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Registration number: SC578495

Glenfarg Acquisitions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Glenfarg Acquisitions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Glenfarg Acquisitions Limited

Company Information

Director

Mr R Calderwood

Registered office

The Windings
Hatton Road
Perth
PH2 7DB

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

Glenfarg Acquisitions Limited

(Registration number: SC578495)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed Assets

 

Investment property

4

1,341,608

1,341,608

Current assets

 

Cash at bank and in hand

 

86,076

55,307

Creditors: Amounts falling due within one year

5

(381,109)

(364,969)

Net current liabilities

 

(295,033)

(309,662)

Total assets less current liabilities

 

1,046,575

1,031,946

Creditors: Amounts falling due after more than one year

5

(1,014,828)

(1,014,828)

Net assets

 

31,747

17,118

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

31,647

17,018

Shareholders' funds

 

31,747

17,118

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 July 2024
 

.........................................
Mr R Calderwood
Director

 

Glenfarg Acquisitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Windings
Hatton Road
Perth
PH2 7DB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Glenfarg Acquisitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 November

1,341,608

At 31 October

1,341,608

There has been no valuation of investment property by an independent valuer.

 

Glenfarg Acquisitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Director's current account

340,701

340,701

Accruals and deferred income

960

960

Other creditors

39,448

23,308

381,109

364,969

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

1,014,828

1,014,828

 

Glenfarg Acquisitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100