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2022-10-01
Sage Accounts Production Advanced 2021 - FRS102_2021
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SC034228
2022-10-01
2023-09-30
SC034228
2023-09-30
SC034228
2022-09-30
SC034228
2021-10-01
2022-09-30
SC034228
2022-09-30
SC034228
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2023-09-30
SC034228
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2023-09-30
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2023-09-30
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2023-09-30
SC034228
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SC034228
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SC034228
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2023-09-30
SC034228
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2023-09-30
SC034228
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2022-09-30
SC034228
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2023-09-30
SC034228
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2022-09-30
SC034228
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SC034228
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SC034228
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SC034228
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2022-09-30
SC034228
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SC034228
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SC034228
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SC034228
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SC034228
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SC034228
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2023-09-30
SC034228
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SC034228
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2023-09-30
COMPANY REGISTRATION NUMBER:
SC034228
Burrows & Co. (Wools) Limited |
|
Filleted Unaudited Financial Statements |
|
Burrows & Co. (Wools) Limited |
|
Year ended 30 September 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Burrows & Co. (Wools) Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr I G Burrows |
|
Miss D Burrows |
|
|
Company secretary |
Mr I G Burrows |
|
|
Registered office |
7 Palmerston Place |
|
Edinburgh |
|
EH12 5AH |
|
|
Accountants |
Charles Burrows & Co |
|
Chartered Accountants |
|
7 Palmerston Place |
|
Edinburgh |
|
EH12 5AH |
|
|
Burrows & Co. (Wools) Limited |
|
Statement of Financial Position |
|
30 September 2023
Fixed assets
Tangible assets |
5 |
|
1,833,768 |
1,833,904 |
|
|
|
|
|
Current assets
Debtors |
6 |
11,871 |
|
250 |
Cash at bank and in hand |
111,658 |
|
190,829 |
|
---------- |
|
---------- |
|
123,529 |
|
191,079 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
11,945 |
|
3,240 |
|
---------- |
|
---------- |
Net current assets |
|
111,584 |
187,839 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
1,945,352 |
2,021,743 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
285,126 |
285,126 |
|
|
------------- |
------------- |
Net assets |
|
1,660,226 |
1,736,617 |
|
|
------------- |
------------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
12,000 |
12,000 |
Revaluation reserve |
|
1,461,517 |
1,461,517 |
Profit and loss account |
|
186,709 |
263,100 |
|
|
------------- |
------------- |
Shareholders funds |
|
1,660,226 |
1,736,617 |
|
|
------------- |
------------- |
|
|
|
|
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 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 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
.
Burrows & Co. (Wools) Limited |
|
Statement of Financial Position (continued) |
|
30 September 2023
These financial statements were approved by the
board of directors
and authorised for issue on
26 February 2024
, and are signed on behalf of the board by:
Company registration number:
SC034228
Burrows & Co. (Wools) Limited |
|
Notes to the Financial Statements |
|
Year ended 30 September 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 7 Palmerston Place, Edinburgh, EH12 5AH.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the profit and loss account represents amounts derived from the provision of services to customers during the year, exclusive of Value Added Tax.
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:
|
Fixtures & Fittings |
- |
15% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account so as to spread the cost of the pensions over the employees' working lives with the company. All contributions were paid during the year.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
Investment property |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 October 2022 and 30 September 2023 |
1,833,000 |
11,314 |
1,844,314 |
|
------------- |
--------- |
------------- |
Depreciation |
|
|
|
At 1 October 2022 |
– |
10,410 |
10,410 |
Charge for the year |
– |
136 |
136 |
|
------------- |
--------- |
------------- |
At 30 September 2023 |
– |
10,546 |
10,546 |
|
------------- |
--------- |
------------- |
Carrying amount |
|
|
|
At 30 September 2023 |
1,833,000 |
768 |
1,833,768 |
|
------------- |
--------- |
------------- |
At 30 September 2022 |
1,833,000 |
904 |
1,833,904 |
|
------------- |
--------- |
------------- |
|
|
|
|
Tangible assets held at valuation
The investment properties were revalued by Allied Surveyors Scotland during February 2022 at desktop value.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Investment property |
|
£ |
At 30 September 2023 |
|
Aggregate cost |
86,357 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
86,357 |
|
--------- |
|
|
At 30 September 2022 |
|
Aggregate cost |
86,357 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
86,357 |
|
--------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Prepayments and accrued income |
11,871 |
250 |
|
--------- |
---- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
11,945 |
3,240 |
|
--------- |
------- |
|
|
|
8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions |
285,126 |
285,126 |
|
---------- |
---------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Fair value adjustment of investment property |
285,126 |
285,126 |
|
---------- |
---------- |
|
|
|
9.
Related party transactions
The company was under the control of
Miss D Burrows
throughout the current and previous year. Miss D Burrows
is the majority shareholder and managing director. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.