Company registration number SC716071 (Scotland)
ARNOT PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ARNOT PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ARNOT PROPERTIES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
Notes
£
£
Fixed assets
Investment property
4
754,200
Current assets
Debtors
5
1
Cash at bank and in hand
2,056
2,057
Creditors: amounts falling due within one year
6
(181,645)
Net current liabilities
(179,588)
Total assets less current liabilities
574,612
Creditors: amounts falling due after more than one year
7
(566,948)
Net assets
7,664
Capital and reserves
Called up share capital
1
Profit and loss reserves
7,663
Total equity
7,664

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 20 November 2023
Mr J C A Arnot
Director
Company Registration No. SC716071
ARNOT PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Arnot Properties Ltd is a private company limited by shares incorporated in Scotland. The registered office is 90a Henderson Street, Bridge of Allan, Stirlingshire, United Kingdom,, FK9 4HP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, 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. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ARNOT PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
-
0
4
Investment property
2022
£
Fair value
At 25 November 2021
-
0
Additions
754,200
At 31 December 2022
754,200

The fair value of the investment property has been arrived at on the basis of a valuation carried out upon the purchase of the property by independant Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

ARNOT PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 4 -
5
Debtors
2022
Amounts falling due within one year:
£
Other debtors
1
6
Creditors: amounts falling due within one year
2022
£
Bank loans
21,941
Other creditors
155,311
Corporation tax
2,233
Accruals and deferred income
2,160
181,645

The bank has a fixed security bond and floating charge over the property and undertakings of the company. There is also a standard security over the property at 90A Henderson Street, Bridge of Allan, Stirlingshire, FK9 4HP and a negative pledge.

7
Creditors: amounts falling due after more than one year
2022
£
Bank loans and overdrafts
566,948

The bank has a fixed security bond and floating charge over the property and undertakings of the company. There is also a standard security over the property at 90A Henderson Street, Bridge of Allan, Stirlingshire, FK9 4HP and a negative pledge.

 

 

Creditors which fall due after five years are as follows:
2022
£
Payable by instalments
479,186
8
Related party transactions

As at 31 December 2022, an amount of £155,310 is due to Bridge of Allan Dental Care Limited, a company under common control.

 

The balance is unsecured, interest free and repayable on demand.

 

The director has granted a personal guarantee in favour of company's bank up to the value of £180,000 in respect of the bank loan. There is also a standard security held over a property which is owned personally by the director.

 

 

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