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REGISTERED NUMBER: SC231715 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Ythan Bakery Properties Ltd.

Ythan Bakery Properties Ltd. (Registered number: SC231715)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ythan Bakery Properties Ltd.

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr M W Gillan
Mrs D M Gillan





REGISTERED OFFICE: 54 Bridge Street
Ellon
Aberdeenshire
AB41 9AA





REGISTERED NUMBER: SC231715 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Ythan Bakery Properties Ltd. (Registered number: SC231715)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 440,000 440,000

CURRENT ASSETS
Debtors 5 7,940 1,442
Cash at bank 20,440 32,610
28,380 34,052
CREDITORS
Amounts falling due within one year 6 12,765 12,268
NET CURRENT ASSETS 15,615 21,784
TOTAL ASSETS LESS CURRENT
LIABILITIES

455,615

461,784

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 455,515 461,684
455,615 461,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2024 and were signed on its behalf by:





Mr M W Gillan - Director


Ythan Bakery Properties Ltd. (Registered number: SC231715)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Ythan Bakery Properties Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Rental income is recognised for the period to which it relates to. Any rentals invoiced in advance are deferred accordingly over the year end.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

Taxation
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 440,000
NET BOOK VALUE
At 31 October 2023 440,000
At 31 October 2022 440,000

Investment property is included in the accounts at fair market value, as valued by the directors. There has been no valuation of investment property by an independent valuer.

Ythan Bakery Properties Ltd. (Registered number: SC231715)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2017 239,387
Valuation in 2020 (260,000 )
Cost 460,613
440,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 7,940 1,442

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Taxation and social security 7,488 7,285
Other creditors 5,277 4,983
12,765 12,268

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mr M W Gillan
Balance outstanding at start of year (188 ) (188 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (188 ) (188 )

Mrs D M Gillan
Balance outstanding at start of year (188 ) (188 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (188 ) (188 )

Ythan Bakery Properties Ltd. (Registered number: SC231715)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. RELATED PARTY DISCLOSURES

M W Gillan and Mrs D M Gillan are also directors of Elegant Blooms Limited, a company registered in Scotland. During the year, the company received rental income and charges of £4,000 (2022 - £4,000) from Elegant Blooms Limited. At the balance sheet date, a balance of £2,500 (2022 - £2,500) was due to Elegant Blooms Limited.

M W Gillan and Mrs D M Gillan are also partners of Ythan Bakery. During the year, the company received rental income and charges of £20,000 (2022 - £20,000) from Ythan Bakery. At the balance sheet date, a balance of £6,030 (2022 - £30) was due from Ythan Bakery.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, who between them, own 92% of the issued share capital.