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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
100
100
100
xbrli:pure
xbrli:shares
iso4217:GBP
SC328180
2022-07-01
2023-06-30
SC328180
2023-06-30
SC328180
2022-06-30
SC328180
2021-07-01
2022-06-30
SC328180
2022-06-30
SC328180
2021-06-30
SC328180
core:Subsidiary1
2022-07-01
2023-06-30
SC328180
bus:Director2
2022-07-01
2023-06-30
SC328180
core:LandBuildings
2023-06-30
SC328180
core:WithinOneYear
2023-06-30
SC328180
core:WithinOneYear
2022-06-30
SC328180
core:ShareCapital
2023-06-30
SC328180
core:ShareCapital
2022-06-30
SC328180
core:RetainedEarningsAccumulatedLosses
2023-06-30
SC328180
core:RetainedEarningsAccumulatedLosses
2022-06-30
SC328180
core:CostValuation
core:Non-currentFinancialInstruments
2023-06-30
SC328180
core:Non-currentFinancialInstruments
2023-06-30
SC328180
core:Non-currentFinancialInstruments
2022-06-30
SC328180
core:LandBuildings
2022-06-30
SC328180
core:LandBuildings
2022-06-30
SC328180
core:LandBuildings
2022-07-01
2023-06-30
SC328180
bus:SmallEntities
2022-07-01
2023-06-30
SC328180
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
SC328180
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
SC328180
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
SC328180
bus:FullAccounts
2022-07-01
2023-06-30
SC328180
core:AllAssociates
2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
SC328180
Filleted Unaudited Financial Statements |
|
Year ended 30 June 2023
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 6 |
|
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Tangible assets |
4 |
|
750,000 |
1,765,000 |
Investments |
5 |
|
100 |
100 |
|
|
--------- |
------------ |
|
|
750,100 |
1,765,100 |
|
|
|
|
|
Current assets
Debtors |
6 |
11,364 |
|
453,402 |
Cash at bank and in hand |
235,586 |
|
300,889 |
|
--------- |
|
--------- |
|
246,950 |
|
754,291 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
1,763,427) |
|
(
2,340,836) |
|
------------ |
|
------------ |
Net current liabilities |
|
(
1,516,477) |
(
1,586,545) |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
(
766,377) |
178,555 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
91,326) |
(
88,766) |
|
|
--------- |
--------- |
Net (liabilities)/assets |
|
(
857,703) |
89,789 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
10 |
10 |
Profit and loss account |
|
(
857,713) |
89,779 |
|
|
--------- |
-------- |
Shareholders (deficit)/funds |
|
(
857,703) |
89,789 |
|
|
--------- |
-------- |
|
|
|
|
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 June 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
28 March 2024
, and are signed on behalf of the board by:
Company registration number:
SC328180
Notes to the Financial Statements |
|
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Bannerman House, 27 South Tay Street, Dundee, DD1 1NR.
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, as modified by the revaluation of investment properties measured at fair value through profit or loss.
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 these financial statements. Further detail on the going concern basis is set out in the notes titled Going concern.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover comprises rental income, and is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis.
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. Deferred tax is provided on the liability method in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 assets, which include amounts due from group undertakings, other debtors and cash at bank 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. Basic financial liabilities, which include trade and other creditors, bank loans and overdrafts, and amounts due to associated undertakings 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Tangible assets
Valuation |
|
At 1 July 2022 |
1,765,000 |
Revaluations |
(
1,015,000) |
|
------------ |
At 30 June 2023 |
750,000 |
|
------------ |
Depreciation |
|
At 1 July 2022 and 30 June 2023 |
– |
|
------------ |
Carrying amount |
|
At 30 June 2023 |
750,000 |
|
------------ |
At 30 June 2022 |
1,765,000 |
|
------------ |
|
|
A desktop review has been undertaken by Graham + Sibbald on 15 March 2024. The directors have applied this valuation together with their knowledge of subsequent events to arrive at the valuation at the balance sheet date. The historical cost of investment property is £1,798,273 (2022: £1,798,273).
5.
Investments
|
Shares in group undertakings |
|
£ |
|
|
Cost |
|
At 1 July 2022 and 30 June 2023 |
100 |
|
---- |
Impairment |
|
At 1 July 2022 and 30 June 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 30 June 2023 |
100 |
|
---- |
At 30 June 2022 |
100 |
|
---- |
|
|
Subsidiaries, associates and other investments
|
Registered office |
Class of share |
Percentage of shares held |
Subsidiary undertakings |
|
|
|
SJB Developments Limited |
Scotland |
Ordinary |
100 |
|
|
|
|
6.
Debtors
Trade debtors |
11,364 |
29,513 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
– |
423,889 |
|
-------- |
--------- |
|
11,364 |
453,402 |
|
-------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
Trade creditors |
– |
72 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
941,111 |
400,000 |
Corporation tax |
6,074 |
14,421 |
Social security and other taxes |
10,173 |
8,483 |
Other creditors |
806,069 |
1,917,860 |
|
------------ |
------------ |
|
1,763,427 |
2,340,836 |
|
------------ |
------------ |
|
|
|
8.
Related party transactions
The company is a joint venture operation between Broughty Ferry Estates Limited, a company registered in Scotland, and Ton Adam Holding BV, a company registered in the Netherlands. There is therefore considered to be no ultimate controlling party. Included within amounts owed by group undertakings is an amount due from Broughty Ferry Estates Limited, a joint venture partner, of £nil (2022: £423,889). Included within amounts owed to group undertakings are the following amounts: | | 2023 | 2022 |
| | £ | £ |
| Ton Adam Holdings BV | 400,000 | 400,000 |
| Broughty Ferry Estates Limited | 541,113 | – |
| | --------- | --------- |
| | 941,113 | 400,000 |
| | --------- | --------- |
| | | |
Included within other creditors are the following amounts: | | 2023 | 2022 |
| | £ | £ |
| James Keiller Services Limited | 90,000 | – |
| James Keiller Holdings Limited | – | 1,190,000 |
| | -------- | ------------ |
| | 90,000 | 1,190,000 |
| | -------- | ------------ |
| | | |
B R Lintonis a director of each of the above companies. Interest due on the above loans was as follows for the year, James Keiller Holdings Limited of £8,925 (2022: £35,700) and the total interest accrued and outstanding at the year end was James Keiller Holdings Limited £576,390 (2022: £567,465), and Ton Adam Holdings BV £108,921 (2022: £108,921). Management fees of £40,000 (2022: £30,000) were payable in the year to Broughty Ferry Estates Limited. Management fees of £90,000 (2022: £nil) were payable in the year to James Keiller Services Limited.
(2022: £108,921). Management fees of £40,000 (2022: £30,000) were payable in the year to Broughty Ferry Estates Limited. Management fees of £90,000 (2022: £nil) were payable in the year to James Keiller Services Limited.
9.
Going concern
The company and group continue to meet their day to day working capital requirements through funds available within the group. On the basis of the financial information available to the directors together with the ongoing support of the related undertakings, the directors consider the company and its related undertakings to be a going concern and therefore the financial statements have been prepared on a going concern basis.