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COMPANY REGISTRATION NUMBER: SC469289
Lochwood Property Management Ltd
Filleted Unaudited Financial Statements
29 February 2024
Lochwood Property Management Ltd
Financial Statements
Year ended 29 February 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Lochwood Property Management Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lochwood Property Management Ltd
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lochwood Property Management Ltd for the year ended 29 February 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Lochwood Property Management Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Lochwood Property Management Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lochwood Property Management Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Lochwood Property Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lochwood Property Management Ltd. You consider that Lochwood Property Management Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Lochwood Property Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
16 August 2024
Lochwood Property Management Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
16,135
20,717
Current assets
Debtors
6
26,805
31,907
Cash at bank and in hand
225,132
155,466
---------
---------
251,937
187,373
Creditors: amounts falling due within one year
7
85,219
75,753
---------
---------
Net current assets
166,718
111,620
---------
---------
Total assets less current liabilities
182,853
132,337
Creditors: amounts falling due after more than one year
8
17,980
29,785
---------
---------
Net assets
164,873
102,552
---------
---------
Capital and reserves
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss account
164,871
102,550
---------
---------
Shareholders funds
164,873
102,552
---------
---------
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 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lochwood Property Management Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
Ms L Wilkie
Director
Company registration number: SC469289
Lochwood Property Management Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ, Scotland.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
Equipment
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
645
35,513
8,683
44,841
----
--------
-------
--------
Depreciation
At 1 March 2023
477
16,099
7,548
24,124
Charge for the year
33
3,883
666
4,582
----
--------
-------
--------
At 29 February 2024
510
19,982
8,214
28,706
----
--------
-------
--------
Carrying amount
At 29 February 2024
135
15,531
469
16,135
----
--------
-------
--------
At 28 February 2023
168
19,414
1,135
20,717
----
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
24,969
30,233
Prepayments and accrued income
1,836
1,674
--------
--------
26,805
31,907
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,100
2,100
Corporation tax
61,464
33,570
Social security and other taxes
9,989
11,898
Director loan accounts
7
16,671
Other creditors
11,659
11,514
--------
--------
85,219
75,753
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,980
29,785
--------
--------
9. Directors' advances, credits and guarantees
As at 28 February 2024 the company was owed the directors £7 (2023: £16,671). This loan is interest free and has no fixed date for repayment.