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Company No: SC259147 (Scotland)

SCOTWOOD PROPERTIES LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

SCOTWOOD PROPERTIES LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

SCOTWOOD PROPERTIES LTD.

BALANCE SHEET

AS AT 30 NOVEMBER 2023
SCOTWOOD PROPERTIES LTD.

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 227 284
Investment property 4 377,084 377,084
377,311 377,368
Current assets
Debtors 5 0 586
Cash at bank and in hand 9,658 14,327
9,658 14,913
Creditors: amounts falling due within one year 6 ( 2,485) ( 3,529)
Net current assets 7,173 11,384
Total assets less current liabilities 384,484 388,752
Creditors: amounts falling due after more than one year 7 ( 365,404) ( 365,404)
Net assets 19,080 23,348
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 18,980 23,248
Total shareholders' funds 19,080 23,348

For the financial 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.

Director's responsibilities:

The financial statements of Scotwood Properties Ltd. (registered number: SC259147) were approved and authorised for issue by the Director on 01 August 2024. They were signed on its behalf by:

K Blackwood
Director
SCOTWOOD PROPERTIES LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
SCOTWOOD PROPERTIES LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Scotwood Properties Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 12 Braemore Wood, Troon, KA10 7FN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Rental income is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and represents rental income received for the investment properties.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Investment property

Investment property comprises 3 residential properties. The director has agreed that there has been no movement in the fair value of the properties since purchase, this has been based on an open market value by reference to market evidence of transaction prices for similar properties.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 December 2022 299 299
At 30 November 2023 299 299
Accumulated depreciation
At 01 December 2022 15 15
Charge for the financial year 57 57
At 30 November 2023 72 72
Net book value
At 30 November 2023 227 227
At 30 November 2022 284 284

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 377,084
As at 30 November 2023 377,084

Investment property comprises 3 residential properties. The director has agreed that there has been no movement in the fair value of the properties since purchase, this has been based on an open market value by reference to market evidence of transaction prices for similar properties.

5. Debtors

2023 2022
£ £
Other debtors 0 586

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 537
Corporation tax 0 992
Other creditors 2,485 2,000
2,485 3,529

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 365,404 365,404

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts Owed by Directors 1,809 0

The amounts owed have no fixed repayment terms. No interest has been charged on the amounts owed.

Other related party transactions

2023 2022
£ £
Amounts owed to other related parties 365,404 365,404

The amounts owed have no fixed repayment terms. No interest has been charged on the amounts owed.