Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Brian Toft 23/04/1996 Edward Toft 23/04/1996 Aileen Toft-Mcnamee 23/04/1996 18 September 2024 The principal activity of the Company during the financial year was that of property letting. SC164012 2024-03-31 SC164012 bus:Director1 2024-03-31 SC164012 bus:Director2 2024-03-31 SC164012 bus:Director3 2024-03-31 SC164012 2023-03-31 SC164012 core:CurrentFinancialInstruments 2024-03-31 SC164012 core:CurrentFinancialInstruments 2023-03-31 SC164012 core:Non-currentFinancialInstruments 2024-03-31 SC164012 core:Non-currentFinancialInstruments 2023-03-31 SC164012 core:ShareCapital 2024-03-31 SC164012 core:ShareCapital 2023-03-31 SC164012 core:RevaluationReserve 2024-03-31 SC164012 core:RevaluationReserve 2023-03-31 SC164012 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC164012 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC164012 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 SC164012 core:Vehicles 2023-03-31 SC164012 core:InvestmentPropertyIncludedWithinPPE 2024-03-31 SC164012 core:Vehicles 2024-03-31 SC164012 core:CurrentFinancialInstruments core:Secured 2024-03-31 SC164012 bus:OrdinaryShareClass1 2024-03-31 SC164012 2023-04-01 2024-03-31 SC164012 bus:FilletedAccounts 2023-04-01 2024-03-31 SC164012 bus:SmallEntities 2023-04-01 2024-03-31 SC164012 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC164012 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC164012 bus:Director1 2023-04-01 2024-03-31 SC164012 bus:Director2 2023-04-01 2024-03-31 SC164012 bus:Director3 2023-04-01 2024-03-31 SC164012 core:Vehicles 2023-04-01 2024-03-31 SC164012 2022-04-01 2023-03-31 SC164012 core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 SC164012 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC164012 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC164012 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC164012 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC164012 (Scotland)

TOFT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

TOFT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

TOFT PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
TOFT PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 557,477 520,000
557,477 520,000
Current assets
Debtors 4 194,050 193,393
Cash at bank and in hand 5 67,032 98,635
261,082 292,028
Creditors: amounts falling due within one year 6 ( 360,943) ( 366,330)
Net current liabilities (99,861) (74,302)
Total assets less current liabilities 457,616 445,698
Creditors: amounts falling due after more than one year 7 ( 144,715) ( 156,588)
Net assets 312,901 289,110
Capital and reserves
Called-up share capital 8 6 6
Revaluation reserve 35,410 35,410
Profit and loss account 277,485 253,694
Total shareholders' funds 312,901 289,110

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

Directors' responsibilities:

The financial statements of Toft Properties Limited (registered number: SC164012) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

Aileen Toft-Mcnamee
Director
TOFT PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
TOFT PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Toft Properties 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 Toft Properties Ltd, 154 Market Street, Aberdeen, AB11 5PP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified 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

Although the financial statements have net current liabilities of £99,861 (2023 - £74,302) they have been prepared on a going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors and related parties will not see repayment for amounts due to them until there are sufficient cash resources to do so.

Turnover

Turnover relates to rental income receivable and is recognised by reference to the periods covered by each receipt, on an accruals basis. Rental income received in advanced of the period covered is credited to deferred income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand with original maturities of three months or less.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Investment property Vehicles Total
£ £ £
Cost
At 01 April 2023 651,050 0 651,050
Additions 0 41,641 41,641
At 31 March 2024 651,050 41,641 692,691
Accumulated depreciation
At 01 April 2023 131,050 0 131,050
Charge for the financial year 0 4,164 4,164
At 31 March 2024 131,050 4,164 135,214
Net book value
At 31 March 2024 520,000 37,477 557,477
At 31 March 2023 520,000 0 520,000

4. Debtors

2024 2023
£ £
Other debtors 194,050 193,393

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 67,032 98,635

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 12,831 13,789
Taxation and social security 2,100 6,378
Other creditors 346,012 346,163
360,943 366,330

Bank loans are secured by a standard security and floating charge over the assets of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 144,715 156,588

Bank loans are secured by a standard security and floating charge over the assets of the company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each 6 6

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts due to connected company (342,957) (342,957)

Transactions with the entity's directors

2024 2023
£ £
Directors' Current Accounts 141,329 141,329

The above loans are interest free and there are no fixed terms of repayment in place.