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REGISTERED NUMBER: SC239078 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 January 2024

for

Bath Street Properties Limited

Bath Street Properties Limited (Registered number: SC239078)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Bath Street Properties Limited

Company Information
For The Year Ended 31 January 2024







DIRECTOR: B Richards





SECRETARY: Mr. B Richards





REGISTERED OFFICE: 193 Bath Street
Glasgow
Lanarkshire
G2 4HU





REGISTERED NUMBER: SC239078 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Bath Street Properties Limited (Registered number: SC239078)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,602 1,839
Investment property 5 3,530,344 3,513,943
3,532,946 3,515,782

CURRENT ASSETS
Debtors 6 529,009 135,810
Cash at bank 6,337 259,329
535,346 395,139
CREDITORS
Amounts falling due within one year 7 219,155 207,900
NET CURRENT ASSETS 316,191 187,239
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,849,137

3,703,021

CREDITORS
Amounts falling due after more than one
year

8

(2,393,359

)

(2,388,098

)

PROVISIONS FOR LIABILITIES 10 (123 ) -
NET ASSETS 1,455,655 1,314,923

CAPITAL AND RESERVES
Called up share capital 3 3
Fair value reserve 11 (55,682 ) (55,682 )
Retained earnings 1,511,334 1,370,602
SHAREHOLDERS' FUNDS 1,455,655 1,314,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Bath Street Properties Limited (Registered number: SC239078)

Balance Sheet - continued
31 January 2024


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 24 September 2024 and were signed by:





B Richards - Director


Bath Street Properties Limited (Registered number: SC239078)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

Bath Street Properties Limited 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents rent receivable for the year and is recognised evenly over the period of each lease based on the agreed annual rent. Where rent free periods are allowed, the company continues to recognise the average rental income over the life of the lease and accrues income for the future rent receivable, once the concession has elapsed.

Other operating income represents service charge, heat and light and insurance costs recharged to the tenants. These are recognised in the financial statements at the point of recharge.

Tangible fixed assets
Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 15% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

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.

Investment property is included in the balance sheet at its fair value determined annually by the director based on prior external impairment adjustments for any pertinent changes arising in the current year. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.

Bath Street Properties Limited (Registered number: SC239078)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basis financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assesed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforcable 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 highlight 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

Bath Street Properties Limited (Registered number: SC239078)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 February 2023 2,941
Additions 1,416
At 31 January 2024 4,357
DEPRECIATION
At 1 February 2023 1,102
Charge for year 653
At 31 January 2024 1,755
NET BOOK VALUE
At 31 January 2024 2,602
At 31 January 2023 1,839

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 3,513,943
Additions 16,401
At 31 January 2024 3,530,344
NET BOOK VALUE
At 31 January 2024 3,530,344
At 31 January 2023 3,513,943

The property has been valued by the director as at 31/01/2024, and assessed at fair value.

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2005 1,107,094
Valuation in 2007 900,000
Valuation in 2010 (200,000 )
Valuation in 2012 (1,500,000 )
Valuation in 2014 (650,000 )
Valuation in 2016 (687,222 )
Valuation in 2023 1,351,165
Cost 3,209,307
3,530,344

Bath Street Properties Limited (Registered number: SC239078)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 83,313 114,268
Amounts owed by associates 418,163 -
Other debtors 27,533 21,542
529,009 135,810

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 26,000 53,647
Trade creditors 3,198 8,066
Taxation and social security 74,066 17,525
Other creditors 115,891 128,662
219,155 207,900

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 2,084,556 2,080,519
Other creditors 308,803 307,579
2,393,359 2,388,098

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 2,110,556 2,134,166

The bank hold heritable security over the property at 193-199 Bath Street, Glasgow, and as well as a floating charge.

10. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 123 -

Deferred
tax
£   
Charge to Income Statement during year 123
Balance at 31 January 2024 123

Bath Street Properties Limited (Registered number: SC239078)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

11. RESERVES
Fair
value
reserve
£   
At 1 February 2023
and 31 January 2024 (55,682 )

12. RELATED PARTY DISCLOSURES

During the year under review, the company paid a loan of £418,163 (2023: NIL) to Stellar Property Group Ltd, a company in which Mr Brian Richards has a controlling interest. The loan is repayable on demand.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Bath Street Properties Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bath Street Properties Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Bath Street Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bath Street Properties Limited and state those matters that we have agreed to state to the director of Bath Street Properties Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Bath Street Properties Limited 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 Bath Street Properties Limited. You consider that Bath Street Properties Limited 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 Bath Street Properties Limited. 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.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


24 September 2024