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REGISTERED NUMBER: SC134116 (Scotland)















Unaudited Financial Statements

for the Period 1 February 2023 to 30 April 2024

for

Aros (Isle of Skye) Limited

Aros (Isle of Skye) Limited (Registered number: SC134116)






Contents of the Financial Statements
for the Period 1 February 2023 to 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

Aros (Isle of Skye) Limited

Company Information
for the Period 1 February 2023 to 30 April 2024







DIRECTORS: D MacDonald
C N MacLean
J Matheson
A E Cormack



SECRETARY: D MacDonald



REGISTERED OFFICE: Glaic A'Lochain
3 Glasphein
Staffin
Isle of Skye
IV51 9JZ



REGISTERED NUMBER: SC134116 (Scotland)



ACCOUNTANTS: Campbell Stewart MacLennan & Co
Chartered Accountants
Unit 3, Broom Place
Portree
Highland
IV51 9HL



BANKERS: Royal Bank of Scotland
Bank Street
Portree
Isle of Skye
IV51 9BX

Aros (Isle of Skye) Limited (Registered number: SC134116)

Balance Sheet
30 April 2024

30/4/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 - 550,000

CURRENT ASSETS
Debtors 5 25,649 175,000
Cash at bank 1,070,502 812,319
1,096,151 987,319
CREDITORS
Amounts falling due within one year 6 - 18,860
NET CURRENT ASSETS 1,096,151 968,459
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,096,151

1,518,459

ACCRUALS AND DEFERRED INCOME - 5,918
NET ASSETS 1,096,151 1,512,541

CAPITAL AND RESERVES
Called up share capital 252,927 252,927
Fair value reserve 8 - 455,000
Retained earnings 8 843,224 804,614
SHAREHOLDERS' FUNDS 1,096,151 1,512,541

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:





D MacDonald - Director


Aros (Isle of Skye) Limited (Registered number: SC134116)

Notes to the Financial Statements
for the Period 1 February 2023 to 30 April 2024

1. STATUTORY INFORMATION

Aros (Isle of Skye) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Following the sale of the company's remaining fixed asset in March 2024 it is the intention of the directors to pursue a liquidation of the company. In this regard the financial statements have been prepared on as winding up basis and extended to 30 April 2024 to reflect the sale of the asset.

As a result of the 15 month accounting period the comparative amounts presented in the financial statements are not entirely comparable.

Significant judgements and estimates
There were no significant estimates and assumptions made in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Aros (Isle of Skye) Limited (Registered number: SC134116)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 30 April 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - 2 ).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 550,000
Disposals (550,000 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 31 January 2023 550,000

The investment property which was sold during the period (note 5) was previously valued by Lambert, Smith & Hampton on an open market basis on 1 May 2019. If it had not been carried at fair value it would have been included at an historical cost of £95,000 at 31 January 2023.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 31/1/23
£    £   
Other debtors 25,649 175,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 31/1/23
£    £   
Trade creditors - 913
Taxation and social security - 17,947
- 18,860

7. SECURED DEBTS

A standard security was been granted to The Scottish Arts Council (now Creative Scotland) in respect of assistance provided by that body. The security was calculated on a reducing balance basis of £2,675 per month.

At the 31 January 2023 the secured balance was £17,325. The security was fully discharged in June 2023.

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 February 2023 804,614 455,000 1,259,614
Deficit for the period (416,390 ) (416,390 )
Reserves transfer 455,000 (455,000 ) -
At 30 April 2024 843,224 - 843,224

Aros (Isle of Skye) Limited (Registered number: SC134116)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 30 April 2024

9. RELATED PARTY DISCLOSURES

In the period £25,000 was advanced to C MacLean which incurred interest of £649 and is repayable on demand. At the 30 April 2024 £25,649 was due to the company (2023 £NIL).

During the the year ended 31 January 2023 £29,157 was repaid to C MacLean and interest of £218 was charged on a loan to the company.

In the year ended 31 January 2023 D MacDonald, director,was gifted £15,775 of book stock and had bills paid on his behalf of £176. In addition in that year £63,421 was repaid to D MacDonald and interest of £445 was charged on the loan together with £6,161 being written off the loan. At the current period end the amount outstanding is £Nil (2022 £Nil).

During the period, D MacDonald received £7,500 (2023 - £5,656) in management fees.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Aros (Isle of Skye) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aros (Isle of Skye) Limited for the period ended 30 April 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Aros (Isle of Skye) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aros (Isle of Skye) Limited and state those matters that we have agreed to state to the Board of Directors of Aros (Isle of Skye) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Aros (Isle of Skye) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Aros (Isle of Skye) Limited. You consider that Aros (Isle of Skye) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Aros (Isle of Skye) 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 financial statements.






Campbell Stewart MacLennan & Co
Chartered Accountants
Unit 3, Broom Place
Portree
Highland
IV51 9HL


13 August 2024