Company registration number SC731553 (Scotland)
YELLOWCRAIGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
YELLOWCRAIGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
YELLOWCRAIGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
4
334,342
Current assets
Debtors
5
66,779
Creditors: amounts falling due within one year
6
(403,749)
Net current liabilities
(336,970)
Net liabilities
(2,628)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(2,728)
Total equity
(2,628)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 February 2024 and are signed on its behalf by:
Mr I H Barbour
Mrs J L Barbour
Director
Director
Company Registration No. SC731553
YELLOWCRAIGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Yellowcraigs Limited is a private company limited by shares incorporated in Scotland. The registered office is 5 South Charlotte Street, Edinburgh, EH2 4AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
YELLOWCRAIGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
4
Investment property
2023
£
Fair value
At 5 May 2022
Additions
334,342
At 31 March 2023
334,342
The carrying value of the investment property has been deemed as at fair value by the Directors at the year end.
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
64,000
Prepayments and accrued income
2,779
66,779
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
16,831
Other creditors
383,315
Accruals and deferred income
3,603
403,749
7
Related party transactions
At the period end date, 31 March 2023, the comany owed the directors £383,315.
The loan is interest free and is repayable on demand.