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Company registration number: SC277647
Southfield Properties Limited
Unaudited filleted financial statements
31 December 2023
Southfield Properties Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Southfield Properties Limited
Directors and other information
Directors Jennifer McQueen
Lisa McGurnaghan
Secretary Lisa McGurnaghan
Company number SC277647
Registered office 2 Dora Lane
Lochgelly
Fife
KY5 9BT
Accountant John Lynch & Co
Torridon House
Torridon Lane
Rosyth
Fife
KY8 2EU
Bankers Virgin Money
5 Falkland Gate
Glenrothes
Fife
KY7 5NS
Southfield Properties Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Southfield Properties Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Southfield Properties Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Southfield Properties Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Southfield Properties Limited and state those matters that we have agreed to state to the board of directors of Southfield Properties Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Southfield Properties Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Southfield 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 Southfield Properties Limited. You consider that Southfield Properties Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Southfield Properties Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
John Lynch & Co
Chartered Accountants
Torridon House
Torridon Lane
Rosyth
Fife
KY8 2EU
11 September 2024
Southfield Properties Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 234,902 328,047
_______ _______
234,902 328,047
Current assets
Debtors 6 791 791
Cash at bank and in hand 5,321 1,691
_______ _______
6,112 2,482
Creditors: amounts falling due
within one year 7 ( 49,626) ( 168,300)
_______ _______
Net current liabilities ( 43,514) ( 165,818)
_______ _______
Total assets less current liabilities 191,388 162,229
Provisions for liabilities ( 5,288) -
_______ _______
Net assets 186,100 162,229
_______ _______
Capital and reserves
Called up share capital 2 2
Revaluation reserve 26,441 6,398
Profit and loss account 159,657 155,829
_______ _______
Shareholders funds 186,100 162,229
_______ _______
For the 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 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Jennifer McQueen
Director
Company registration number: SC277647
Southfield Properties Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 2 6,398 157,674 164,074
Profit/(loss) for the year ( 1,845) ( 1,845)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 1,845) ( 1,845)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 2 6,398 155,829 162,229
Profit/(loss) for the year 3,828 3,828
Other comprehensive income for the year:
Revaluation of tangible assets 20,043 20,043
_______ _______ _______ _______
Total comprehensive income for the year - 20,043 3,828 23,871
_______ _______ _______ _______
At 31 December 2023 2 26,441 159,657 186,100
_______ _______ _______ _______
Southfield Properties Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Dora Lane, Lochgelly, Fife, KY5 9BT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 January 2023 324,000 20,685 344,685
Additions 107,305 - 107,305
Disposals ( 200,000) - ( 200,000)
_______ _______ _______
At 31 December 2023 231,305 20,685 251,990
_______ _______ _______
Depreciation
At 1 January 2023 - 16,638 16,638
Charge for the year - 450 450
_______ _______ _______
At 31 December 2023 - 17,088 17,088
_______ _______ _______
Carrying amount
At 31 December 2023 231,305 3,597 234,902
_______ _______ _______
At 31 December 2022 324,000 4,047 328,047
_______ _______ _______
Investment property
The investment properties were valued at fair value by the directors at 31 December 2020.
6. Debtors
2023 2022
£ £
Other debtors 791 791
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 49,626 168,300
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Jennifer McQueen ( 23,264) ( 1,069) ( 24,333)
Lisa McGurnaghan ( 23,264) ( 1,069) ( 24,333)
_______ _______ _______
( 46,528) ( 2,138) ( 48,666)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Jennifer McQueen ( 22,342) ( 922) ( 23,264)
Lisa McGurnaghan ( 22,342) ( 922) ( 23,264)
_______ _______ _______
( 44,684) ( 1,844) ( 46,528)
_______ _______ _______