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No description of principal activity
2022-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC526311
2022-05-01
2023-04-30
SC526311
2023-04-30
SC526311
2022-04-30
SC526311
2021-05-01
2022-04-30
SC526311
2022-04-30
SC526311
2021-04-30
SC526311
bus:Director1
2022-05-01
2023-04-30
SC526311
core:AfterOneYear
2023-04-30
SC526311
core:AfterOneYear
2022-04-30
SC526311
core:WithinOneYear
2023-04-30
SC526311
core:WithinOneYear
2022-04-30
SC526311
core:ShareCapital
2023-04-30
SC526311
core:ShareCapital
2022-04-30
SC526311
core:RetainedEarningsAccumulatedLosses
2023-04-30
SC526311
core:RetainedEarningsAccumulatedLosses
2022-04-30
SC526311
bus:SmallEntities
2022-05-01
2023-04-30
SC526311
bus:AuditExemptWithAccountantsReport
2022-05-01
2023-04-30
SC526311
bus:SmallCompaniesRegimeForAccounts
2022-05-01
2023-04-30
SC526311
bus:PrivateLimitedCompanyLtd
2022-05-01
2023-04-30
SC526311
bus:FullAccounts
2022-05-01
2023-04-30
COMPANY REGISTRATION NUMBER:
SC526311
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 April 2023
Current assets
Debtors |
5 |
11,069 |
9,202 |
Investments |
6 |
1,957,980 |
1,814,950 |
Cash at bank and in hand |
57,687 |
37,775 |
|
------------ |
------------ |
|
2,026,736 |
1,861,927 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
23,870 |
24,895 |
|
------------ |
------------ |
Net current assets |
2,002,866 |
1,837,032 |
|
------------ |
------------ |
Total assets less current liabilities |
2,002,866 |
1,837,032 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
1,516,739 |
1,542,960 |
|
|
|
|
Provisions |
26,280 |
14,392 |
|
------------ |
------------ |
Net assets |
459,847 |
279,680 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Profit and loss account |
9 |
459,846 |
279,679 |
|
--------- |
--------- |
Shareholders funds |
459,847 |
279,680 |
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
30 April 2023
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2023
, and are signed on behalf of the board by:
Company registration number:
SC526311
Notes to the Financial Statements |
|
Year ended 30 April 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5a St. Colme Street, Edinburgh, EH3 6AA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
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 financial statements have been prepared on a going concern basis. The Director has reviewed and considered relevant information, including the annual budget and future cash flows in making his assessment.
Disclosure exemptions
No cash
flow statement has
been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable in relation to property income, excluding rebates.
Income tax
Taxation
for the year comprises current
and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. 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.
Investment property
Investment property is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The
Company only enters
into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
4.
Investment
property with a
carrying value of £1,957,980 (2021: £1,814,950) is pledged as security for the company's debt.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
11,069 |
9,202 |
|
-------- |
------- |
|
|
|
6.
Investments
|
2023 |
2022 |
|
£ |
£ |
Investment Property |
1,957,980 |
1,814,950 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
– |
534 |
Corporation tax |
11,582 |
10,091 |
Other creditors |
12,288 |
14,270 |
|
-------- |
-------- |
|
23,870 |
24,895 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
47,818 |
69,102 |
Other creditors |
1,468,921 |
1,473,858 |
|
------------ |
------------ |
|
1,516,739 |
1,542,960 |
|
------------ |
------------ |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £368,271 (2022: £390,306) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9.
Reserves
Included within Retained earnings are non-distributable unrealised gains on investments of £229,336 (2022: £112,586) net of deferred tax.
10.
Related party transactions
Included within "Other creditors" are loans of £909,375 (2022: £785,873) from a company under common control. These loans are interest free and repayable when funds permit.