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Registration number: SC491905

Tweedale Property Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Tweedale Property Company Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

 

Tweedale Property Company Limited

Company Information

Directors

Mr Paul Sloan

Mr Calum Maclachlainn

Registered office

Unit 8A Baliscate Industrial Estate
Tobermory
Isle Of Mull
Argyll
PA75 6QA

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Tweedale Property Company Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Paul Sloan

Mr Calum Maclachlainn

Principal activity

The principal activity of the company is provision of furnished holiday accommodation

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 March 2024 and signed on its behalf by:
 

.........................................
Mr Calum Maclachlainn
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tweedale Property Company Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tweedale Property Company Limited for the year ended 30 November 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Tweedale Property Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Tweedale Property Company Limited and state those matters that we have agreed to state to the Board of Directors of Tweedale Property Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tweedale Property Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tweedale Property Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Tweedale Property Company Limited. You consider that Tweedale Property Company 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 accounts of Tweedale Property Company 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 accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

9 March 2024

 

Tweedale Property Company Limited

Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

207,620

89,804

Gross profit

 

207,620

89,804

Administrative expenses

 

(169,694)

(77,531)

Operating profit

 

37,926

12,273

Interest payable and similar expenses

 

(43,956)

(20,911)

Loss before tax

3

(6,030)

(8,638)

Loss for the financial year

 

(6,030)

(8,638)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Tweedale Property Company Limited

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Loss for the year

(6,030)

(8,638)

Total comprehensive income for the year

(6,030)

(8,638)

 

Tweedale Property Company Limited

(Registration number: SC491905)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,908,573

1,912,732

Investments

5

50

50

 

1,908,623

1,912,782

Current assets

 

Debtors

6

66,343

59,693

Cash at bank and in hand

 

51,831

32,370

 

118,174

92,063

Creditors: Amounts falling due within one year

7

(1,186,525)

(1,135,935)

Net current liabilities

 

(1,068,351)

(1,043,872)

Total assets less current liabilities

 

840,272

868,910

Creditors: Amounts falling due after more than one year

7

(622,181)

(644,789)

Net assets

 

218,091

224,121

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

218,087

224,117

Shareholders' funds

 

218,091

224,121

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 March 2024 and signed on its behalf by:
 

 

Tweedale Property Company Limited

(Registration number: SC491905)
Balance Sheet as at 30 November 2023

.........................................
Mr Calum Maclachlainn
Director

 

Tweedale Property Company Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

4

224,117

224,121

Loss for the year

-

(6,030)

(6,030)

At 30 November 2023

4

218,087

218,091

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

4

232,755

232,759

Loss for the year

-

(8,638)

(8,638)

At 30 November 2022

4

224,117

224,121

 

Tweedale Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & buildings

In accordance with the property

Plant & machinery

20% reducing balance

Investment property

Investment property is accounted for in accordance with the cost model (cost less accumulated depreciation)

 

Tweedale Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Tweedale Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

3

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,408

9,448

 

Tweedale Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

1,874,939

62,083

1,937,022

Additions

-

4,249

4,249

At 30 November 2023

1,874,939

66,332

1,941,271

Depreciation

At 1 December 2022

-

24,290

24,290

Charge for the year

-

8,408

8,408

At 30 November 2023

-

32,698

32,698

Carrying amount

At 30 November 2023

1,874,939

33,634

1,908,573

At 30 November 2022

1,874,939

37,793

1,912,732

Included within the net book value of land and buildings above is £1,874,939 (2022 - £1,874,939) in respect of freehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in associates

50

50

Associates

£

Cost

At 1 December 2022

50

Provision

Carrying amount

At 30 November 2023

50

At 30 November 2022

50

 

Tweedale Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Associates

Garrison Apartments Ltd

c/o Consilium Chartered Accountants, 169 West George Street, Glasgow G2 2LB

Ordinary shares

50%

50%

Scotland

Associates

Garrison Apartments Ltd

The principal activity of Garrison Apartments Ltd is Property.

6

Debtors

Current

2023
£

2022
£

Trade debtors

727

4,693

Other debtors

65,616

55,000

 

66,343

59,693

 

Tweedale Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,615

29

Other creditors

1,180,910

1,135,906

1,186,525

1,135,935

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

622,181

644,789

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £622,181 (2022 - £644,789).

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

622,181

644,789