COMPANY REGISTRATION NUMBER:
SC457770
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 September 2023
Current assets
Stocks |
13,397 |
|
38,162 |
Debtors |
4 |
119 |
|
128 |
Cash at bank and in hand |
5,064 |
|
9,474 |
|
-------- |
|
-------- |
|
18,580 |
|
47,764 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
17,559 |
|
43,824 |
|
-------- |
|
-------- |
Net current assets |
|
1,021 |
3,940 |
|
|
------- |
------- |
Total assets less current liabilities |
|
1,021 |
3,940 |
|
|
------- |
------- |
Net assets |
|
1,021 |
3,940 |
|
|
------- |
------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
1,019 |
3,938 |
|
|
------- |
------- |
Shareholders funds |
|
1,021 |
3,940 |
|
|
------- |
------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
6 September 2024
, and are signed on behalf of the board by:
Company registration number:
SC457770
Notes to the Financial Statements |
|
Year ended 30 September 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Torsonce Mains, Stow, Galashiels, TD1 2SN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements have been presented in Pounds Sterling as this is the functional and presentational currency of the company. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover represents the amounts derived from the provision of services which fall within the company's ordinary activities within the United Kingdom, stated net of value added tax. Profit is included in the financial statements in connection with property developments when a legally binding contract for the sale of the development has been entered into and the legal conclusion has taken place before the year end. When legally binding contracts exist, profits on the construction and refurbishment elements of the development are determined only when the outcome can be assessed with reasonable certainty. Provisions are made in full for foreseeable losses. Other profits arising from the developments are included in the financial statements only when the legal completion of the sale of the development has been effected.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Debtors
Other debtors |
119 |
128 |
|
---- |
---- |
|
|
|
5.
Creditors:
amounts falling due within one year
Trade creditors |
679 |
661 |
Amounts owed to group undertakings |
16,275 |
24,858 |
Other creditors |
605 |
18,305 |
|
-------- |
-------- |
|
17,559 |
43,824 |
|
-------- |
-------- |
|
|
|
6.
Related party transactions
At 30 September 2023 £95 (2022: £24,860) was due to Bruce Weir Holdings Limited, the parent company, of which
Bruce C Weir
is also a director. In the year there was a recharge of costs (£24,765) to Bruce Weir Holdings Limited which has been offset against their intercompany loan. At 30 September 2023 £16,180 (2022: £17,552) was due to Tor Property Holdings Limited, of which Bruce C Weir
is also directors during the year. These loans have no fixed repayment terms and no interest is payable.
7.
Controlling party
The company is under the control of Bruce Weir Holdings Limited.