |
for the Year Ended 31 October 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Core Property Solutions (Ayrshire) |
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 Profit and loss 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 Core Property Solutions (Ayrshire) Limited for the year ended 31 October 2022 which comprise the Profit and Loss, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the director of Core Property Solutions (Ayrshire) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Core Property Solutions (Ayrshire) Limited and state those matters that we have agreed to state to the director of Core Property Solutions (Ayrshire) Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. 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 Core Property Solutions (Ayrshire) 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 profit of Core Property Solutions (Ayrshire) Limited. You consider that Core Property Solutions (Ayrshire) 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 Core Property Solutions (Ayrshire) 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. |
Core Property Solutions (Ayrshire) |
Limited (Registered number: SC489033) |
Balance Sheet |
31 October 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Core Property Solutions (Ayrshire) |
Limited (Registered number: SC489033) |
Notes to the Financial Statements |
for the Year Ended 31 October 2022 |
1. | STATUTORY INFORMATION |
Core Property Solutions (Ayrshire) Limited is a |
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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going concern |
The director considers the working capital requirements of the company on a regular basis to ensure that there are adequate resources to meet commitments as they fall due. This review takes account of the ongoing support from the director and others from time to time and the fact that assurance has been received that this will continue for the foreseeable future. Having carried out this review the director is satisfied that the accounts may be prepared on a going concern basis. |
Turnover/revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities. |
Sales are presented, net of value-added tax, rebates and discounts. |
The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met. |
Rental income |
Rental income represents gross rent received in respect of the investment properties. |
Investment property |
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any surplus or deficit on revaluation is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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. |
Core Property Solutions (Ayrshire) |
Limited (Registered number: SC489033) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. |
Impairment of fixed assets |
At each reporting date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities: |
Loans and other receivables |
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses. |
Other financial liabilities |
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value. |
Impairment of financial instruments |
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Core Property Solutions (Ayrshire) |
Limited (Registered number: SC489033) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2021 |
Additions |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
The director considers that the fair value of the properties held is represented by recent acquisition cost and as such this is the value carried in the accounts. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to associates | 81,756 | 35,261 |
Taxation and social security |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
During the year the company was advanced sums from Ayrshire Letting and Sales Ltd of £46,495, a company in which the director is the sole director and shareholder. As at 31 October 2022 a balance of £81,756 was due to Ayrshire Letting and Sales Ltd (2021: £35,261). |
8. | RELATED PARTY DISCLOSURES |
During the year fee income of £1,000 was received from a company in which Mrs K McCallum has a controlling interest. Rental income of £3,600 was received from a business under the control of Mr J McCallum. |
9. | ULTIMATE CONTROLLING PARTY |
The company is under the control and ownership of Mr J McCallum and Mrs K McCallum by virtue |
of their ownership of 100% in the issued share capital of the company |