COMPANY REGISTRATION NUMBER:
SC259522
Filleted Unaudited Abridged Financial Statements |
|
Year Ended 30 November 2023
The directors present their report and the unaudited abridged financial statements of the company for the year ended
30 November 2023
.
Principal Activities
The principal activity of the company during the year was the investment in and rental of property.
Directors
The directors who served the company during the year were as follows:
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
19 December 2023
and signed on behalf of the board by:
Registered office: |
Dundee One |
River Court |
5 West Victoria Dock Road |
Dundee |
DD1 3JT |
|
Abridged Statement of Financial Position |
|
30 November 2023
Fixed Assets
Tangible assets |
4 |
|
713,548 |
713,548 |
|
|
|
|
|
Current Assets
Debtors |
80,825 |
|
80,825 |
Cash at bank and in hand |
1,455 |
|
5,879 |
|
-------- |
|
-------- |
|
82,280 |
|
86,704 |
|
|
|
|
Creditors: amounts falling due within one year |
196,121 |
|
193,257 |
|
--------- |
|
--------- |
Net Current Liabilities |
|
113,841 |
106,553 |
|
|
--------- |
--------- |
Total Assets Less Current Liabilities |
|
599,707 |
606,995 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
407,385 |
415,131 |
|
|
--------- |
--------- |
Net Assets |
|
192,322 |
191,864 |
|
|
--------- |
--------- |
|
|
|
|
Capital and Reserves
Called up share capital |
|
100 |
100 |
Revaluation reserve |
|
274,662 |
274,662 |
Profit and loss account |
|
(
82,440) |
(
82,898) |
|
|
--------- |
--------- |
Shareholders Funds |
|
192,322 |
191,864 |
|
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
30 November 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
19 December 2023
, and are signed on behalf of the board by:
Company registration number:
SC259522
Notes to the Abridged Financial Statements |
|
Year Ended 30 November 2023
1.
General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dundee One, River Court, 5 West Victoria Dock Road, Dundee, DD1 3JT.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Investment Properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures & Fittings |
- |
20% straight line |
|
|
|
|
4.
Tangible Assets
|
£ |
Cost |
|
At 1 December 2022 and 30 November 2023 |
736,190 |
|
--------- |
Depreciation |
|
At 1 December 2022 and 30 November 2023 |
22,642 |
|
--------- |
Carrying amount |
|
At 30 November 2023 |
713,548 |
|
--------- |
At 30 November 2022 |
713,548 |
|
--------- |
|
|
5.
Related Party Transactions
At the balance sheet date, £194,490 (2022 - £191,626) was due to the company's directors.