Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-013false68209 - Other letting and operating of own or leased real estate3truetruefalse SC241098 2023-01-01 2023-12-31 SC241098 2022-01-01 2022-12-31 SC241098 2023-12-31 SC241098 2022-12-31 SC241098 2022-01-01 SC241098 c:Director4 2023-01-01 2023-12-31 SC241098 d:FreeholdInvestmentProperty 2023-12-31 SC241098 d:FreeholdInvestmentProperty 2022-12-31 SC241098 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 SC241098 d:CurrentFinancialInstruments 2023-12-31 SC241098 d:CurrentFinancialInstruments 2022-12-31 SC241098 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC241098 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC241098 d:ShareCapital 2023-12-31 SC241098 d:ShareCapital 2022-12-31 SC241098 d:SharePremium 2023-12-31 SC241098 d:SharePremium 2022-12-31 SC241098 d:RevaluationReserve 2023-12-31 SC241098 d:RevaluationReserve 2022-12-31 SC241098 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC241098 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC241098 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC241098 c:OrdinaryShareClass1 2023-12-31 SC241098 c:OrdinaryShareClass1 2022-12-31 SC241098 c:FRS102 2023-01-01 2023-12-31 SC241098 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC241098 c:FullAccounts 2023-01-01 2023-12-31 SC241098 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC241098 2 2023-01-01 2023-12-31 SC241098 d:OtherDeferredTax 2023-12-31 SC241098 d:OtherDeferredTax 2022-12-31 SC241098 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC241098










SNOWBIRD PROPERTY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SNOWBIRD PROPERTY LIMITED
REGISTERED NUMBER: SC241098

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                     Note
£
£

Fixed assets
  

Investment property
 4 
23,700,000
25,500,000

  
23,700,000
25,500,000

Current assets
  

Debtors: amounts falling due within one year
 5 
3,763,507
4,089,653

Cash at bank and in hand
 6 
4,117,130
2,888,623

  
7,880,637
6,978,276

Creditors: amounts falling due within one year
 7 
(702,854)
(661,577)

Net current assets
  
 
 
7,177,783
 
 
6,316,699

Total assets less current liabilities
  
30,877,783
31,816,699

Provisions for liabilities
  

Deferred tax
 8 
(2,016,832)
(2,440,444)

  
 
 
(2,016,832)
 
 
(2,440,444)

Net assets
  
28,860,951
29,376,255


Capital and reserves
  

Called up share capital 
 9 
491,652
491,652

Share premium account
  
4,424,868
4,424,868

Revaluation reserve
  
10,262,416
11,638,804

Profit and loss account
  
13,682,015
12,820,931

  
28,860,951
29,376,255


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
SNOWBIRD PROPERTY LIMITED
REGISTERED NUMBER: SC241098

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D G Moodie
Director

Date: 24 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Snowbird Property Limited is a private company, limited by share capital and incorporated in Scotland. 
The Company's registered office is C/O Neill, Clerk & Murray, 3 Ardgowan Square, Greenock, PA16 8NW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Revenue

Revenue, comprised of rental income, is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 4

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
25,500,000


Deficit on revaluation
(1,800,000)



At 31 December 2023
23,700,000

The 2023 valuations were made by Kemsley LLP, on an open market value for existing use basis.

On a historic cost basis, these would have been included at an original cost of £11,025,163 (2022: £11,025,163).





5.


Debtors

2023
2022
£
£

Trade debtors
13,192
186,186

Other debtors
3,750,000
3,903,168

Prepayments and accrued income
315
299

3,763,507
4,089,653



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,117,130
2,888,623

4,117,130
2,888,623


Page 5

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
-
12,291

Corporation tax
264,652
180,140

Other taxation and social security
69,453
49,828

Other creditors
319,782
316,839

Accruals and deferred income
48,967
102,479

702,854
661,577



8.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,440,444)
(2,675,444)


Movement in year
423,612
235,000



At end of year
(2,016,832)
(2,440,444)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains on revalued assets
(2,016,832)
(2,440,444)

(2,016,832)
(2,440,444)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,966,610 (2022 - 1,966,610) Ordinary shares of £0.25 each
491,652
491,652


Page 6

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

During the year the Company made donations of £44,000 (2022: £40,000) to The Moodie Charitable Trust which is registered with the Office of the Scottish Charity Regulator. Three of the four Trustees of the Trust are also Directors of the Company.
At 31 December 2023 the Company was owed £3,750,000 (2022: £3,850,000) by Snowbird Assets Ltd, a Company controlled by one of the directors. This is included in other debtors.


11.


Controlling party

The Company's immediate and ultimate parent company is Snowbird Investments Limited. Snowbird Investments Limited is controlled by P A Moodie and related family trusts.


Page 7