Company registration number SC285997 (Scotland)
FASGADH PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
FASGADH PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FASGADH PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
705,607
714,762
Investment property
5
575,928
574,681
Investments
6
1
1
1,281,536
1,289,444
Current assets
Stocks
13,169
12,673
Debtors
7
16,861
5,616
Cash at bank and in hand
4,459
7,169
34,489
25,458
Creditors: amounts falling due within one year
8
(349,164)
(356,325)
Net current liabilities
(314,675)
(330,867)
Total assets less current liabilities
966,861
958,577
Creditors: amounts falling due after more than one year
9
(13,188)
(20,630)
Provisions for liabilities
(92,998)
(107,262)
Deferred income
(4,538)
(4,411)
Net assets
856,137
826,274
Capital and reserves
Called up share capital
1
1
Revaluation reserve
10
324,285
321,628
Profit and loss reserves
531,851
504,645
Total equity
856,137
826,274

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

FASGADH PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
E J Miller
Director
Company registration number SC285997 (Scotland)
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Fasgadh Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 111 Southbrae Drive, Jordanhill, Glasgow, G13 1TU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At 30 June 2023 the company had net current liabilities of £314,675 (2022 £330,867) of which £284,139 (2022 £290,279) was due to directors E Miller and H & M MacInnes, £nil (2022 £1,587) was due to group undertakings and £26,171 (2022 £15,969) comprised bank loan capital falling due within one year and overdrawn bank balances.

 

The company is therefore reliant on the continued support of the directors and its bank to continue its operations for the foreseeable future. The directors do not intend to withdraw their financial support in the next twelve months.

 

The company is currently able to meet its day to day working capital needs in accordance with the terms of the overdraft and long term bank loan facilities. The directors have no reason to believe the bank support will be withdrawn in the foreseeable future.

 

In these circumstances, the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is stated net of VAT and is derived from food and drink sales. It is recognised when goods or services are provided to customers.

 

Other income comprises rental receipts from properties held for investment purposes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost. Not provided on land and related costs
Plant and machinery etc.
25% on cost and 15% on reducing balance
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

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. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
11
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2022
695,000
110,130
805,130
Additions
4,097
18,761
22,858
At 30 June 2023
699,097
128,891
827,988
Depreciation and impairment
At 1 July 2022
13,900
76,468
90,368
Depreciation charged in the year
13,982
18,031
32,013
At 30 June 2023
27,882
94,499
122,381
Carrying amount
At 30 June 2023
671,215
34,392
705,607
At 30 June 2022
681,100
33,662
714,762

Land and buildings were revalued on 21 March 2022 by Torrance Partnership, Chartered Surveyors, on the basis of market value.

The revaluation surplus is disclosed in note 10.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2023
2022
£
£
Cost
480,654
476,559
Accumulated depreciation
(141,005)
(131,391)
Carrying value
339,649
345,168
5
Investment property
2023
£
Fair value
At 1 July 2022
574,681
Additions
1,247
At 30 June 2023
575,928
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
5
Investment property
(Continued)
- 7 -

The fair value of investment properties are calculated with reference to a valuation on 24 March 2022 by Torrance Partnership, Chartered Surveyors, on the basis of market value.

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
7,347
-
0
Other debtors
2,716
2,140
Prepayments and accrued income
6,798
3,476
16,861
5,616
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,171
15,969
Trade creditors
3,961
5,147
Amounts owed to group undertakings
-
0
1,587
Corporation tax
8,342
13,590
Other taxation and social security
24,973
27,664
Other creditors
285,717
292,368
349,164
356,325
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,188
20,630

Bank loans and overdrafts with a carrying value of £39,359 (2022 £36,599) are secured by way of a fixed and floating charge over the company's assets.

FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
321,628
299,000
Revaluation surplus arising in the year
-
0
24,499
Deferred tax on revaluation of tangible assets
2,657
(1,871)
At the end of the year
324,285
321,628
11
Related party transactions

Director E Miller introduced £32,140 (2022 £41,187) of funds and was repaid £27,686 (2022 £50,382) in the year to 30 June 2023. The balance due to the director at that date was £212,161 (2022 £207,707).

 

Directors M MacInnes and H MacInnes introduced £407 (2022 £95) and was repaid £11,000 (2022 £23,350) in the year to June 2023. The balance due to the directors at that date was £71,979 (2022 £82,572)

 

During the year to 30 June 2023 £215 (2022 £248) was paid to The Gateway (Kyle) Limited, a company owned by the directors E Miller and M MacInnes. The balance due from the company at that date was £2,353 (2022 £2,138).

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