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REGISTERED NUMBER: SC316491 (Scotland)










Financial Statements

For The Year Ended 28 February 2023

for

Freeland Developments (Scotland) Limited

Freeland Developments (Scotland) Limited (Registered number: SC316491)






Contents of the Financial Statements
For The Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Freeland Developments (Scotland) Limited

Company Information
For The Year Ended 28 February 2023







DIRECTOR: P K Ferrier





SECRETARY: M Ferrier





REGISTERED OFFICE: Unit 7
10 South Douglas Street
Clydebank
Glasgow
G81 1PD





REGISTERED NUMBER: SC316491 (Scotland)





ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 296,204 216,952
Investment property 5 1,402,714 1,452,714
1,698,918 1,669,666

CURRENT ASSETS
Debtors 6 22,030 64,390
Cash at bank 16,550 55,688
38,580 120,078
CREDITORS
Amounts falling due within one year 7 256,548 182,357
NET CURRENT LIABILITIES (217,968 ) (62,279 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,480,950

1,607,387

CREDITORS
Amounts falling due after more than one
year

8

(130,213

)

(166,338

)

PROVISIONS FOR LIABILITIES (120,588 ) (118,004 )
NET ASSETS 1,230,149 1,323,045

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,229,149 1,322,045
SHAREHOLDERS' FUNDS 1,230,149 1,323,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Balance Sheet - continued
28 February 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 March 2024 and were signed by:





P K Ferrier - Director


Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements
For The Year Ended 28 February 2023

1. STATUTORY INFORMATION

Freeland Developments (Scotland) 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are described below:

Estimated useful lives and residual values of fixed assets
As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into account estimated useful lives used by other companies operating within the same sector and actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revaluation of investment property
Investment property is included at fair value which is determined by the directors. Various assumptions and estimates are used in making the assessment of fair value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is derived from revenue earned from operating leases for the rental of the company's investment properties and is recognised on a straight-line basis over the term of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 25% on reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the same period as the related expenditure.

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade creditors, bank loans and director's loan.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Director's loan (being repayable on demand) and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 28,150 11,962 211,757 19,798 271,667
Additions 108,379 37,436 136,000 - 281,815
Disposals (88,729 ) - (50,500 ) - (139,229 )
At 28 February 2023 47,800 49,398 297,257 19,798 414,253
DEPRECIATION
At 1 March 2022 7,037 3,922 31,763 11,993 54,715
Charge for year 10,190 11,369 39,824 1,951 63,334
At 28 February 2023 17,227 15,291 71,587 13,944 118,049
NET BOOK VALUE
At 28 February 2023 30,573 34,107 225,670 5,854 296,204
At 28 February 2022 21,113 8,040 179,994 7,805 216,952

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022
and 28 February 2023 61,500
DEPRECIATION
At 1 March 2022 9,150
Charge for year 7,852
At 28 February 2023 17,002
NET BOOK VALUE
At 28 February 2023 44,498
At 28 February 2022 52,350

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 1,452,714
Additions 235,000
Disposals (285,000 )
At 28 February 2023 1,402,714
NET BOOK VALUE
At 28 February 2023 1,402,714
At 28 February 2022 1,452,714

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

5. INVESTMENT PROPERTY - continued

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2009 540,000
Valuation in 2014 (34,792 )
Valuation in 2019 1,183
Cost 896,323
1,402,714

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 896,323 946,323

Investment property was valued on a fair value basis on 28 February 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,430 60,790
Other debtors 3,600 3,600
22,030 64,390

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,400 61,688
Hire purchase contracts 13,333 13,333
Trade creditors 7,500 1,055
Taxation and social security 46,356 80,702
Other creditors 168,959 25,579
256,548 182,357

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 121,324 144,116
Hire purchase contracts 8,889 22,222
130,213 166,338

Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 yr by instal 39,724 67,364

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 141,724 205,804
Hire purchase contracts 22,222 35,555
163,946 241,359

The bank overdraft and loans are secured by a bond and floating charge over the whole of the assets and undertakings of the company and by standard securities over all of the company's Heritable properties. The bank loans bear interest at 3% over Santander's base rate. The current portion of the loans are shown in current liabilities.

Hire purchase and finance lease creditors hold security over the assets which are the subject of the relevant agreements.

The bounce back bank loan was repaid in full on the 14th January 2023.

10. RELATED PARTY DISCLOSURES

The company actively trades with one other company. Both companies are under common control and ownership. The transactions between the companies are on an open market value basis at arms length. Most of the transactions are not for goods and services and are the movement of funds between group companies.

11. ULTIMATE CONTROLLING PARTY

The controlling party is P K Ferrier.