IRIS Accounts Production v23.4.0.336 SC235968 Board of Directors 1.11.22 31.10.23 31.10.23 true false true false false true false Fair value model Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2359682022-10-31SC2359682023-10-31SC2359682022-11-012023-10-31SC2359682021-10-31SC2359682021-11-012022-10-31SC2359682022-10-31SC235968ns15:Scotland2022-11-012023-10-31SC235968ns14:PoundSterling2022-11-012023-10-31SC235968ns10:Director12022-11-012023-10-31SC235968ns10:PrivateLimitedCompanyLtd2022-11-012023-10-31SC235968ns10:SmallEntities2022-11-012023-10-31SC235968ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-31SC235968ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-31SC235968ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-31SC235968ns10:FullAccounts2022-11-012023-10-31SC235968ns10:OrdinaryShareClass12022-11-012023-10-31SC235968ns10:Director22022-11-012023-10-31SC235968ns10:RegisteredOffice2022-11-012023-10-31SC235968ns5:CurrentFinancialInstruments2023-10-31SC235968ns5:CurrentFinancialInstruments2022-10-31SC235968ns5:ShareCapital2023-10-31SC235968ns5:ShareCapital2022-10-31SC235968ns5:RetainedEarningsAccumulatedLosses2023-10-31SC235968ns5:RetainedEarningsAccumulatedLosses2022-10-31SC235968ns5:PlantMachinery2022-11-012023-10-31SC235968ns5:PlantMachinery2022-10-31SC235968ns5:PlantMachinery2023-10-31SC235968ns5:PlantMachinery2022-10-31SC235968ns5:CostValuation2022-10-31SC235968ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31SC235968ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31SC235968ns10:OrdinaryShareClass12023-10-31SC235968ns5:RetainedEarningsAccumulatedLosses2022-10-31SC235968ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-31
REGISTERED NUMBER: SC235968 (Scotland)















Financial Statements for the Year Ended 31 October 2023

for

Culsalmond Property & Investment
Company Limited

Culsalmond Property & Investment
Company Limited (Registered number: SC235968)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Culsalmond Property & Investment
Company Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr K Norrie
Mrs B Norrie





REGISTERED OFFICE: Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA





REGISTERED NUMBER: SC235968 (Scotland)





ACCOUNTANTS: Tawse & Partners
Chartered Accountants
18 North Silver Street
Aberdeen
AB10 1JU

Culsalmond Property & Investment
Company Limited (Registered number: SC235968)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,895 2,230
Investments 6 1,594,321 1,594,321
Investment property 7 450,000 450,000
2,046,216 2,046,551

CURRENT ASSETS
Debtors: amounts falling due within one
year

8

14,022

35,543
Cash at bank 157,896 152,732
171,918 188,275
CREDITORS
Amounts falling due within one year 9 2,088,658 2,112,617
NET CURRENT LIABILITIES (1,916,740 ) (1,924,342 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

129,476

122,209

PROVISIONS FOR LIABILITIES 474 424
NET ASSETS 129,002 121,785

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 129,000 121,783
SHAREHOLDERS' FUNDS 129,002 121,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Culsalmond Property & Investment
Company Limited (Registered number: SC235968)

Balance Sheet - continued
31 October 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 3 April 2024 and were signed on its behalf by:





Mr K Norrie - Director


Culsalmond Property & Investment
Company Limited (Registered number: SC235968)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Culsalmond Property & Investment Company 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.

The trading address of the company is 50 Burnieboozle Crescent, Aberdeen, AB15 8NP.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Culsalmond Property & Investment Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

Turnover and other income recognition
Turnover is measured at fair value of the consideration received or receivable. The policies adopted for the recognition of turnover are as follows:

Rental Property
Rental income is recognised based on monthly rental periods, in accordance with property rental agreements.

Investment Income
Dividend income is recognised as the company's right to receive payment is established.

Interest Receivable
Interest receivable is recognised using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant - 15% on reducing balance

Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment.

Culsalmond Property & Investment
Company Limited (Registered number: SC235968)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Investment property
Investments property for which fair value can be measured reliably without undue cost of effort are measured at fair value at each reporting date which changes in the fair value recognised in the Income Statement. Deferred tax is provided on any gains at the rate expected to apply when the property is sold.

Fair Value is based on property market values.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Deferred tax on revalued investment properties is measured using the rates and allowances that apply to the reversal of the timing differences.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4. EMPLOYEES AND DIRECTORS

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

Culsalmond Property & Investment
Company Limited (Registered number: SC235968)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Plant
£   
COST
At 1 November 2022
and 31 October 2023 9,702
DEPRECIATION
At 1 November 2022 7,472
Charge for year 335
At 31 October 2023 7,807
NET BOOK VALUE
At 31 October 2023 1,895
At 31 October 2022 2,230

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 1,594,321
NET BOOK VALUE
At 31 October 2023 1,594,321
At 31 October 2022 1,594,321

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 450,000
NET BOOK VALUE
At 31 October 2023 450,000
At 31 October 2022 450,000

Culsalmond Property & Investment
Company Limited (Registered number: SC235968)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. INVESTMENT PROPERTY - continued

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2014 (28,789 )
Valuation in 2015 44,544
Valuation in 2017 15,000
Valuation in 2019 5,000
Valuation in 2022 (46,211 )
Cost 460,456
450,000

Investment property was valued on an open market basis on 31 October 2023 by the director .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 14,022 35,543

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Amounts owed to subsidiary company 2,083,456 2,107,456
Taxation and social security 2,209 2,599
Other creditors 2,993 2,562
2,088,658 2,112,617

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
2 Ordinary shares £1.00 2 2

11. RESERVES
Retained
earnings
£   

At 1 November 2022 121,783
Profit for the year 7,217
At 31 October 2023 129,000