Silverfin false 30/04/2023 01/05/2022 30/04/2023 Alison Margaret Slowey 16/11/2022 The Executors of the Late Frank Slowey 16/11/2022 Martin Slowey 16/11/2022 21 November 2023 The principal activity of the Company during the financial year was development of property and land.

The directors are actively attempting to sell properties owned by the company, but have encountered problems locally with flooding in recent years and the area in which the properties are situated continue to be classified as high flood risk by insurance companies making it difficult to sell the properties. There have been flood defences completed in the area recently however these remain untested and therefore have not had a positive impact on the demand for the properties in the relevant area's yet. It is hoped that the flood defences will prove to have negated all flooding issues that have been experienced in the local area in the recent past and that the insurance companies will reclassify the flood risk downwards which will improve the demand for these properties in the not too distant future.
SC104234 2023-04-30 SC104234 bus:Director1 2023-04-30 SC104234 bus:Director2 2023-04-30 SC104234 bus:Director3 2023-04-30 SC104234 2022-04-30 SC104234 core:CurrentFinancialInstruments 2023-04-30 SC104234 core:CurrentFinancialInstruments 2022-04-30 SC104234 core:ShareCapital 2023-04-30 SC104234 core:ShareCapital 2022-04-30 SC104234 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC104234 core:RetainedEarningsAccumulatedLosses 2022-04-30 SC104234 core:PlantMachinery 2022-04-30 SC104234 core:PlantMachinery 2023-04-30 SC104234 bus:OrdinaryShareClass1 2023-04-30 SC104234 2022-05-01 2023-04-30 SC104234 bus:FullAccounts 2022-05-01 2023-04-30 SC104234 bus:SmallEntities 2022-05-01 2023-04-30 SC104234 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 SC104234 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 SC104234 bus:Director1 2022-05-01 2023-04-30 SC104234 bus:Director2 2022-05-01 2023-04-30 SC104234 bus:Director3 2022-05-01 2023-04-30 SC104234 core:PlantMachinery 2022-05-01 2023-04-30 SC104234 2021-05-01 2022-04-30 SC104234 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 SC104234 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC104234 (Scotland)

F.S. PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH THE REGISTRAR

F.S. PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023

Contents

F.S. PROPERTIES LIMITED

BALANCE SHEET

AS AT 30 APRIL 2023
F.S. PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 9,783 1,967
Investment property 4 7,144 7,144
16,927 9,111
Current assets
Stocks 77,352 77,352
Debtors 5 450 450
Cash at bank and in hand 183,904 209,794
261,706 287,596
Creditors: amounts falling due within one year 6 ( 170,195) ( 192,151)
Net current assets 91,511 95,445
Total assets less current liabilities 108,438 104,556
Provision for liabilities ( 815) ( 366)
Net assets 107,623 104,190
Capital and reserves
Called-up share capital 7 11,000 11,000
Profit and loss account 96,623 93,190
Total shareholders' funds 107,623 104,190

For the financial 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 financial statements of F.s. Properties Limited (registered number: SC104234) were approved and authorised for issue by the Director on 21 November 2023. They were signed on its behalf by:

Martin Slowey
Director
F.S. PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
F.S. PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

F.s. Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 60 Hamilton Drive, Elgin, IV30 4NJ, Scotland, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rent receivable from rental properties and income received from the sale of properties.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

Plant and machinery 25 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Work in Progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 May 2022 36,363 36,363
Additions 9,265 9,265
At 30 April 2023 45,628 45,628
Accumulated depreciation
At 01 May 2022 34,396 34,396
Charge for the financial year 1,449 1,449
At 30 April 2023 35,845 35,845
Net book value
At 30 April 2023 9,783 9,783
At 30 April 2022 1,967 1,967

4. Investment property

Investment property
£
Valuation
As at 01 May 2022 7,144
As at 30 April 2023 7,144

Valuation

The directors valued the investment properties at £7,144 on fair value basis at 30 April 2023.

5. Debtors

2023 2022
£ £
Trade debtors 450 450

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 0 8,006
Other creditors 170,195 184,145
170,195 192,151

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
11,000 Ordinary shares of £ 1.00 each 11,000 11,000

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Key Management Personnel 272 180,093