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REGISTERED NUMBER: SC341860 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TURNBERRY RENTED HOMES LTD.

TURNBERRY RENTED HOMES LTD. (REGISTERED NUMBER: SC341860)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TURNBERRY RENTED HOMES LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mrs E Mooney



SECRETARY: Mrs E Mooney



REGISTERED OFFICE: 18 Allerdyce Drive
Great Western Business Park
Glasgow
G15 6RY



REGISTERED NUMBER: SC341860 (Scotland)



ACCOUNTANTS: Bannerman Johnstone Maclay
213 St Vincent Street
Glasgow
G2 5QY



BANKERS: Bank of Scotland
Clydebank Branch
PO Box 1000
BX2 1LB



SOLICITORS: TLT LLP
140 West George Street
Glasgow
G2 2HG

TURNBERRY RENTED HOMES LTD. (REGISTERED NUMBER: SC341860)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8 383
Investment property 5 3,813,138 3,813,138
3,813,146 3,813,521

CURRENT ASSETS
Debtors 6 59,271 4,718
Cash at bank 42,661 46,187
101,932 50,905
CREDITORS
Amounts falling due within one year 7 113,755 109,499
NET CURRENT LIABILITIES (11,823 ) (58,594 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,801,323

3,754,927

CREDITORS
Amounts falling due after more than one
year

8

967,235

998,593
NET ASSETS 2,834,088 2,756,334

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,833,988 2,756,234
SHAREHOLDERS' FUNDS 2,834,088 2,756,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TURNBERRY RENTED HOMES LTD. (REGISTERED NUMBER: SC341860)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 June 2024 and were signed by:





Mrs E Mooney - Director


TURNBERRY RENTED HOMES LTD. (REGISTERED NUMBER: SC341860)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Turnberry Rented Homes Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with the going concern principle of accounting. This is an appropriate policy considering the continued support that is being offered from the ultimate parent company, Turnberry Holdings (Scotland) Limited.

Turnover
Turnover represents rental income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

TURNBERRY RENTED HOMES LTD. (REGISTERED NUMBER: SC341860)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions 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 certain creditors and loans from related undertakings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 23,535
DEPRECIATION
At 1 January 2023 23,152
Charge for year 375
At 31 December 2023 23,527
NET BOOK VALUE
At 31 December 2023 8
At 31 December 2022 383

TURNBERRY RENTED HOMES LTD. (REGISTERED NUMBER: SC341860)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 3,813,138
NET BOOK VALUE
At 31 December 2023 3,813,138
At 31 December 2022 3,813,138

In the opinion of the directors, the open market value of the investment properties as at 31 December 2023 is £3,813,138.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,428 1,875
Amounts owed by group undertakings 57,743 2,743
Other debtors 100 100
59,271 4,718

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 60,000 60,000
Trade creditors 38 39
Taxation and social security 24,028 21,426
Other creditors 29,689 28,034
113,755 109,499

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 967,235 998,593

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 727,235 758,593

TURNBERRY RENTED HOMES LTD. (REGISTERED NUMBER: SC341860)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,027,235 1,058,593

The Bank of Scotland hold a bond and floating charge over all the assets of the company. There is also a cross corporate guarantee between the company and a third party. Finally, the bank hold standard securities over all the properties held by the company.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Turnberry Holdings (Scotland)Limited.