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REGISTERED NUMBER: SC664449 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

FORSYTH LETTINGS LTD

FORSYTH LETTINGS LTD (REGISTERED NUMBER: SC664449)

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 4


FORSYTH LETTINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Roy Forsyth
Ashley Forsyth





REGISTERED OFFICE: 4d Auchingramont Road
Hamilton
ML3 6JT





REGISTERED NUMBER: SC664449 (Scotland)





ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT

FORSYTH LETTINGS LTD (REGISTERED NUMBER: SC664449)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 520,305 520,305

CURRENT ASSETS
Debtors 5 2,265 2,015
Cash at bank 18,856 11,927
21,121 13,942
CREDITORS
Amounts falling due within one year 6 155,501 164,848
NET CURRENT LIABILITIES (134,380 ) (150,906 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

385,925

369,399

CREDITORS
Amounts falling due after more than one
year

7

376,130

359,631
NET ASSETS 9,795 9,768

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 9,793 9,766
9,795 9,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FORSYTH LETTINGS LTD (REGISTERED NUMBER: SC664449)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


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 5 April 2024 and were signed on its behalf by:





Roy Forsyth - Director


FORSYTH LETTINGS LTD (REGISTERED NUMBER: SC664449)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Forsyth Lettings Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Turnover from the rendering of services, namely the provision of property rental , is recognised by reference to the stage of completion of the service at the statement of financial position date.

Investment property
Investment properties are valued at fair value at the statement of financial position date. Any changes in fair value are recognised in the income statement.

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.


FORSYTH LETTINGS LTD (REGISTERED NUMBER: SC664449)

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.

Provision for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 520,305
NET BOOK VALUE
At 30 June 2023 520,305
At 30 June 2022 520,305

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2023 520,305

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Other debtors 2,265 2,015

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 13,999 7,849
Corporation tax 6 1,655
Other creditors 715 715
Director's loan 139,743 153,729
Accrued charges 1,038 900
155,501 164,848

FORSYTH LETTINGS LTD (REGISTERED NUMBER: SC664449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 376,130 359,631

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 390,129 367,480

Bank loans are secured on the assets to which they relate. Mortgage Works (UK) plc hold a fixed charge over the company properties.

9. RELATED PARTY DISCLOSURES

During the period, the company received an interest free loan from a director amounting to £139,743 (2022: £153,729).