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REGISTERED NUMBER: SC372037 (Scotland)















Audited Financial Statements for the Year Ended 30 June 2023

for

Bruce Faith Limited

Bruce Faith Limited (Registered number: SC372037)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Bruce Faith Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: K Fullerton
S Piatkowski



REGISTERED OFFICE: Springfield House
Laurelhill Business Park
Stirling
FK7 9JQ



REGISTERED NUMBER: SC372037 (Scotland)



SENIOR STATUTORY AUDITOR: Ralph Tiffin



AUDITORS: McLachlan & Tiffin
Clifton House
Crieff
PH7 4BN

Bruce Faith Limited (Registered number: SC372037)

Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 3,494,598 3,494,598
3,494,598 3,494,598

CURRENT ASSETS
Debtors 6 626,090 558,221
Cash at bank 69 8,010
626,159 566,231
CREDITORS
Amounts falling due within one year 7 878,449 881,264
NET CURRENT LIABILITIES (252,290 ) (315,033 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,242,308

3,179,565

PROVISIONS FOR LIABILITIES 717,911 717,911
NET ASSETS 2,524,397 2,461,654

CAPITAL AND RESERVES
Called up share capital 8 1 1
Fair value reserve 9 2,148,330 2,148,330
Retained earnings 9 376,066 313,323
SHAREHOLDERS' FUNDS 2,524,397 2,461,654

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





K Fullerton - Director


Bruce Faith Limited (Registered number: SC372037)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Bruce Faith Limited 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

All tangible fixed assets are held under the cost model.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Where a fair value adjustment has been made, the amount has been transferred from retained earnings to a fair value reserve in order to distinguish between distributable and non distributable reserves.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method. Where loans have been consolidated, this has been treated as a new loan agreement and the effective rate of interest has been recalculated.

Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid.

Debtors payable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Bruce Faith Limited (Registered number: SC372037)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2022
and 30 June 2023 162,339
DEPRECIATION
At 1 July 2022
and 30 June 2023 162,339
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

All tangible fixed assets are held under the cost model.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 3,494,598
NET BOOK VALUE
At 30 June 2023 3,494,598
At 30 June 2022 3,494,598

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2017 1,054,449
Valuation in 2019 1,696,873
Valuation in 2020 (1,418,482 )
Valuation in 2022 1,533,401
Cost 628,357
3,494,598

Bruce Faith Limited (Registered number: SC372037)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

30.6.23 30.6.22
£    £   
Cost 628,357 628,357

Investment property was valued on an open market basis on 23 May 2022 by Colliers .

The directors believe that the property value had not changed materially by the year end date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Amounts owed by group undertakings 466,090 398,221
Prepayments and accrued income 160,000 160,000
626,090 558,221

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Amounts owed to group undertakings 860,918 860,918
Tax 14,923 13,488
VAT - 4,000
Accrued expenses 2,608 2,858
878,449 881,264

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
1 Ordinary £1 1 1

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 July 2022 313,323 2,148,330 2,461,653
Profit for the year 62,743 62,743
At 30 June 2023 376,066 2,148,330 2,524,396

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ralph Tiffin (Senior Statutory Auditor)
for and on behalf of McLachlan & Tiffin

Bruce Faith Limited (Registered number: SC372037)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

11. ULTIMATE CONTROLLING PARTY

The controlling party is Bruce Group Scotland Ltd.

Bruce Faith Ltd is a wholly owned subsidiary of Bruce Group Scotland Ltd, whose registered office is:-

Springfield House
Laurelhill Business Park
Stirling
FK7 9JQ

It is the view of the directors that there is no ultimate controlling party. The directors hold 100% of the issued share capital of the ultimate parent Bruce Group Scotland Ltd and have an equal shareholding and equivalent voting rights in that entity.