Company registration number SC112443 (Scotland)
Boland Scottish Properties Limited
unaudited financial statements
for the year ended 31 December 2023
Pages for filing with Registrar
Boland Scottish Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Boland Scottish Properties Limited
Balance sheet
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
169,971
189,515
Investment property
6
14,025,000
14,025,000
Investments
7
160,000
160,000
14,354,971
14,374,515
Current assets
Stocks
23
23
Debtors
8
24,682
268,287
Cash at bank and in hand
241,958
1,141,006
266,663
1,409,316
Creditors: amounts falling due within one year
9
(180,659)
(78,305)
Net current assets
86,004
1,331,011
Total assets less current liabilities
14,440,975
15,705,526
Creditors: amounts falling due after more than one year
10
(3,700,000)
(5,000,000)
Provisions for liabilities
11
(1,990,773)
(1,990,773)
Net assets
8,750,202
8,714,753
Capital and reserves
Called up share capital
12
1,000
1,000
Revaluation reserve
5,972,319
5,972,319
Profit and loss reserves
2,776,883
2,741,434
Total equity
8,750,202
8,714,753
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 Scottish 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. SC112443
Boland Scottish Properties Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information
Boland Scottish 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
Atruet 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.
1.3
Turnover
Turnover represents gross rental income, receivable in respect of investment properties.
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:
Freehold Buildings
2%
Fixtures & fittings on developments
20%
Freehold land is not depreciated.
1.5
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.
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 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
Stocks
Stock is made up of land for development and is held at cost.
1.8
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.
1.9
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.
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, 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.
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 5 -
1.10
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.
1.11
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. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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
2
2
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 6 -
4
Taxation
2023
2022
£
£
Deferred tax
Other adjustments
477,786
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
175,000
571,095
746,095
Depreciation and impairment
At 1 January 2023
5,076
551,504
556,580
Depreciation charged in the year
19,544
19,544
At 31 December 2023
5,076
571,048
576,124
Carrying amount
At 31 December 2023
169,924
47
169,971
At 31 December 2022
169,924
19,591
189,515
The market value of the land and buildings has been arrived at on the basis of the Directors' valuation.
If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
25,410
25,410
Accumulated depreciation
25,064
25,064
Carrying value
346
346
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 7 -
6
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
14,025,000
Investment property comprises of residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 13 May 2021 by Shepherd Commercial, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
7
Fixed asset investments
2023
2022
£
£
Investments
160,000
160,000
The historical cost of the investments is £67,583.
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts due from group undertakings
245,191
Other debtors
24,682
23,096
24,682
268,287
9
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
99,326
1,584
Other creditors
81,333
76,721
180,659
78,305
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 8 -
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,700,000
5,000,000
The loan is secured on certain investment properties. Interest is payable at 2.15% over Base Rate and the loan is repayable in full on 4 August 2026.
11
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,990,773
1,990,773
12
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
1,000 Ordinary shares of £1 each
1,000
1,000
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
13
Equity reserve
Called-up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period retained distributable profit and losses.
Non distributable reserves represent the revaluation gain arising on the investment property. To comply with the requirements of FRS 102 deferred tax has been applied on the gain.
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 9 -
14
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.