0 false false false false true false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 400,005 400,000 5 5 xbrli:pure xbrli:shares iso4217:GBP SC454790 2022-07-01 2023-06-30 SC454790 2023-06-30 SC454790 2022-06-30 SC454790 2021-07-01 2022-06-30 SC454790 2022-06-30 SC454790 2021-06-30 SC454790 core:Subsidiary1 2022-07-01 2023-06-30 SC454790 core:Subsidiary2 2022-07-01 2023-06-30 SC454790 core:Subsidiary3 2022-07-01 2023-06-30 SC454790 bus:Director2 2022-07-01 2023-06-30 SC454790 core:WithinOneYear 2023-06-30 SC454790 core:WithinOneYear 2022-06-30 SC454790 core:ShareCapital 2023-06-30 SC454790 core:ShareCapital 2022-06-30 SC454790 core:SharePremium 2023-06-30 SC454790 core:SharePremium 2022-06-30 SC454790 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC454790 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC454790 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 SC454790 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-06-30 SC454790 core:Non-currentFinancialInstruments 2023-06-30 SC454790 core:Non-currentFinancialInstruments 2022-06-30 SC454790 bus:SmallEntities 2022-07-01 2023-06-30 SC454790 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC454790 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 SC454790 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC454790 bus:FullAccounts 2022-07-01 2023-06-30 SC454790 core:AllAssociates 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: SC454790
Broughty Ferry Estates Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2023
Broughty Ferry Estates Limited
Financial Statements
Year ended 30 June 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Broughty Ferry Estates Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
5
5
5
Current assets
Debtors
6
715,900
1,041,772
Cash at bank and in hand
90,638
1,535,722
---------
------------
806,538
2,577,494
Creditors: amounts falling due within one year
7
2,057,910
2,966,467
------------
------------
Net current liabilities
1,251,372
388,973
------------
---------
Total assets less current liabilities
( 1,251,367)
( 388,968)
------------
---------
Net liabilities
( 1,251,367)
( 388,968)
------------
---------
Capital and reserves
Called up share capital
4,007
4,007
Share premium account
396,000
396,000
Profit and loss account
( 1,651,374)
( 788,975)
------------
---------
Shareholder deficit
( 1,251,367)
( 388,968)
------------
---------
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 member has 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 .
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:
B R Linton
Director
Company registration number: SC454790
Broughty Ferry Estates Limited
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. 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 director has assessed the Company's ability to continue as a going concern and has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing these financial statements.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in joint ventures
Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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 group 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. Employee numbers
No staff were employed in the year (2022: nil).
5. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
400,005
---------
Impairment
At 1 July 2022 and 30 June 2023
400,000
---------
Carrying amount
At 30 June 2023
5
---------
At 30 June 2022
5
---------
The company owns 50% of the issued share capital of Elliot Estates Limited and SWR Developments Limited. Both companies are registered in Scotland and their principal activities are property investment and rental.
Elliot Estates Limited owns 100% of the issued share capital of SJB Developments Limited, a property investment company that is registered in Scotland.
Under the provision of section 399 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the financial statements show information about the company as an individual entity.
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Elliot Estates
Ordinary
50
SWR Developments Limited
Ordinary
50
SJB Developments Limited
Ordinary
50
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
541,111
891,905
Other debtors
174,789
149,867
---------
------------
715,900
1,041,772
---------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,963,765
2,913,187
Other creditors
94,145
53,280
------------
------------
2,057,910
2,966,467
------------
------------
8. Related parties
Included in amounts owed by group undertakings were the following sums:
20232022
££
SWR Developments Limited891,905
Elliot Estates Limited541,113
------------------
541,113891,905
------------------
SWR Developments Limited operates in the property sector and whilst the director is satisfied that the balance is recoverable, provision of £1,188,810 (2022: £269,405) has been made against the balance. Included in other debtors is an amount of £nil (2022: £149,865) due from James Keiller Property Holdings Limited, a company in which B R Linton is a director. Included in amounts owed to group undertakings were the following sums:
20232022
££
Elliot Estates Limited423,889
SJB Developments Limited1,963,7652,489,298
------------------------
1,963,7652,913,187
------------------------
Total interest receivable accrued and outstanding in relation to capital funding provided to the above companies at the year end was Elliot Estates Limited £119,294 (2022: £119,294) and SJB Developments Limited £74,987 (2022: £74,987). During the year the company was charged management fees of £45,000 (2022: £37,500) by James Keiller Services Limited, companies in which B R Linton is a director. During the year the company was charged management fees of £2,655 (2022: £7,415) by SJB Developments Limited, companies in which B R Linton is a director. During the year the company charged management fees of £40,000 (2022: £37,500) to Elliot Estates Limited, £27,500 (2022: £22,500) to SWR Developments Limited and £45,000 (2022: £nil) to SJB Developments Limited.