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REGISTERED NUMBER: SC558862 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

SHADES PROPERTIES LIMITED

SHADES PROPERTIES LIMITED (REGISTERED NUMBER: SC558862)






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


SHADES PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: I W Bishop



REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ



REGISTERED NUMBER: SC558862 (Scotland)



ACCOUNTANTS: Cornerstone Accountants
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ



BANKERS: Clydesdale Bank plc
30 St. Vincent Place
Glasgow
G1 2HL

SHADES PROPERTIES LIMITED (REGISTERED NUMBER: SC558862)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,600,000 1,600,000

CURRENT ASSETS
Cash at bank 165 64

CREDITORS
Amounts falling due within one year 5 176,834 165,904
NET CURRENT LIABILITIES (176,669 ) (165,840 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,423,331

1,434,160

CREDITORS
Amounts falling due after more than one year 6 (937,271 ) (1,036,631 )

PROVISIONS FOR LIABILITIES (46,708 ) (46,708 )
NET ASSETS 439,352 350,821

CAPITAL AND RESERVES
Called up share capital 8 100 100
Other reserves 199,128 199,128
Retained earnings 240,124 151,593
SHAREHOLDERS' FUNDS 439,352 350,821

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.

SHADES PROPERTIES LIMITED (REGISTERED NUMBER: SC558862)

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 28 September 2023 and were signed by:





I W Bishop - Director


SHADES PROPERTIES LIMITED (REGISTERED NUMBER: SC558862)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Shades 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.

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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 1,600,000
NET BOOK VALUE
At 28 February 2023 1,600,000
At 28 February 2022 1,600,000

SHADES PROPERTIES LIMITED (REGISTERED NUMBER: SC558862)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. INVESTMENT PROPERTY - continued

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2021 245,863
Cost 1,354,164
1,600,027

The investment property was revalued during the year by Allied Surveyors (Scotland) PLC Chartered Surveyors on an open market basis.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 96,000 96,000
Taxation and social security 26,117 14,103
Other creditors 54,717 55,801
176,834 165,904

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 498,071 597,431
Amounts owed to group undertakings 439,200 439,200
937,271 1,036,631

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 210,071 309,431

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 594,071 693,431

The bank loan is secured by a floating charge over the assets of the group.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

SHADES PROPERTIES LIMITED (REGISTERED NUMBER: SC558862)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Shades Group Ltd.