Silverfin false 31/03/2023 01/04/2022 31/03/2023 Andrew Rafferty 31/10/2002 29 November 2023 no description of principal activity SC238781 2023-03-31 SC238781 bus:Director1 2023-03-31 SC238781 2022-03-31 SC238781 core:CurrentFinancialInstruments 2023-03-31 SC238781 core:CurrentFinancialInstruments 2022-03-31 SC238781 core:ShareCapital 2023-03-31 SC238781 core:ShareCapital 2022-03-31 SC238781 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC238781 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC238781 core:LeaseholdImprovements 2022-03-31 SC238781 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 SC238781 core:ComputerEquipment 2022-03-31 SC238781 core:LeaseholdImprovements 2023-03-31 SC238781 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 SC238781 core:ComputerEquipment 2023-03-31 SC238781 2021-03-31 SC238781 bus:OrdinaryShareClass1 2023-03-31 SC238781 2022-04-01 2023-03-31 SC238781 bus:FullAccounts 2022-04-01 2023-03-31 SC238781 bus:SmallEntities 2022-04-01 2023-03-31 SC238781 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC238781 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC238781 bus:Director1 2022-04-01 2023-03-31 SC238781 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 SC238781 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC238781 2021-04-01 2022-03-31 SC238781 core:LeaseholdImprovements 2022-04-01 2023-03-31 SC238781 core:ConstructionInProgressAssetsUnderConstruction 2022-04-01 2023-03-31 SC238781 core:ComputerEquipment 2022-04-01 2023-03-31 SC238781 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC238781 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC238781 (Scotland)

LOCHGARRY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

LOCHGARRY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

LOCHGARRY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
LOCHGARRY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 90,965 88,389
Investment property 4 459,106 457,938
Investments 5 339,547 350,692
889,618 897,019
Current assets
Debtors 6 4,800 0
Cash at bank and in hand 90,447 110,272
95,247 110,272
Creditors: amounts falling due within one year 7 ( 6,910) ( 15,814)
Net current assets 88,337 94,458
Total assets less current liabilities 977,955 991,477
Provision for liabilities 8 ( 1,443) ( 3,443)
Net assets 976,512 988,034
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 976,412 987,934
Total shareholders' funds 976,512 988,034

For the financial year ending 31 March 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 Lochgarry Limited (registered number: SC238781) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Andrew Rafferty
Director
LOCHGARRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
LOCHGARRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Lochgarry 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 Commerce House, South Street, Elgin, IV30 1JE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified 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 in the year.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.

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:

Leasehold improvements 5 years straight line
Assets under construction not depreciated
Computer equipment 5 years straight line

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.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost. No depreciation is charged on the company's investment properties as the director considers the properties residual value to be at least equal to their book value. Consequently any depreciation would be considered to be not material.

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 creditors: amounts falling due within one year.

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, 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.

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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Leasehold improve-
ments
Assets under construc-
tion
Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 1,795 88,389 0 90,184
Additions 0 1,908 679 2,587
At 31 March 2023 1,795 90,297 679 92,771
Accumulated depreciation
At 01 April 2022 1,795 0 0 1,795
Charge for the financial year 0 0 11 11
At 31 March 2023 1,795 0 11 1,806
Net book value
At 31 March 2023 0 90,297 668 90,965
At 31 March 2022 0 88,389 0 88,389

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 457,938
Additions 1,168
As at 31 March 2023 459,106

The director considers the carrying value of £459,106 to be reasonable of the open market value of the properties at 31 March 2023. The historic cost of the properties is £459,106.

5. Fixed asset investments

2023 2022
£ £
Other investments and loans 339,547 350,692

6. Debtors

2023 2022
£ £
Trade debtors 4,800 0

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 78 4,272
Taxation and social security 0 3,510
Other creditors 6,832 8,032
6,910 15,814

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 3,443) ( 3,181)
Credited/(charged) to the Profit and Loss Account 2,000 ( 262)
At the end of financial year ( 1,443) ( 3,443)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Key management personnel 3,497 5,237