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REGISTERED NUMBER: SC357953 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 April 2023

for

Lilybank Flats Limited

Lilybank Flats Limited (Registered number: SC357953)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lilybank Flats Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: C D Richmond
V A Richmond





SECRETARY: A H & Co Ltd





REGISTERED OFFICE: 6 Logie Mill
Beaverbank Business Park
Edinburgh
Lothian
EH7 4HG





REGISTERED NUMBER: SC357953 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Lilybank Flats Limited (Registered number: SC357953)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,301 3,310
Investment property 5 720,000 680,000
721,301 683,310

CURRENT ASSETS
Debtors 6 677 1,200
Cash at bank 17,628 11,059
18,305 12,259
CREDITORS
Amounts falling due within one year 7 50,261 51,502
NET CURRENT LIABILITIES (31,956 ) (39,243 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

689,345

644,067

CREDITORS
Amounts falling due after more than one year 8 (392,837 ) (392,346 )

PROVISIONS FOR LIABILITIES 10 (36,334 ) (27,438 )
NET ASSETS 260,174 224,283

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 162,429 130,029
Retained earnings 12 97,645 94,154
SHAREHOLDERS' FUNDS 260,174 224,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:




C D Richmond - Director


Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Lilybank Flats 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.

The accounts have been prepared on the going concern basis, the acceptability of which is dependent on the continuing support of the creditors.

Turnover
Turnover represents gross invoiced sales of services except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. The company is not VAT registered.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings - 15% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Investment property
Investment properties, for which fair value can be measured reliably without undue cost or effort on an ongoing basis, are measured at fair value annually with any change recognised in the profit and loss account.

In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties held as investment properties where fair value can be measured reliably without undue cost or effort. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. Such properties are held for investment and not for consumption, and the directors consider that to depreciate them would not give a true and fair view.

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.

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.


Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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.

Investments
Investments in subsidiaries are measured at cost less impairment. The directors undertake an impairment review at each balance sheet date.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 May 2022 15,740
Additions 20
Disposals (400 )
At 30 April 2023 15,360
DEPRECIATION
At 1 May 2022 12,430
Charge for year 1,929
Eliminated on disposal (300 )
At 30 April 2023 14,059
NET BOOK VALUE
At 30 April 2023 1,301
At 30 April 2022 3,310

Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 May 2022 680,000
Revaluations 40,000
At 30 April 2023 720,000
NET BOOK VALUE
At 30 April 2023 720,000
At 30 April 2022 680,000

Fair value at 30 April 2023 is represented by:
£
Valuation in 2017 12,750
Valuation in 2018 18,144
Valuation in 2019 60,430
Valuation in 2020 (22,110 )
Valuation in 2021 (13,676 )
Valuation in 2022 105,000
Valuation in 2023 40,000
Cost 519,462
720,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.23 30.4.22
£ £
Cost 519,462 519,462

Investment Property was valued on an open market basis on 30 April 2022 by Chris Richmond, director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£ £
Trade debtors 677 1,200

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£ £
Other creditors 50,261 51,502

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£ £
Bank loans 392,837 392,346

Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£ £
Bank loans 392,837 392,346

Shawbrook Bank Limited holds a floating charge over the companies investment properties.

10. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£ £
Deferred tax 36,334 27,438

Deferred tax
£
Balance at 1 May 2022 27,438
Provided during year 8,896
Balance at 30 April 2023 36,334

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £ £
100 Ordinary £1 100 100

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

At 1 May 2022 94,154 130,029 224,183
Profit for the year 35,891 35,891
Fair value transfer (32,400 ) 32,400 -
At 30 April 2023 97,645 162,429 260,074

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the directors £48,598 as at 30 April 2023 (2022: £49,918).

14. RELATED PARTY DISCLOSURES

There were no related party transactions within the year ended 30th April 2023. (2022: nil).

15. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.