GLENBERVIE HOUSE PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Company registration number SC617504 (Scotland)
PAGES FOR FILING WITH REGISTRAR
GLENBERVIE HOUSE PROPERTY LTD
COMPANY INFORMATION
Director
Mr W Gorol
Company number
SC617504
Registered office
44 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
Accountants
Dains
46 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
GLENBERVIE HOUSE PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GLENBERVIE HOUSE PROPERTY LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,904
12,602
Investment property
5
2,658,100
2,658,100
2,666,004
2,670,702
Current assets
Debtors
6
100,983
169,725
Cash at bank and in hand
9,604
100
110,587
169,825
Creditors: amounts falling due within one year
7
(2,641)
(88,224)
Net current assets
107,946
81,601
Total assets less current liabilities
2,773,950
2,752,303
Creditors: amounts falling due after more than one year
8
(2,669,485)
(2,611,276)
Provisions for liabilities
(1,976)
(3,151)
Net assets
102,489
137,876
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
102,389
137,776
Total equity
102,489
137,876
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
GLENBERVIE HOUSE PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 August 2024
Mr W Gorol
Director
Company registration number SC617504 (Scotland)
GLENBERVIE HOUSE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Glenbervie House Property Ltd is a private company limited by shares incorporated in Scotland. The registered office is 44 Bank Street, Kilmarnock, Ayrshire, KA1 1HA.
1.1
Reporting period
These financial statements cover the twelve months to 30 November 2023 while the comparative amounts cover the ten months from 1 February 2022 to 30 November 2022. As a result, the amounts are not entirely comparative.
The director opted to shorten the comparative period to align the company's year-end with those of its associated companies.
1.2
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
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.
Turnover relates to commercial property management charges.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
GLENBERVIE HOUSE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
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.
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
GLENBERVIE HOUSE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
No significant judgements have had to be made by the director in preparing these financial statements.
The director has made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the locations where the properties are situated and in respect of the range of reasonable fair value estimates of the assets.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
39,734
Additions
6,444
At 30 November 2023
46,178
Depreciation and impairment
At 1 December 2022
27,132
Depreciation charged in the year
11,142
At 30 November 2023
38,274
Carrying amount
At 30 November 2023
7,904
At 30 November 2022
12,602
5
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
2,658,100
Investment property comprises the Glenbervie House Hotel and Coach House. In the opinion of the director, the amount above represents the fair value of these properties at the balance sheet date.
GLENBERVIE HOUSE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
98,731
158,730
Other debtors
2,252
10,995
100,983
169,725
7
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
1,892
Other creditors
2,641
86,332
2,641
88,224
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,669,485
2,611,276
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
SIME Investments Limited
A company of which W. Gorol is a director.
During the period, the company received £12,097 from SIME Investments Ltd and made repayments of £96,029, resulting in a £nil closing balance (2022: £83,932) owed by the company at the balance sheet date.
GLENBERVIE HOUSE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
11
Directors' transactions
No dividends were paid in the period in respect of shares held by the company's director.
During the period, the company received payments of £61,385 from the director, resulting in a closing balance of £2,669,485 (2022: £2,608,100) owed by the company at the balance sheet date.
This loan bears no interest and the director has not set any repayment terms.