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Registration number: SC716650

Salen Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Salen Holdings Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 10

 

Salen Holdings Limited

Company Information

Directors

Mr Lachlan Cameron

Mr Paul William MacFadyen

Registered office

The Barn
Eastfield Farm
Eastfield Road
Airdrie
ML6 7RP

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Salen Holdings Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Lachlan Cameron

Mr Paul William MacFadyen

Principal activity

The principal activity of the company is land management

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 20 June 2024 and signed on its behalf by:
 

.........................................
Mr Lachlan Cameron
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Salen Holdings Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Salen Holdings Limited for the year ended 31 December 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Salen Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Salen Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Salen Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Salen Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Salen Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Salen Holdings Limited. You consider that Salen Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Salen Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

20 June 2024

 

Salen Holdings Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

28,370

-

Gross profit

 

28,370

-

Administrative expenses

 

(884)

(600)

Operating profit/(loss)

 

27,486

(600)

Profit/(loss) before tax

27,486

(600)

Tax on profit/(loss)

 

(5,108)

-

Profit/(loss) for the financial year

 

22,378

(600)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Salen Holdings Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit/(loss) for the year

22,378

(600)

Total comprehensive income for the year

22,378

(600)

 

Salen Holdings Limited

(Registration number: SC716650)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

1,150

1,150

Current assets

 

Cash at bank and in hand

 

28,436

950

Creditors: Amounts falling due within one year

4

(7,708)

(2,600)

Net current assets/(liabilities)

 

20,728

(1,650)

Net assets/(liabilities)

 

21,878

(500)

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

21,778

(600)

Shareholders' funds/(deficit)

 

21,878

(500)

For the financial 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.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 20 June 2024 and signed on its behalf by:
 

.........................................
Mr Lachlan Cameron
Director

 

Salen Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

(600)

(500)

Profit for the year

-

22,378

22,378

At 31 December 2023

100

21,778

21,878

Share capital
£

Retained earnings
£

Total
£

Loss for the year

-

(600)

(600)

New share capital subscribed

100

-

100

At 31 December 2022

100

(600)

(500)

 

Salen Holdings Limited

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

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Salen Holdings Limited

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

Asset class

Depreciation method and rate

Freehold property

in accordance with the asset

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

3

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

1,150

1,150

At 31 December 2023

1,150

1,150

Depreciation

Carrying amount

At 31 December 2023

1,150

1,150

At 31 December 2022

1,150

1,150

Included within the net book value of land and buildings above is £1,150 (2022 - £1,150) in respect of freehold land and buildings.
 

 

Salen Holdings Limited

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

4

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

5,108

-

Accruals and deferred income

600

600

Other creditors

2,000

2,000

7,708

2,600

5

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100