Green Land Management Limited |
Registered number: |
SC170837 |
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Directors' Report |
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The directors present their report and accounts for the year ended 31 December 2023. |
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Principal activities |
The company's principal activity is that of a Property and Management Company. |
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Fixed Assets |
The heritable properties were revalued in November 2006. The value, which was £3,714 greater than the former net book value, has been incorporated in these accounts. The directors consider that the balance sheet value is not materially different from the market value. |
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Directors |
The directors of the company and their interest in the shares of the company are as follows: |
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£1 Ordinary Shares |
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£1 Ordinary Shares |
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2023 |
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2022 |
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Richard Green |
29500 |
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29500 |
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Patricia Green |
- |
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- |
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Small company provisions |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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This report was approved by the board on 14 February 2024 and signed on its behalf by: |
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Ann Ramsay |
Secretary |
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Green Land Management Limited |
Registered number: |
SC170837 |
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Balance Sheet |
as at 31 December 2023 |
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Notes |
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2023 |
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2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
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1,756,433 |
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1,756,433 |
Investments |
4 |
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225,315 |
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208,357 |
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1,981,748 |
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1,964,790 |
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Current assets |
Debtors |
5 |
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13,672 |
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9,205 |
Cash at bank and in hand |
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1,293,581 |
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1,270,249 |
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1,307,253 |
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1,279,454 |
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Creditors: amounts falling due within one year |
6 |
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(83,017) |
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(66,406) |
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Net current assets |
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1,224,236 |
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1,213,048 |
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Net assets |
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3,205,984 |
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3,177,838 |
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Capital and reserves |
Called up share capital |
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50,000 |
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50,000 |
Revaluation reserve |
7 |
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3,714 |
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3,714 |
Profit and loss account |
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3,152,270 |
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3,124,124 |
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Shareholders' funds |
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3,205,984 |
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3,177,838 |
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Balance Sheet (continued) |
as at 31 December 2023 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006 for the year ended 31 December 2023. |
The directors acknowledge their responsibilities for complying with the requirements of Section 386 and Section 387 of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2023, and of its profit for the financial year in accordance with the requirements of Section 396 and which otherwise comply with the requirements of the Act relating to the accounts so far as applicable to the company. |
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 applicable to small companies and the Financial Reporting Standard for Smaller Entities (April 2008). The profit and loss account has not been delivered to the Registrar of Companies. |
These financial statements were approved by the board on 14 February 2024 and signed on its behalf by: |
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Richard Green |
Director |
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Green Land Management Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Income |
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Income comprises of rent, management charges, interest and dividends received. |
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In the opinion of the directors none of the turnover by the company is attributable to geographical markets outside the UK. |
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Tangible fixed assets |
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The Hertiable properties of the company were revalued to £1,355,000 in November 2006 by Hardies - Property & Construction Consultants and Graham & Sibbald - Chartered Surveyors. On an open market existing use basis. The Directors are not aware of any material change in value since the date of the valuation. An additonal property was purchased in August 2016 at a value of £238,632, and another property was purchased in March 2022 at a value of £162,801. |
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If all the Heritable properties had not been included at valuation they would have been included under the historical cost convention at £1,752,719. |
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Plant and machinery is stated at cost less accumulative depreciation. Depreciation is provided on all tangible fixed assets, at rates and on bases calculated to write off the cost of each asset over its expected useful life. The annual depreciation rates and bases are as follows: |
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Plant and Machinery |
over 4 years |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Plant & machinery |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
1,756,433 |
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21,876 |
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1,778,309 |
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At 31 December 2023 |
1,756,433 |
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21,876 |
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1,778,309 |
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Depreciation |
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At 1 January 2023 |
- |
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21,876 |
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21,876 |
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At 31 December 2023 |
- |
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21,876 |
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21,876 |
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Net book value |
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At 31 December 2023 |
1,756,433 |
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- |
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1,756,433 |
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At 31 December 2022 |
1,756,433 |
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- |
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1,756,433 |
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4 |
Investments |
2023 |
£ |
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Cost of shares |
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At 1 January 2023 |
194,457 |
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Additions |
26,895 |
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Disposals |
(9,937) |
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Shares at 31 December 2023 |
211,415 |
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Pictures |
13,900 |
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Total investments at 31 December 2023 |
225,315 |
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The market value of the shares at 31 December 2023 was £154,002 (2022 - £133,685) |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Other debtors |
13,672 |
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9,205 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
310 |
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135 |
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Taxation and social security costs |
12,073 |
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12,488 |
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Director's account |
67,693 |
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50,841 |
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Other creditors |
2,941 |
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2,942 |
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83,017 |
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66,406 |
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The loans from the directors are interest free and no arrangements exist for their repayment. |
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7 |
Revaluation reserve |
2023 |
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2022 |
£ |
£ |
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At 1 January 2023 |
3,714 |
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3,714 |
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At 31 December 2023 |
3,714 |
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3,714 |
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8 |
Related party transactions |
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Mr and Mrs Green rent one of the company's properties for £14,400 per annum. |
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9 |
Controlling party |
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The controlling party is Mr R Green by virtue of his ownership of 59% of the issued ordinary share capital of the company. |
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10 |
Other information |
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Green Land Management Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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The Old Farmhouse |
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Easter Balgedie |
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Kinross |
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KY13 9HQ |