Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Michael Holburt Waring 11/05/2001 Ian Alexander Macdonald 08/07/2016 Richard Neal Phoenix 01/09/2021 12 April 2024 The principal activity of the Company during the financial year was that of management of its Heritable property and Investments. The directors are continuing to look for suitable property to purchase or opportunities to realise their existing property. SC015568 2023-09-30 SC015568 bus:Director1 2023-09-30 SC015568 bus:Director2 2023-09-30 SC015568 bus:Director3 2023-09-30 SC015568 2022-09-30 SC015568 core:CurrentFinancialInstruments 2023-09-30 SC015568 core:CurrentFinancialInstruments 2022-09-30 SC015568 core:ShareCapital 2023-09-30 SC015568 core:ShareCapital 2022-09-30 SC015568 core:SharePremium 2023-09-30 SC015568 core:SharePremium 2022-09-30 SC015568 core:RevaluationReserve 2023-09-30 SC015568 core:RevaluationReserve 2022-09-30 SC015568 core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-30 SC015568 core:FurtherSpecificReserve1ComponentTotalEquity 2022-09-30 SC015568 core:OtherCapitalReserve 2023-09-30 SC015568 core:OtherCapitalReserve 2022-09-30 SC015568 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC015568 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC015568 core:CostValuation 2022-09-30 SC015568 core:AdditionsToInvestments 2023-09-30 SC015568 core:DisposalsRepaymentsInvestments 2023-09-30 SC015568 core:RevaluationsIncreaseDecreaseInInvestments 2023-09-30 SC015568 core:CostValuation 2023-09-30 SC015568 2021-09-30 SC015568 bus:OrdinaryShareClass1 2023-09-30 SC015568 2022-10-01 2023-09-30 SC015568 bus:FilletedAccounts 2022-10-01 2023-09-30 SC015568 bus:SmallEntities 2022-10-01 2023-09-30 SC015568 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC015568 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC015568 bus:Director1 2022-10-01 2023-09-30 SC015568 bus:Director2 2022-10-01 2023-09-30 SC015568 bus:Director3 2022-10-01 2023-09-30 SC015568 2021-10-01 2022-09-30 SC015568 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC015568 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC015568 (Scotland)

PROPERTY REALISATION COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

PROPERTY REALISATION COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

PROPERTY REALISATION COMPANY LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
PROPERTY REALISATION COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 3,259,107 3,259,107
Investments 4 1,762,027 1,739,904
5,021,134 4,999,011
Current assets
Debtors 5 18,532 92,547
Cash at bank and in hand 87,218 47,229
105,750 139,776
Creditors: amounts falling due within one year 6 ( 121,436) ( 108,028)
Net current (liabilities)/assets (15,686) 31,748
Total assets less current liabilities 5,005,448 5,030,759
Provision for liabilities 7 ( 608,556) ( 200,375)
Net assets 4,396,892 4,830,384
Capital and reserves
Called-up share capital 8 53,324 53,324
Share premium account 245 245
Revaluation reserve 2,189,025 2,303,390
Fair value reserve 0 423,531
Other reserves 1,188 1,188
Profit and loss account 2,153,110 2,048,706
Total shareholders' funds 4,396,892 4,830,384

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Property Realisation Company Limited (registered number: SC015568) were approved and authorised for issue by the Board of Directors on 12 April 2024. They were signed on its behalf by:

Ian Alexander Macdonald
Director
PROPERTY REALISATION COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
PROPERTY REALISATION COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Property Realisation Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Suite G14, The Green House, Beechwood Park North, Inverness, IV2 3BL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent and wayleaves received. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebate

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 October 2022 3,259,107
As at 30 September 2023 3,259,107

Valuation

The investment properties have been revalued during the year at an open market value of £3,259,107. The directors believe that the value of £3,259,107 is an appropriate valuation as at 30 September 2023. No depreciation is provided in respect of properties on the basis that their value is maintained through regular maintenance.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 487,282 487,282

4. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 October 2022 1,739,704 200 1,739,904
Additions 241,207 0 241,207
Disposals ( 250,433) 0 ( 250,433)
Movement in fair value 31,349 0 31,349
At 30 September 2023 1,761,827 200 1,762,027
Carrying value at 30 September 2023 1,761,827 200 1,762,027
Carrying value at 30 September 2022 1,739,704 200 1,739,904

5. Debtors

2023 2022
£ £
Other debtors 18,532 92,547

6. Creditors: amounts falling due within one year

2023 2022
£ £
Other creditors 121,436 108,028

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 200,375) ( 647,100)
(Charged)/credited to the Statement of Income and Retained Earnings ( 408,181) 446,725
At the end of financial year ( 608,556) ( 200,375)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
533,240 Ordinary shares of £ 0.10 each 53,324 53,324