Company Registration No. SC155154 (Scotland)
Littleburn Properties Ltd
Unaudited accounts
for the year ended 29 February 2024
Littleburn Properties Ltd
Unaudited accounts
Contents
Littleburn Properties Ltd
Company Information
for the year ended 29 February 2024
Directors
G H Johnston
T S Johnston
Company Number
SC155154 (Scotland)
Registered Office
Millbank House
Millbank Road
Munlochy
IV8 8NL
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
Littleburn Properties Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
5,249
7,401
Investment property
800,000
800,000
Cash at bank and in hand
184,459
207,583
Creditors: amounts falling due within one year
(40,080)
(61,438)
Net current assets
162,822
151,143
Total assets less current liabilities
968,071
958,544
Provisions for liabilities
Net assets
967,074
957,138
Called up share capital
5,000
5,000
Revaluation reserve
359,466
359,466
Profit and loss account
602,608
592,672
Shareholders' funds
967,074
957,138
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by
T S Johnston
Director
Company Registration No. SC155154
Littleburn Properties Ltd
Notes to the Accounts
for the year ended 29 February 2024
Littleburn Properties Ltd is a private company, limited by shares, registered in Scotland, registration number SC155154. The registered office is Millbank House, Millbank Road, Munlochy, IV8 8NL.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to considerations in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the business is recognised when the contingent event occurs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3-8 years
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Littleburn Properties Ltd
Notes to the Accounts
for the year ended 29 February 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Tangible fixed assets
Total
At 29 February 2024
16,807
At 29 February 2024
11,558
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Average number of employees
During the year the average number of employees was 0 (2023: 1).