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REGISTERED NUMBER: SC254716 (Scotland)




















Struan Property Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023






Struan Property Limited (Registered number: SC254716)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 10

Struan Property Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: A S Robertson
S F Robertson



SECRETARY: A S Robertson



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC254716 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Handelsbanken
2nd Floor Apex 3
95 Haymarket Terrace
Edinburgh
EH12 5HD

Struan Property Limited (Registered number: SC254716)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,052 10,954
Investment property 5 3,835,000 4,010,000
3,874,052 4,020,954

CURRENT ASSETS
Debtors 6 66,337 41,345
Cash at bank 34,136 26,871
100,473 68,216
CREDITORS
Amounts falling due within one year 7 1,828,960 2,001,600
NET CURRENT LIABILITIES (1,728,487 ) (1,933,384 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,145,565 2,087,570

CREDITORS
Amounts falling due after more than one
year

8

(925,000

)

(1,040,000

)

PROVISIONS FOR LIABILITIES (9,358 ) (2,046 )
NET ASSETS 1,211,207 1,045,524

Struan Property Limited (Registered number: SC254716)

Balance Sheet - continued
31 August 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 44,774 61,688
Retained earnings 10 1,166,333 983,736
SHAREHOLDERS' FUNDS 1,211,207 1,045,524

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:




A S Robertson - Director



S F Robertson - Director


Struan Property Limited (Registered number: SC254716)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Struan Property 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 and revenue recognition
Turnover represents rent received, excluding value added tax. Rent is recognised in accordance with the terms of the lease agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on cost

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to the fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year-end is included in the fair value reserve with the relevant change in fair value.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

Struan Property Limited (Registered number: SC254716)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

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.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligation, and a reliable estimate can be made of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

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

Struan Property Limited (Registered number: SC254716)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 46,267
Additions 52,069
Disposals (40,490 )
At 31 August 2023 57,846
DEPRECIATION
At 1 September 2022 35,313
Charge for year 13,849
Eliminated on disposal (30,368 )
At 31 August 2023 18,794
NET BOOK VALUE
At 31 August 2023 39,052
At 31 August 2022 10,954

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 4,010,000
Disposals (175,000 )
At 31 August 2023 3,835,000
NET BOOK VALUE
At 31 August 2023 3,835,000
At 31 August 2022 4,010,000

Struan Property Limited (Registered number: SC254716)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2007 86,039
Valuation in 2012 (125,000 )
Valuation in 2016 (116,239 )
Valuation in 2017 (55,000 )
Valuation in 2018 (15,000 )
Valuation in 2019 47,468
Valuation in 2020 150,853
Valuation in 2021 938
Valuation in 2022 90,000
Valuation in 2023 (19,285 )
Cost 3,790,226
3,835,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,790,226 3,945,941

Fair value of investment property represents the directors' best estimate of market value as at 31st August 2023. The directors are not professional property valuers.

The properties were last professionally valued in September 2022.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,462 33,649
Other debtors 39,875 7,696
66,337 41,345

Struan Property Limited (Registered number: SC254716)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 65,000 65,000
Trade creditors 2,790 -
Taxation and social security 55,180 56,460
Other creditors 1,705,990 1,880,140
1,828,960 2,001,600

Included within other creditors there are loans from the directors, which are unsecured, interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 925,000 1,040,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loan more than 5 years - 780,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 990,000 1,105,000

Bank loans are secured by standard security and floating charge over investment properties in favour of Handelsbanken..

Struan Property Limited (Registered number: SC254716)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

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

At 1 September 2022 983,736 61,688 1,045,424
Profit for the year 169,683 169,683
Dividends (4,000 ) (4,000 )
Property revaluation 16,914 (16,914 ) -
At 31 August 2023 1,166,333 44,774 1,211,107

The fair value reserve represents the net revaluation gain or loss on investment properties.

Struan Property Limited

Report of the Accountants to the Directors of
Struan Property Limited

The following reproduces the text of the report prepared for the directors 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 Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 August 2023 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT


2 November 2023