Registration number:
Tweedale Property Company Limited
for the Year Ended 30 November 2023
Tweedale Property Company Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
Tweedale Property Company Limited
Company Information
Directors |
Mr Paul Sloan Mr Calum Maclachlainn |
Registered office |
|
Accountants |
|
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:
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
......................................... |
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.
......................................
1 Aldersyde
Taynuilt
Argyll
PA35 1AG
Tweedale Property Company Limited
Profit and Loss Account for the Year Ended 30 November 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
37,926 |
12,273 |
|
Interest payable and similar expenses |
( |
( |
|
Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
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 |
( |
( |
Total comprehensive income for the year |
( |
( |
Tweedale Property Company Limited
(Registration number: SC491905)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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 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
Tweedale Property Company Limited
(Registration number: SC491905)
Balance Sheet as at 30 November 2023
......................................... |
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 |
|
|
|
Loss for the year |
- |
( |
( |
At 30 November 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 December 2021 |
|
|
|
Loss for the year |
- |
( |
( |
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Tweedale Property Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Land and buildings |
Other tangible assets |
Total |
|
Cost or valuation |
|||
At 1 December 2022 |
|
|
|
Additions |
- |
|
|
At 30 November 2023 |
|
|
|
Depreciation |
|||
At 1 December 2022 |
- |
|
|
Charge for the year |
- |
|
|
At 30 November 2023 |
- |
|
|
Carrying amount |
|||
At 30 November 2023 |
|
|
|
At 30 November 2022 |
|
|
|
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.
Investments |
2023 |
2022 |
|
Investments in associates |
|
|
Associates |
£ |
Cost |
|
At 1 December 2022 |
|
Provision |
|
Carrying amount |
|
At 30 November 2023 |
|
At 30 November 2022 |
|
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 |
||||
|
c/o Consilium Chartered Accountants, 169 West George Street, Glasgow G2 2LB |
Ordinary shares |
|
|
Scotland |
Associates |
Garrison Apartments Ltd The principal activity of Garrison Apartments Ltd is |
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Tweedale Property Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
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).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
4 |
|
4 |
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Bank borrowings |
|
|