Company registration number SC087372 (Scotland)
FREEPORT SCOTLAND LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FREEPORT SCOTLAND LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FREEPORT SCOTLAND LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,730,000
1,730,000
Current assets
Debtors
4
1,632
1,969
Cash at bank and in hand
526,021
417,497
527,653
419,466
Creditors: amounts falling due within one year
5
(71,187)
(66,814)
Net current assets
456,466
352,652
Net assets
2,186,466
2,082,652
Capital and reserves
Called up share capital
6
200,000
200,000
Fair value reserve
729,933
729,933
Profit and loss reserves
1,256,533
1,152,719
Total equity
2,186,466
2,082,652

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
S H Rough
Director
Company Registration No. SC087372
FREEPORT SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Freeport Scotland Limited is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of this responsibility the directors have considered the company's ability to meet its liabilities as they fall due.

 

The company's going concern assessment considers its principal risks, including those in respect of Covid-19. The main risks faced include:

 

 

The current and future financial position of the company, its cash flows and liquidity position have been reviewed by the directors. Following this review, the directors believe they have sufficient funding even if there is a downturn resulting from the pandemic. As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FREEPORT SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,730,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
900,067
900,067
Accumulated depreciation
-
-
Carrying amount
900,067
900,067

The investment property was valued on an open market basis on 31 December 2014 by Shepherd Chartered Surveyors.

 

The directors believe this valuation is still valid at 31 December 2022.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,632
1,969
FREEPORT SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
30,272
26,337
Other taxation and social security
8,193
8,293
Other creditors
32,722
32,184
71,187
66,814
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
74,000
74,000
74,000
74,000
B ordinary shares of £1 each
42,000
42,000
42,000
42,000
C ordinary shares of £1 each
28,000
28,000
28,000
28,000
D ordinary shares of £1 each
28,000
28,000
28,000
28,000
E ordinary shares of £1 each
28,000
28,000
28,000
28,000
200,000
200,000
200,000
200,000

Each class of shareholder is entitled to appoint one director except the holder of A ordinary shares who is entitled to appoint two directors. Other than this provision all shares carry the same rights.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Stephen Wilkie
Statutory Auditor:
Azets Audit Services
8
Related party transactions
Transactions with related parties

During the year £17,078 (2022: £17,000) of management fees were paid to Rough Accounts Ltd, a company in which Mrs Donna Rough is a director. Mrs Donna Rough is a related party due to her family relationship with a director of Freeport Scotland Ltd, Mr Rough. At the year end, £nil (2022: £nil) was outstanding to Rough Accounts Ltd.

9
Parent company

There is no single shareholder with a controlling interest in the issued share capital of the company.

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