REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 November 2023 |
for |
Landward Securities (Edinburgh) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 November 2023 |
for |
Landward Securities (Edinburgh) Limited |
Landward Securities (Edinburgh) Limited (Registered number: SC052040) |
Contents of the Financial Statements |
for the Year Ended 28 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Landward Securities (Edinburgh) Limited |
Company Information |
for the Year Ended 28 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25 Castle Terrace |
Edinburgh |
EH1 2ER |
Landward Securities (Edinburgh) Limited (Registered number: SC052040) |
Balance Sheet |
28 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | 10 |
Retained earnings |
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. |
Landward Securities (Edinburgh) Limited (Registered number: SC052040) |
Balance Sheet - continued |
28 November 2023 |
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 |
Landward Securities (Edinburgh) Limited (Registered number: SC052040) |
Notes to the Financial Statements |
for the Year Ended 28 November 2023 |
1. | STATUTORY INFORMATION |
Landward Securities (Edinburgh) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. |
Turnover |
Turnover comprises rents receivable by the company which are recognised on an accruals basis in the year. Rents are shown net of Value Added Tax |
Tangible fixed assets |
Depreciation 15% straight line |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
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 |
Landward Securities (Edinburgh) Limited (Registered number: SC052040) |
Notes to the Financial Statements - continued |
for the Year Ended 28 November 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 29 November 2022 |
Additions |
Disposals | ( |
) |
At 28 November 2023 |
DEPRECIATION |
At 29 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 28 November 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 29 November 2022 |
and 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 28 November 2022 |
Investments in group undertaking are held at cost subject to annual review for impairment. The directors do not believe that any impairment provision is required to the carrying value of the investment. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 29 November 2022 |
and 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 28 November 2022 |
Landward Securities (Edinburgh) Limited (Registered number: SC052040) |
Notes to the Financial Statements - continued |
for the Year Ended 28 November 2023 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 28 November 2023 is represented by: |
£ |
Valuation in 2018 | (124,664 | ) |
Valuation in 2021 | 155,000 |
Valuation in 2022 | 235,000 |
Cost | 809,664 |
1,075,000 |
The directors valued the investment properties as at 28 November 2023 having taken into account the state of the property market in the location where the property is situated, changes in lease terms and in respect of the range of reasonable fair value estimates of the asset. The directors do not consider that any significant change in valuation has occurred since the professional valuation carried out in July 2022 by Ryden LLP. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
The amount owed by the group undertaking is repayable on demand and interest free. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Other creditors include rents in advance, accrued expenses and member funds. Loans from group undertakings are interest free and repayable on demand. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 29 November 2022 |
and 28 November 2023 |
Landward Securities (Edinburgh) Limited (Registered number: SC052040) |
Notes to the Financial Statements - continued |
for the Year Ended 28 November 2023 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 28 November 2023 and 28 November 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
12. | RELATED PARTY DISCLOSURES |
Caledonian Clothing Company Limited, a company controlled by one of the directors is a tenant of one of the investment properties and pays a below market rent of £12,000 per annum. At the balance sheet date Caledonian Clothing Company Limited owes the company £30,000 (2022: £23,600) in rent arrears. Caledonian Clothing Company limited operates independently of this company. |
13. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors there is no ultimate controlling party of the company as no individual holds a controlling interest in the company in this or the prior year. |