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Company No: SC329397 (Scotland)

S & D HARPER PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

S & D HARPER PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

S & D HARPER PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
S & D HARPER PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 9 15
Investment property 4 102,350 102,350
102,359 102,365
Current assets
Cash at bank and in hand 49,535 90,874
49,535 90,874
Creditors: amounts falling due within one year 5 ( 103,097) ( 140,385)
Net current liabilities (53,562) (49,511)
Total assets less current liabilities 48,797 52,854
Creditors: amounts falling due after more than one year 6 ( 37,126) ( 40,239)
Net assets 11,671 12,615
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 11,571 12,515
Total shareholders' funds 11,671 12,615

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of S & D Harper Properties Limited (registered number: SC329397) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

Mr S Harper
Director
S & D HARPER PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
S & D HARPER PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

S & D Harper Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is S&D Harper Ltd, Edgar Road, Elgin, IV30 6YQ, Scotland, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £11,671. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rental income receivable. Turnover is accounted for on the accruals basis.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

Trade debtors 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 749 749
At 31 December 2023 749 749
Accumulated depreciation
At 01 January 2023 734 734
Charge for the financial year 6 6
At 31 December 2023 740 740
Net book value
At 31 December 2023 9 9
At 31 December 2022 15 15

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 102,350
As at 31 December 2023 102,350

The directors have assessed the fair value of the investment property which remains at the balance sheet date. In this assessment they have concluded that there has been no material change in market since the property was acquired in 2008.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,449 4,449
Amounts owed to Group undertakings 96,148 132,386
Other creditors 2,500 3,550
103,097 140,385

Bank loans and overdrafts are secured by a fixed and floating charge over the property at 5 Fleurs Road.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 37,126 40,239

The bank loan is secured by a way of fixed and floating charges over the property at 5 Fleurs Road, Elgin, IV30 1TA.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts Owed to other Related Parties 96,148 132,386

The balance is interest free and has no terms of repayment.