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REGISTERED NUMBER: SC070788 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

SELLARESS PROPERTY LIMITED

SELLARESS PROPERTY LIMITED (REGISTERED NUMBER: SC070788)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SELLARESS PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: J D Bilsland
Ms L G Jameson





SECRETARY: J D Bilsland





REGISTERED OFFICE: Kilfinan
Bungalow Road
Lamlash
Isle of Arran
KA27 8JU





REGISTERED NUMBER: SC070788 (Scotland)





ACCOUNTANTS: Cornerstone Glasgow Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

SELLARESS PROPERTY LIMITED (REGISTERED NUMBER: SC070788)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 42 47
Investment property 6 202,398 150,007
202,440 150,054

CURRENT ASSETS
Cash at bank 18,265 27,249

CREDITORS
Amounts falling due within one year 7 68,925 60,608
NET CURRENT LIABILITIES (50,660 ) (33,359 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

151,780

116,695

PROVISIONS FOR LIABILITIES 25,107 14,361
NET ASSETS 126,673 102,334

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 126,573 102,234
SHAREHOLDERS' FUNDS 126,673 102,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

SELLARESS PROPERTY LIMITED (REGISTERED NUMBER: SC070788)

BALANCE SHEET - continued
30 NOVEMBER 2023


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 20 August 2024 and were signed on its behalf by:





J D Bilsland - Director


SELLARESS PROPERTY LIMITED (REGISTERED NUMBER: SC070788)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Sellaress Property 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 as modified by the revaluation of certain assets.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is now fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 10% on a reducing balance basis

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

SELLARESS PROPERTY LIMITED (REGISTERED NUMBER: SC070788)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 37,234
AMORTISATION
At 1 December 2022
and 30 November 2023 37,234
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 December 2022
and 30 November 2023 658
DEPRECIATION
At 1 December 2022 611
Charge for year 5
At 30 November 2023 616
NET BOOK VALUE
At 30 November 2023 42
At 30 November 2022 47

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 150,007
Revaluations 52,391
At 30 November 2023 202,398
NET BOOK VALUE
At 30 November 2023 202,398
At 30 November 2022 150,007

Investment property comprises of commercial properties let to 3rd parties. The fair value of the commercial properties has been arrived at by the Director on an open market value basis by reference to market evidence of transaction prices for similar properties.

SELLARESS PROPERTY LIMITED (REGISTERED NUMBER: SC070788)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 871 2,431
Other creditors 68,054 58,177
68,925 60,608