Company registration number SC375511 (Scotland)
AC COMMERCIAL (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AC COMMERCIAL (SCOTLAND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AC COMMERCIAL (SCOTLAND) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
900,000
1,315,000
Current assets
Debtors
4
58
58,773
Cash at bank and in hand
71,012
134,242
71,070
193,015
Creditors: amounts falling due within one year
5
(169,222)
(332,783)
Net current liabilities
(98,152)
(139,768)
Total assets less current liabilities
801,848
1,175,232
Creditors: amounts falling due after more than one year
6
(613,279)
(648,517)
Provisions for liabilities
(24,045)
(23,055)
Net assets
164,524
503,660
Capital and reserves
Called up share capital
7,417
7,417
Share premium account
14,200
14,200
Capital redemption reserve
2,833
2,833
Profit and loss reserves
140,074
479,210
Total equity
164,524
503,660

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

AC COMMERCIAL (SCOTLAND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
J LAW
J Law
Director
Company Registration No. SC375511
AC COMMERCIAL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

AC Commercial (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is 5-9 Bon Accord Crescent, Aberdeen, Scotland, AB11 6DN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. trueAlthough the company has net current liabilities of £98,152 the timing of future rental income during the next twelve months will result in cash being available to meet the debt servicing requirements. The directors loans in other creditors will only be repaid if working capital permits.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Rental income is recognised in the month it relates to.

 

1.4
Investment properties

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. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 

AC COMMERCIAL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
AC COMMERCIAL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 April 2023
1,315,000
Revaluations
(415,000)
At 31 March 2024
900,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by an independent property valuation surveyor and subsequent listing of the property for sale. The independent property valuation surveyor is not connected with the company and the valuation was carried out on an open market basis by reference to market evidence of transaction prices for similar properties.

 

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
58
58,773
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
76,758
76,758
Corporation tax
21,184
21,420
Other creditors
71,280
234,605
169,222
332,783
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
613,279
648,517

Secured loans

 

The bank loan is secured on the following terms:

1) A Standard Security over the investment properties.

2) A Bond and Floating Charge over the company's assets and undertakings.

AC COMMERCIAL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Related party transactions

During the period, the company made loan repayments to the directors of £66,892 and received credits of £8,045 resulting in amounts due to the directors at the period end of £41,200 (2023 - £100,047).

 

During the period, the company made loan repayments to the shareholders of £41,200 and received credits of £4,955 resulting in amounts due to the shareholders at the period end of £23,120 (2023 - £59,365).

 

The loans have no fixed repayment terms and interest is not charged.

2024-03-312023-04-01false23 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityI W D ConsidineJ LawM W SinclairfalsefalseSC3755112023-04-012024-03-31SC3755112024-03-31SC3755112023-03-31SC375511core:CurrentFinancialInstruments2024-03-31SC375511core:CurrentFinancialInstruments2023-03-31SC375511core:Non-currentFinancialInstruments2024-03-31SC375511core:Non-currentFinancialInstruments2023-03-31SC375511core:ShareCapital2024-03-31SC375511core:ShareCapital2023-03-31SC375511core:SharePremium2024-03-31SC375511core:SharePremium2023-03-31SC375511core:CapitalRedemptionReserve2024-03-31SC375511core:CapitalRedemptionReserve2023-03-31SC375511core:RetainedEarningsAccumulatedLosses2024-03-31SC375511core:RetainedEarningsAccumulatedLosses2023-03-31SC375511bus:Director22023-04-012024-03-31SC3755112022-04-012023-03-31SC3755112023-03-31SC375511bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC375511bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC375511bus:FRS1022023-04-012024-03-31SC375511bus:AuditExemptWithAccountantsReport2023-04-012024-03-31SC375511bus:Director12023-04-012024-03-31SC375511bus:Director32023-04-012024-03-31SC375511bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP