Company registration number SC140093 (Scotland)
Boland Lothian Properties Limited
unaudited financial statements
for the year ended 31 December 2023
Pages for filing with Registrar
Boland Lothian Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Boland Lothian Properties Limited
Balance sheet
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
-
0
745,000
Current assets
Debtors
5
50,000
10,611
Cash at bank and in hand
-
0
27,748
50,000
38,359
Creditors: amounts falling due within one year
6
-
0
(220,801)
Net current assets/(liabilities)
50,000
(182,442)
Total assets less current liabilities
50,000
562,558
Provisions for liabilities
7
-
0
(128,222)
Net assets
50,000
434,336
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
-
0
384,667
Profit and loss reserves
49,000
48,669
Total equity
50,000
434,336

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 December 2023 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.

Boland Lothian Properties Limited
Balance sheet (continued)
as at 31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
A Johnston
Director
Company Registration No. SC140093
Boland Lothian Properties Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Boland Lothian Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 49 Northumberland Street, Edinburgh, EH3 6JJ.

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 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 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.

The financial statements do not include a cash flow statement because the company, as a small reporting entity, has claimed exemption from the requirement to prepare such a statement.

1.2
Going concern

The company has ceased trading and the directors have indicated it is their intention to wind up the company in future. The directors have recognised all assets at the recoverable amounts and all known liabilities have been provided. At the time of approving the financial statements, the directors believe the company has adequate resources to meet liabilities as they fall due.true

1.3
Turnover

Turnover represents gross rental income, receivable in respect of investment properties.

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. Changes in fair value are recognised in profit or loss.

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 has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Boland Lothian Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
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.

Boland Lothian Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 5 -
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

3
Employees

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

2023
2022
Number
Number
Total
1
1
4
Investment property
2023
£
Fair value
At 1 January 2023
745,000
Disposals
(745,000)
At 31 December 2023
-
0
Boland Lothian Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
4,307
Amounts due from group undertakings
50,000
-
0
Other debtors
-
0
6,304
50,000
10,611
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts due to group undertakings
-
0
197,518
Other creditors
-
0
23,283
-
0
220,801
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
-
0
128,222

The deferred tax liability relates to the recognition of deferred tax on the revaluation gain arising on the investment property.

8
Parent company

The Company is a subsidiary undertaking of Boland Holdings Limited which is the ultimate parent company, incorporated and registered in Scotland. The registered office is 49 Northumberland Street, Edinburgh, EH3 6JJ.

The largest group in which the results of the Company are consolidated is that headed by Boland Holdings Limited. The consolidated financial statements of this Group are available to the public and may be obtained from:

 

The Registrar of Companies

Companies House

Crown Way

Cardiff

CF14 3UZ

 

No other group financial statements include the results of the Company.

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