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Registration number: SC132988

Farquharson Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Farquharson Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Farquharson Properties Limited

Company Information

Directors

Miss Sally McGregor

Mrs I J McFeat

Registered office

43 Bonaly Crescent
Colinton
Edinburgh
EH13 0EP

Accountants

Stewart & Cumming Ltd
31-33 Bridge Street
Musselburgh
Midlothian
EH21 6AA

 

Farquharson Properties Limited

(Registration number: SC132988)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,725

3,873

Investment property

5

320,000

335,000

 

323,725

338,873

Current assets

 

Debtors

6

1,001

16,891

Cash at bank and in hand

 

24,445

26,175

 

25,446

43,066

Creditors: Amounts falling due within one year

7

(16,751)

(34,142)

Net current assets

 

8,695

8,924

Total assets less current liabilities

 

332,420

347,797

Provisions for liabilities

(21,039)

(21,636)

Net assets

 

311,381

326,161

Capital and reserves

 

Called up share capital

8

128,500

128,500

Revaluation reserve

65,000

80,000

Retained earnings

117,881

117,661

Shareholders' funds

 

311,381

326,161

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 April 2024 and signed on its behalf by:
 

 

Farquharson Properties Limited

(Registration number: SC132988)
Balance Sheet as at 30 September 2023

.........................................
Mrs I J McFeat
Director

 

Farquharson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
43 Bonaly Crescent
Colinton
Edinburgh
EH13 0EP

These financial statements were authorised for issue by the Board on 20 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Farquharson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Fixtures and fittings

15% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Farquharson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Farquharson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

17,381

1,021

18,402

At 30 September 2023

17,381

1,021

18,402

Depreciation

At 1 October 2022

13,827

702

14,529

Charge for the year

84

64

148

At 30 September 2023

13,911

766

14,677

Carrying amount

At 30 September 2023

3,470

255

3,725

At 30 September 2022

3,554

319

3,873

5

Investment properties

2023
£

At 1 October

335,000

Fair value adjustments

(15,000)

At 30 September

320,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

Note

2023
£

2022
£

Other debtors

 

-

16,655

Prepayments

 

980

215

Income tax asset

21

21

 

1,001

16,891

 

Farquharson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,344

1,344

Other creditors

15,407

32,798

16,751

34,142

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

128,500

128,500

128,500

128,500

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(15,000)

(15,000)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(89,183)

(89,183)

10

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

 

-

 

-

Interim dividend of £0.03 (2022 - £0.0155) per ordinary share

 

3,855

 

1,992

   

3,855

 

1,992