REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 30 June 2023 |
for |
Bruce Property Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 30 June 2023 |
for |
Bruce Property Limited |
Bruce Property Limited (Registered number: SC625771) |
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 Property Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Clifton House |
Crieff |
PH7 4BN |
Bruce Property Limited (Registered number: SC625771) |
Statement of Financial Position |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 |
Bruce Property Limited (Registered number: SC625771) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Bruce Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. The properties are assessed for any impairment of their carrying value and where required the valuation is adjusted for impairment. 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. |
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. |
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. |
Going concern |
As at the balance sheet date the company had negative assets of £11,158 (2022 - £8,517). The company is supported by loans from other companies within the group, which are interest free and repayable upon demand. The directors do not expect a request to repay the loans within the next 12 months. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Bruce Property Limited (Registered number: SC625771) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The directors responsible for the assessment of the property value do not hold any relevant professional qualifications in respect of property valuations, but have significant experience of owning and operating properties of this type and are therefore well placed to make a fair value assessment. Investment property was valued by the directors at 30 June 2023 and is not considered to be materially different from market value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Bruce Property Limited (Registered number: SC625771) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | RELATED PARTY DISCLOSURES |
Other related parties |
30.06.22 | 30.06.21 |
£ | £ |
Amount due to related party | 107,889 | 107,889 |
The amounts due to other related parties are balances with other group companies where ownership is not held 100% within the group. The balances are interest free and repayable upon demand. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Bruce Group Scotland Limited. |
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. |