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REGISTERED NUMBER: SC625771 (Scotland)















Audited Financial Statements for the Year Ended 30 June 2023

for

Bruce Property Limited

Bruce Property Limited (Registered number: SC625771)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Bruce Property Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: K D Fullerton
S F Piatkowski



REGISTERED OFFICE: Springfield House
Laurelhill Business Park
Stirling
FK7 9JQ



REGISTERED NUMBER: SC625771 (Scotland)



SENIOR STATUTORY AUDITOR: Ralph Tiffin



AUDITORS: McLachlan & Tiffin
Clifton House
Crieff
PH7 4BN

Bruce Property Limited (Registered number: SC625771)

Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,086 3,146
Investment property 5 179,033 179,033
181,119 182,179

CURRENT ASSETS
Debtors 6 151 1
Cash at bank 30 19
181 20
CREDITORS
Amounts falling due within one year 7 192,458 190,716
NET CURRENT LIABILITIES (192,277 ) (190,696 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(11,158

)

(8,517

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (11,159 ) (8,518 )
(11,158 ) (8,517 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





K D Fullerton - Director


Bruce Property Limited (Registered number: SC625771)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Bruce Property 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

Investment property
Investment property is shown at most recent valuation. The properties are assessed for any impairment of their carrying value and where required the valuation is adjusted for impairment. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Where a fair value adjustment has been made, the amount has been transferred from retained earnings to a fair value reserve in order to distinguish between distributable and non distributable reserves.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern
As at the balance sheet date the company had negative assets of £11,158 (2022 - £8,517). The company is supported by loans from other companies within the group, which are interest free and repayable upon demand. The directors do not expect a request to repay the loans within the next 12 months.

3. EMPLOYEES AND DIRECTORS

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

Bruce Property Limited (Registered number: SC625771)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2022
and 30 June 2023 5,298
DEPRECIATION
At 1 July 2022 2,152
Charge for year 1,060
At 30 June 2023 3,212
NET BOOK VALUE
At 30 June 2023 2,086
At 30 June 2022 3,146

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 179,033
NET BOOK VALUE
At 30 June 2023 179,033
At 30 June 2022 179,033

The directors responsible for the assessment of the property value do not hold any relevant professional qualifications in respect of property valuations, but have significant experience of owning and operating properties of this type and are therefore well placed to make a fair value assessment. Investment property was valued by the directors at 30 June 2023 and is not considered to be materially different from market value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Amounts owed by group undertakings 1 1
Other debtors 150 -
151 1

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Amounts owed to group undertakings 190,857 189,115
Other creditors 1,601 1,601
192,458 190,716

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ralph Tiffin (Senior Statutory Auditor)
for and on behalf of McLachlan & Tiffin

Bruce Property Limited (Registered number: SC625771)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

9. RELATED PARTY DISCLOSURES

Other related parties

30.06.22 30.06.21
£    £   
Amount due to related party 107,889 107,889

The amounts due to other related parties are balances with other group companies where ownership is not held 100% within the group. The balances are interest free and repayable upon demand.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Bruce Group Scotland Limited.

It is the view of the directors that there is no ultimate controlling party. The directors hold 100% of the issued share capital of the ultimate parent Bruce Group Scotland Ltd and have an equal shareholding and equivalent voting rights in that entity.