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Sage Accounts Production Advanced 2023 - FRS102_2023
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COMPANY REGISTRATION NUMBER:
SC106025
Clydevale Property Services Limited |
|
Filleted Unaudited Financial Statements |
|
Clydevale Property Services Limited |
|
Year ended 31 October 2023
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Clydevale Property Services Limited |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Clydevale Property Services Limited |
|
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clydevale Property Services Limited for the year ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Clydevale Property Services Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Clydevale Property Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clydevale Property Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Clydevale Property Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Clydevale Property Services Limited. You consider that Clydevale Property Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Clydevale Property Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
31 January 2024
Clydevale Property Services Limited |
|
Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
5 |
|
298,087 |
298,087 |
|
|
|
|
|
Current assets
Debtors |
6 |
1,578 |
|
1,403 |
Cash at bank and in hand |
193,951 |
|
186,260 |
|
--------- |
|
--------- |
|
195,529 |
|
187,663 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
94,907 |
|
94,687 |
|
--------- |
|
--------- |
Net current assets |
|
100,622 |
92,976 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
398,709 |
391,063 |
|
|
--------- |
--------- |
Net assets |
|
398,709 |
391,063 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
5,588 |
5,588 |
Share premium account |
|
147,414 |
147,414 |
Profit and loss account |
|
245,707 |
238,061 |
|
|
--------- |
--------- |
Shareholders funds |
|
398,709 |
391,063 |
|
|
--------- |
--------- |
|
|
|
|
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 income and retained earnings 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
31 January 2024
, and are signed on behalf of the board by:
Company registration number:
SC106025
Clydevale Property Services Limited |
|
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 Clydevale House, Holm Road, Crossford, Carluke, ML8 5RG.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year. In respect of long-term contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
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:
|
Plant & Machinery |
- |
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 November 2022 and 31 October 2023 |
298,087 |
4,226 |
302,313 |
|
--------- |
------- |
--------- |
Depreciation |
|
|
|
At 1 November 2022 and 31 October 2023 |
– |
4,226 |
4,226 |
|
--------- |
------- |
--------- |
Carrying amount |
|
|
|
At 31 October 2023 |
298,087 |
– |
298,087 |
|
--------- |
------- |
--------- |
At 31 October 2022 |
298,087 |
– |
298,087 |
|
--------- |
------- |
--------- |
|
|
|
|
The investment properties were valued by the directors on an open market basis at the 31st October 2023.
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
1,578 |
1,403 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Corporation tax |
1,795 |
1,812 |
Other creditors |
93,112 |
92,875 |
|
-------- |
-------- |
|
94,907 |
94,687 |
|
-------- |
-------- |
|
|
|
8.
Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
9.
Directors' advances, credits and guarantees
At 31 October 2023 the balance owed to
Mr R Brown
by the company is £ 79,904
(2022: £79,879). This loan is interest free and has no fixed date for repayment.
10.
Controlling party
The company was under the control of
Mr R Brown
, a director of the company, throughout the year.