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COMPANY REGISTRATION NUMBER: SC058140
Second Afton Securities Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2023
Second Afton Securities Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Current assets
Stocks
1,000,000
1,050,000
Debtors
4
2,395
344
Cash at bank and in hand
15,424
14,942
------------
------------
1,017,819
1,065,286
Creditors: amounts falling due within one year
5
633,307
638,534
------------
------------
Net current assets
384,512
426,752
---------
---------
Total assets less current liabilities
384,512
426,752
Creditors: amounts falling due after more than one year
6
136,866
177,470
---------
---------
Net assets
247,646
249,282
---------
---------
Capital and reserves
Called up share capital
7
19,232
19,232
Share premium account
656,092
656,092
Other reserves
21,679
21,679
Profit and loss account
( 449,357)
( 447,721)
---------
---------
Shareholders funds
247,646
249,282
---------
---------
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 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
M A C Tasker BSc MRICS
Secretary
Company registration number: SC058140
Second Afton Securities Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL. The trading address is 28 Braid Road, Edinburgh EH10 6AD.
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
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover represents amounts receivable, exclusive of Value Added Tax, from sales of property and rental income where there is a right to consideration from trading activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Stocks
Stock of trading properties is stated at cost being the lower of cost and net realisable value.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Debtors
2023
2022
£
£
Trade debtors
344
Other debtors
2,395
-------
----
2,395
344
-------
----
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
38,763
35,025
Trade creditors
45
Amounts owed to group undertakings and undertakings in which the company has a participating interest
586,170
549,170
Social security and other taxes
1,742
2,092
Other loan
46,000
Other creditors
6,587
6,247
---------
---------
633,307
638,534
---------
---------
The bank loans are secured by standard securities and a floating charge on the company's assets, together with cross guarantees from Afton Group Holdings Limited and Afton Estates Limited.
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
136,866
177,469
Trade creditors
1
---------
---------
136,866
177,470
---------
---------
7. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
20,000
20,000
20,000
20,000
--------
--------
--------
--------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
19,232
19,232
19,232
19,232
--------
--------
--------
--------
8. Other financial commitments
The company has given a guarantee in respect of the bank borrowings of Afton Estates Limited in favour of Bank of Scotland. At the balance sheet date the total bank borrowings for the group were £1,295,438 (2022: £1,497,766).