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Company Registration No. SC717161 (Scotland)
Heritage Property Grampian Ltd Unaudited accounts for the year ended 31 December 2023
Heritage Property Grampian Ltd Unaudited accounts Contents
Page
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Heritage Property Grampian Ltd Company Information for the year ended 31 December 2023
Director
Billy Gibb
Company Number
SC717161 (Scotland)
Registered Office
22 Edmond Gardens Kingswells Aberdeen AB15 8PL Scotland
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Heritage Property Grampian Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investment property
95,000 
100,000 
Current assets
Debtors
1,448 
544 
Cash at bank and in hand
12,588 
63,332 
14,036 
63,876 
Creditors: amounts falling due within one year
(58,663)
(104,995)
Net current liabilities
(44,627)
(41,119)
Total assets less current liabilities
50,373 
58,881 
Creditors: amounts falling due after more than one year
(71,250)
(71,250)
Provisions for liabilities
Deferred tax
- 
(234)
Net liabilities
(20,877)
(12,603)
Capital and reserves
Called up share capital
1 
1 
Fair value reserve
(3,770)
996 
Profit and loss account
(17,108)
(13,600)
Shareholders' funds
(20,877)
(12,603)
For the year ending 31 December 2023 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 and authorised for issue on 22 July 2024 and were signed on its behalf by
Billy Gibb Director Company Registration No. SC717161
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Heritage Property Grampian Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Heritage Property Grampian Ltd is a private company, limited by shares, registered in Scotland, registration number SC717161. The registered office is 22 Edmond Gardens, Kingswells, Aberdeen, AB15 8PL, Scotland.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred taxation
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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Heritage Property Grampian Ltd Notes to the Accounts for the year ended 31 December 2023
Going concern
The director continues to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. The director fully understands and acknowledges the financial position of the business and believes that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements.
4
Investment property
2023 
£ 
Fair value at 1 January 2023
100,000 
Net loss from fair value adjustments
(5,000)
At 31 December 2023
95,000 
The historic cost of the above investment properties totals £98,770 (2022: £98,770). The fair value of the property has been arrived at by the director of the company on 31 December 2023 on a market value basis.
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
1,448 
544 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
793 
- 
Other creditors
50,000 
100,027 
Loans from directors
7,870 
1,301 
Accruals
- 
3,667 
58,663 
104,995 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
71,250 
71,250 
At the balance sheet date, Together Finance and Aldermore Bank PLC hold floating and other charges over a property owned by the company.
8
Transactions with related parties
At the balance sheet date, £7,870 (2022: £1,301) was due to a company director. The loan is unsecured, interest free and payable on demand.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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