1st & 68th Enterprises Limited SC245182 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of property rental. Digita Accounts Production Advanced 6.30.9574.0 true SC245182 2022-04-01 2023-03-31 SC245182 2023-03-31 SC245182 core:OtherReservesSubtotal 2023-03-31 SC245182 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC245182 core:ShareCapital 2023-03-31 SC245182 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC245182 core:Non-currentFinancialInstruments 2023-03-31 SC245182 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC245182 core:OtherPropertyPlantEquipment 2023-03-31 SC245182 bus:SmallEntities 2022-04-01 2023-03-31 SC245182 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC245182 bus:FullAccounts 2022-04-01 2023-03-31 SC245182 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC245182 bus:RegisteredOffice 2022-04-01 2023-03-31 SC245182 bus:Director2 2022-04-01 2023-03-31 SC245182 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC245182 core:FurnitureFittings 2022-04-01 2023-03-31 SC245182 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC245182 core:PlantMachinery 2022-04-01 2023-03-31 SC245182 countries:Scotland 2022-04-01 2023-03-31 SC245182 2022-03-31 SC245182 core:OtherPropertyPlantEquipment 2022-03-31 SC245182 2021-04-01 2022-03-31 SC245182 2022-03-31 SC245182 core:OtherReservesSubtotal 2022-03-31 SC245182 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC245182 core:ShareCapital 2022-03-31 SC245182 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 SC245182 core:Non-currentFinancialInstruments 2022-03-31 SC245182 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 SC245182 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: SC245182

1st & 68th Enterprises Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

1st & 68th Enterprises Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

1st & 68th Enterprises Limited

(Registration number: SC245182)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

37

75

Investment property

5

580,000

580,000

 

580,037

580,075

Current assets

 

Cash at bank and in hand

 

8,501

17,177

Creditors: Amounts falling due within one year

6

(4,945)

(12,834)

Net current assets

 

3,556

4,343

Total assets less current liabilities

 

583,593

584,418

Creditors: Amounts falling due after more than one year

6

(118,927)

(119,487)

Provisions for liabilities

(10,692)

(10,742)

Net assets

 

453,974

454,189

Capital and reserves

 

Called up share capital

100

100

Other reserves

45,735

45,735

Retained earnings

408,139

408,354

Shareholders' funds

 

453,974

454,189

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

1st & 68th Enterprises Limited

(Registration number: SC245182)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
N Croll
Director

 

1st & 68th Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
16 Belgrave Gardens
Edinburgh
EH12 6NA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

1st & 68th Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% straight line

Fixtures and fittings

20% straight line

Investment property

Investment property is carried at fair value, based on valuations provided by the directors using publicly available information.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

1st & 68th Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

1st & 68th Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

8,242

8,242

At 31 March 2023

8,242

8,242

Depreciation

At 1 April 2022

8,167

8,167

Charge for the year

38

38

At 31 March 2023

8,205

8,205

Carrying amount

At 31 March 2023

37

37

At 31 March 2022

75

75

5

Investment properties

2023
£

At 1 April

580,000

At 31 March

580,000

There has been no valuation of investment property by an independent valuer.

 

1st & 68th Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

104

1,994

Other creditors

4,841

10,840

4,945

12,834

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

112,927

113,487

Other creditors

 

6,000

6,000

 

118,927

119,487

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

112,927

113,487