REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 February 2023 to 30 April 2024 |
for |
Aros (Isle of Skye) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 3, Broom Place |
Portree |
Highland |
IV51 9HL |
BANKERS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
ACCRUALS AND DEFERRED INCOME |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 - |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Disposals | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 January 2023 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/24 | 31/1/23 |
£ | £ |
Trade creditors |
Taxation and social security |
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 | ( |
) | ( |
) |
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. |
Chartered Accountants |
Unit 3, Broom Place |
Portree |
Highland |
IV51 9HL |