Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Alan Fergusson 15/01/2018 13 September 2024 The principal activity of the company continued to be that of property investment and letting. SC585759 2024-01-31 SC585759 bus:Director1 2024-01-31 SC585759 2023-01-31 SC585759 core:CurrentFinancialInstruments 2024-01-31 SC585759 core:CurrentFinancialInstruments 2023-01-31 SC585759 core:ShareCapital 2024-01-31 SC585759 core:ShareCapital 2023-01-31 SC585759 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC585759 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC585759 bus:OrdinaryShareClass1 2024-01-31 SC585759 2023-02-01 2024-01-31 SC585759 bus:FilletedAccounts 2023-02-01 2024-01-31 SC585759 bus:SmallEntities 2023-02-01 2024-01-31 SC585759 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC585759 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC585759 bus:Director1 2023-02-01 2024-01-31 SC585759 2022-02-01 2023-01-31 SC585759 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC585759 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC585759 (Scotland)

JOCK PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

JOCK PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

JOCK PROPERTY LIMITED

BALANCE SHEET

As at 31 January 2024
JOCK PROPERTY LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 220,490 220,490
220,490 220,490
Current assets
Debtors 4 126 139
Cash at bank and in hand 31,846 25,229
31,972 25,368
Creditors: amounts falling due within one year 5 ( 229,164) ( 228,734)
Net current liabilities (197,192) (203,366)
Total assets less current liabilities 23,298 17,124
Net assets 23,298 17,124
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 23,198 17,024
Total shareholder's funds 23,298 17,124

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Jock Property Limited (registered number: SC585759) were approved and authorised for issue by the Director on 13 September 2024. They were signed on its behalf by:

Alan Fergusson
Director
JOCK PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
JOCK PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
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

Jock Property 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 207 Queens Road, Aberdeen, AB15 8DB, 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

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Rental income and recharged expenses are recognised with reference to the period of rental. Rentals are deferred or accrued to ensure the total rental charge is spread over the lease term.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

The fair value is determined annually by the director, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

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.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 February 2023 220,490
As at 31 January 2024 220,490

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4. Debtors

2024 2023
£ £
Other debtors 126 139

5. Creditors: amounts falling due within one year

2024 2023
£ £
Corporation tax 2,516 2,344
Other creditors 226,648 226,390
229,164 228,734

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's director

As at 31 January 2024 the company was due the director £222,883 (2023 - £222,571). This loan is interest free with no set repayment terms.