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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC143540
2022-11-01
2023-10-31
SC143540
2023-10-31
SC143540
2022-10-31
SC143540
2021-11-01
2022-10-31
SC143540
2022-10-31
SC143540
2021-10-31
SC143540
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2022-11-01
2023-10-31
SC143540
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2022-11-01
2023-10-31
SC143540
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2022-10-31
SC143540
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2023-10-31
SC143540
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2022-11-01
2023-10-31
SC143540
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2023-10-31
SC143540
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2022-10-31
SC143540
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2022-11-01
2023-10-31
SC143540
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2021-11-01
2022-10-31
SC143540
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2023-10-31
SC143540
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2022-10-31
SC143540
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2023-10-31
SC143540
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2022-10-31
SC143540
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2023-10-31
SC143540
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2022-10-31
SC143540
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2023-10-31
SC143540
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2022-10-31
SC143540
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2022-10-31
SC143540
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2023-10-31
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2023-10-31
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2023-10-31
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SC143540
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2022-10-31
SC143540
core:InvestmentPropertyIncludedWithinPPE
2023-10-31
COMPANY REGISTRATION NUMBER:
SC143540
Filleted Unaudited Financial Statements |
|
Year ended 31 October 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
2 to 5 |
|
|
Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
6 |
|
1,858,067 |
1,862,224 |
|
|
|
|
|
Current assets
Debtors |
7 |
3,204 |
|
156,794 |
Investments |
8 |
1,000,834 |
|
1,004,626 |
Cash at bank and in hand |
139,243 |
|
139,793 |
|
------------ |
|
------------ |
|
1,143,281 |
|
1,301,213 |
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
75,095 |
|
221,480 |
|
------------ |
|
------------ |
Net current assets |
|
1,068,186 |
1,079,733 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,926,253 |
2,941,957 |
|
|
|
|
|
Provisions |
|
60,919 |
60,855 |
|
|
------------ |
------------ |
Net assets |
|
2,865,334 |
2,881,102 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
10 |
|
50,000 |
50,000 |
Revaluation reserve |
|
410,113 |
410,113 |
Capital redemption reserve |
|
106,056 |
106,056 |
Profit and loss account |
|
2,299,165 |
2,314,933 |
|
|
------------ |
------------ |
Shareholders funds |
|
2,865,334 |
2,881,102 |
|
|
------------ |
------------ |
|
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their 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
8 April 2024
, and are signed on behalf of the board by:
Mr DS Landsburgh |
Director |
|
Company registration number:
SC143540
Notes to the Financial Statements |
|
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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 recognised 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% Reducing Balance
|
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 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 payables, taxes payable, other creditors and accruals, 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
18,197 |
23,711 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
64 |
97 |
|
-------- |
-------- |
Tax on profit |
18,261 |
23,808 |
|
-------- |
-------- |
|
|
|
6.
Tangible assets
|
Fixtures and fittings |
Investment Properties |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 November 2022 |
59,936 |
1,844,550 |
1,904,486 |
Additions |
349 |
– |
349 |
|
-------- |
------------ |
------------ |
At 31 October 2023 |
60,285 |
1,844,550 |
1,904,835 |
|
-------- |
------------ |
------------ |
Depreciation |
|
|
|
At 1 November 2022 |
42,262 |
– |
42,262 |
Charge for the year |
4,506 |
– |
4,506 |
|
-------- |
------------ |
------------ |
At 31 October 2023 |
46,768 |
– |
46,768 |
|
-------- |
------------ |
------------ |
Carrying amount |
|
|
|
At 31 October 2023 |
13,517 |
1,844,550 |
1,858,067 |
|
-------- |
------------ |
------------ |
At 31 October 2022 |
17,674 |
1,844,550 |
1,862,224 |
|
-------- |
------------ |
------------ |
|
|
|
|
The historical cost of Investment Property at 31 October 2023 is £1,373,716 (2022: £1,373,716). The investment properties were valued on 19 March 2012 by Shepherd Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Subsequent revaluations have been made by the directors and are based on the valuations of similar properties sold recently. The directors last considered the value of the properties as at 31 October 2023 when they were assessed to be the above.
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
3,204 |
156,794 |
|
------- |
--------- |
|
|
|
8.
Investments
|
2023 |
2022 |
|
£ |
£ |
Other investments |
1,000,834 |
1,004,626 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
– |
4,282 |
Corporation tax |
18,186 |
23,711 |
Social security and other taxes |
– |
50,925 |
Other creditors |
56,909 |
142,562 |
|
-------- |
--------- |
|
75,095 |
221,480 |
|
-------- |
--------- |
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
50,000 |
50,000 |
50,000 |
50,000 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|