Registered number
SC319330
Property Portfolio (Aberdeen) Ltd
Filleted Accounts
31 March 2023
Property Portfolio (Aberdeen) Ltd
Registered number: SC319330
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,248 2,298
Investments 4 6,139,619 6,139,619
6,140,867 6,141,917
Current assets
Cash at bank and in hand 40,408 49,524
Creditors: amounts falling due within one year 5 (4,946,075) (5,183,642)
Net current liabilities (4,905,667) (5,134,118)
Net assets 1,235,200 1,007,799
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,235,100 1,007,699
Shareholders' funds 1,235,200 1,007,799
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Valerie Ann Millar
Director
Approved by the board on 24 October 2023
Property Portfolio (Aberdeen) Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The policies applied under the entity's previous accounting framework are not materially differerent to FRS 102 and have not impacted on the equity or profit or loss.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 173,789
At 31 March 2023 173,789
Depreciation
At 1 April 2022 171,491
Charge for the year 1,050
At 31 March 2023 172,541
Net book value
At 31 March 2023 1,248
At 31 March 2022 2,298
4 Investments
Other
investments
£
Cost
At 1 April 2022 6,139,619
At 31 March 2023 6,139,619
5 Creditors: amounts falling due within one year 2023 2022
£ £
Director's loan 4,855,719 5,103,474
Corporation tax 59,123 50,695
Deffered tax 90 90
Other taxes and social security costs 12,373 10,569
Other creditors 18,770 18,814
4,946,075 5,183,642
6 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
John George Millar
Loan 4,543,489 (238,438) 4,305,051
Claire Patricia Millar
Loan 298,274 (9,317) 288,957
Shareholder
Loan 261,711 261,711
5,103,474 - (247,755) 4,855,719
There are no fixed repayment terms, nor is interest charged on the outstanding balances.
7 Controlling party
During the current and previous period, the company was controlled by the directors.
8 Other information
Property Portfolio (Aberdeen) Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is 8-10 Thistle Street, Aberdeen, AB10 1XZ
9 Share capital 2023 2022
£ £
Shares classified as equity
Allotted, called up and fully paid
90 Ordinary A shares of 10p each 9 9
450 Ordinary B shares of 10p each 45 45
450 Ordinary C shares of 10p each 45 45
10 Redeemable Preference shares of 10p each 1 1
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