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REGISTERED NUMBER: SC690338 (Scotland)



















SHQ PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2023






SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338)

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


SHQ PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: Mrs Lisa Niven





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC690338 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 12,220 5,686
Investments 4 91,047 91,047
Investment property 5 959,260 750,000
1,062,527 846,733

CURRENT ASSETS
Debtors 6 4,217 4,593
Cash at bank 13,482 8,249
17,699 12,842
CREDITORS
Amounts falling due within one year 7 1,045,328 846,285
NET CURRENT LIABILITIES (1,027,629 ) (833,443 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,898

13,290

PROVISIONS FOR LIABILITIES 2,307 2,487
NET ASSETS 32,591 10,803

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 5,996 5,996
Retained earnings 8 26,495 4,707
32,591 10,803

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 her 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.

SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338)

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 17 November 2023 and were signed by:





Mrs Lisa Niven - Director


SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338)

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


1. 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
The turnover shown in the profit and loss account represents the value of rental income received during the year. Income is recognised based on the amount due for the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost

Investment property
Investment properties are shown at their fair value. The 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 fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

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 together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.


SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338)

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


1. 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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

3. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 March 2022 6,303
Additions 8,378
At 28 February 2023 14,681
DEPRECIATION
At 1 March 2022 617
Charge for year 1,844
At 28 February 2023 2,461
NET BOOK VALUE
At 28 February 2023 12,220
At 28 February 2022 5,686

4. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Cayman Island Investment Fund 91,047 91,047

SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338)

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


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 750,000
Additions 209,260
At 28 February 2023 959,260
NET BOOK VALUE
At 28 February 2023 959,260
At 28 February 2022 750,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2022 7,402
Cost 951,858
959,260

The properties were revalued by the director at the year end.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,100 900
Prepayments 2,117 3,693
4,217 4,593

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation Tax 5,501 67
Social security and other taxes 22 -
Other creditors 2,100 900
Loan from shareholder 511,379 421,249
Directors' current accounts 518,548 420,461
Accrued expenses 7,778 3,608
1,045,328 846,285

The loans from director and shareholder are interest free and repayable on demand.

SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338)

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


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

At 1 March 2022 4,707 5,996 10,703
Profit for the year 21,788 21,788
At 28 February 2023 26,495 5,996 32,491

9. RELATED PARTY DISCLOSURES

The loan balance due to the director amounted to £518,548 (2022: £420,461) at the year end.

The loan balance due to a shareholder amounted to £511,379 (2022: £421,249) at the year end.