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Registration number: SC209521

Argyll Properties Scotland Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Argyll Properties Scotland Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 13

 

Argyll Properties Scotland Limited

Company Information

Directors

Mr Calum Maclachlainn

Mr Allan MacLean

Company secretary

Mr Derwyn Hewitt

Registered office

8A Baliscate
Tobermory
Isle Of Mull
Argyll
PA75 6QA

Accountants

Jack MacDonald & Co
Chartered Accountant
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Argyll Properties Scotland Limited

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Calum Maclachlainn

Mr Allan MacLean

Principal activity

The principal activity of the company is letting of property & management consultancy

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

.........................................
Mr Calum Maclachlainn
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Argyll Properties Scotland Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Argyll Properties Scotland Limited for the year ended 31 July 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Argyll Properties Scotland Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2000. Our work has been undertaken solely to prepare for your approval the accounts of Argyll Properties Scotland Limited and state those matters that we have agreed to state to the Board of Directors of Argyll Properties Scotland Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Argyll Properties Scotland Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Argyll Properties Scotland Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Argyll Properties Scotland Limited. You consider that Argyll Properties Scotland 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 accounts of Argyll Properties Scotland 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 accounts.

......................................

Jack MacDonald & Co
Chartered Accountant
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

1 November 2023

 

Argyll Properties Scotland Limited

Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

59,422

173,983

Cost of sales

 

(15,233)

(109,456)

Gross profit

 

44,189

64,527

Administrative expenses

 

(60,787)

(67,228)

Other operating income

 

-

2,853

Operating (loss)/profit

 

(16,598)

152

Other interest receivable and similar income

 

663

-

Interest payable and similar expenses

 

(1,648)

-

   

(985)

-

(Loss)/profit before tax

3

(17,583)

152

(Loss)/profit for the financial year

 

(17,583)

152

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Argyll Properties Scotland Limited

Statement of Comprehensive Income for the Year Ended 31 July 2023

2023
£

2022
£

(Loss)/profit for the year

(17,583)

152

Total comprehensive income for the year

(17,583)

152

 

Argyll Properties Scotland Limited

(Registration number: SC209521)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

427,488

421,275

Current assets

 

Stocks

5

85,903

50,903

Debtors

6

544,105

129,815

Cash at bank and in hand

 

76,028

276,419

 

706,036

457,137

Creditors: Amounts falling due within one year

7

(212,428)

(188,345)

Net current assets

 

493,608

268,792

Total assets less current liabilities

 

921,096

690,067

Creditors: Amounts falling due after more than one year

7

(248,612)

-

Net assets

 

672,484

690,067

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

672,482

690,065

Shareholders' funds

 

672,484

690,067

For the financial year ending 31 July 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.

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.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

 

Argyll Properties Scotland Limited

(Registration number: SC209521)
Balance Sheet as at 31 July 2023

.........................................
Mr Calum Maclachlainn
Director

 

Argyll Properties Scotland Limited

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

2

690,065

690,067

Loss for the year

-

(17,583)

(17,583)

At 31 July 2023

2

672,482

672,484

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

2

689,913

689,915

Profit for the year

-

152

152

At 31 July 2022

2

690,065

690,067

 

Argyll Properties Scotland Limited

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

1

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.

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 & machinery

25% reducing balance

Investments

Investment properties are stated at cost less depreciation. The fair value of these properties are disclosed in the notes to the financial statements

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.

 

Argyll Properties Scotland Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Argyll Properties Scotland Limited

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

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

3

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,787

4,733

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

402,587

30,000

32,785

465,372

Additions

10,000

-

-

10,000

At 31 July 2023

412,587

30,000

32,785

475,372

Depreciation

At 1 August 2022

-

29,248

14,849

44,097

Charge for the year

-

200

3,587

3,787

At 31 July 2023

-

29,448

18,436

47,884

Carrying amount

At 31 July 2023

412,587

552

14,349

427,488

At 31 July 2022

402,587

752

17,936

421,275

Included within the net book value of land and buildings above is £412,587 (2022 - £402,587) in respect of freehold land and buildings.
 

Revaluation

 

Argyll Properties Scotland Limited

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

The fair value of the company's Freehold land and buildings was revalued on 31 July 2023. An independent valuer was not involved.
Freehold land and buildings are composed entirely of investment properties and are stated at cost less depreciation. These were valued by Mr Calum Maclachlainn (director) who is internal to the company. The basis of the valuation was market value which was estimated to be around £980,000 (2022 - £940,000).
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £412,587 (2022 - £402,587).

5

Stocks

2023
£

2022
£

Work in progress

85,903

50,903

6

Debtors

Current

2023
£

2022
£

Trade debtors

110,520

69,509

Other debtors

433,585

60,306

 

544,105

129,815

 

Argyll Properties Scotland Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,199

7,178

Taxation and social security

12,855

-

Other creditors

193,374

181,167

212,428

188,345

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

248,612

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

248,612

-