Company registration number SC322547 (Scotland)
LOGAN (SOUTH WOODSIDE) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
LOGAN (SOUTH WOODSIDE) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
LOGAN (SOUTH WOODSIDE) LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
1,100,000
1,100,000
Current assets
Debtors
4
24,582
878,855
Cash at bank and in hand
432,823
935
457,405
879,790
Creditors: amounts falling due within one year
5
(29,117)
(8,557)
Net current assets
428,288
871,233
Total assets less current liabilities
1,528,288
1,971,233
Creditors: amounts falling due after more than one year
6
(480,895)
(37,037)
Provisions for liabilities
(275,000)
(275,000)
Net assets
772,393
1,659,196
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
772,391
1,659,194
Total equity
772,393
1,659,196

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

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LOGAN (SOUTH WOODSIDE) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Joseph Logan
Director
Company registration number SC322547 (Scotland)
LOGAN (SOUTH WOODSIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Logan (South Woodside) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 130 Stanley Street, Glasgow, G41 1JH.

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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 October 2023 are the first financial statements of Logan (South Woodside) Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2021. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LOGAN (SOUTH WOODSIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Employees

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

2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
1,100,000

Investment property is shown at fair value. The fair value of the investment property has been arrived at on the basis of a valuation carried out in August 2023 by DM Hall Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
983
-
0
Other debtors
23,599
878,855
24,582
878,855
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
15,142
5,556
Taxation and social security
2,308
-
0
Other creditors
11,667
3,001
29,117
8,557
LOGAN (SOUTH WOODSIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
480,895
37,037
7
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 November
31 October
2021
2022
Notes
£
£
Equity as reported under previous UK GAAP
871,987
842,048
Adjustments arising from transition to FRS 102:
Revaluation of investment property
1,092,148
1,092,148
Deferred tax provision
(275,000)
(275,000)
Equity reported under FRS 102
1,689,135
1,659,196
Notes to reconciliations on adoption of FRS 102
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