Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Julie Goggin 01/01/2012 Norma Mackay 15/10/2001 Robert Hugh Mackay 15/10/2001 Ronald Norman Mackay 01/12/2014 29 August 2024 The principal activity of the Company during the financial year was that of property rental, property development and vehicle and equipment hire. SC224247 2023-12-31 SC224247 bus:Director1 2023-12-31 SC224247 bus:Director2 2023-12-31 SC224247 bus:Director3 2023-12-31 SC224247 bus:Director4 2023-12-31 SC224247 2022-12-31 SC224247 core:CurrentFinancialInstruments 2023-12-31 SC224247 core:CurrentFinancialInstruments 2022-12-31 SC224247 core:Non-currentFinancialInstruments 2023-12-31 SC224247 core:Non-currentFinancialInstruments 2022-12-31 SC224247 core:ShareCapital 2023-12-31 SC224247 core:ShareCapital 2022-12-31 SC224247 core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 SC224247 core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 SC224247 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC224247 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC224247 core:PlantMachinery 2022-12-31 SC224247 core:Vehicles 2022-12-31 SC224247 core:OtherPropertyPlantEquipment 2022-12-31 SC224247 core:PlantMachinery 2023-12-31 SC224247 core:Vehicles 2023-12-31 SC224247 core:OtherPropertyPlantEquipment 2023-12-31 SC224247 bus:OrdinaryShareClass1 2023-12-31 SC224247 bus:OrdinaryShareClass2 2023-12-31 SC224247 bus:OrdinaryShareClass3 2023-12-31 SC224247 2023-01-01 2023-12-31 SC224247 bus:FilletedAccounts 2023-01-01 2023-12-31 SC224247 bus:SmallEntities 2023-01-01 2023-12-31 SC224247 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC224247 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC224247 bus:Director1 2023-01-01 2023-12-31 SC224247 bus:Director2 2023-01-01 2023-12-31 SC224247 bus:Director3 2023-01-01 2023-12-31 SC224247 bus:Director4 2023-01-01 2023-12-31 SC224247 core:PlantMachinery 2023-01-01 2023-12-31 SC224247 core:Vehicles 2023-01-01 2023-12-31 SC224247 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC224247 2022-01-01 2022-12-31 SC224247 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC224247 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC224247 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC224247 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC224247 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC224247 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC224247 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 SC224247 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC224247 (Scotland)

HUNTLY PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

HUNTLY PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

HUNTLY PROPERTIES LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
HUNTLY PROPERTIES LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 129,915 142,846
Investment property 4 431,030 990,001
560,945 1,132,847
Current assets
Debtors 5 402,877 464,856
Cash at bank and in hand 664,204 219,310
1,067,081 684,166
Creditors: amounts falling due within one year 6 ( 254,175) ( 346,856)
Net current assets 812,906 337,310
Total assets less current liabilities 1,373,851 1,470,157
Creditors: amounts falling due after more than one year 7 ( 250,000) ( 250,000)
Provision for liabilities 8 ( 4,357) ( 11,853)
Net assets 1,119,494 1,208,304
Capital and reserves
Called-up share capital 9 175 175
Fair value reserve 14,943 177,901
Profit and loss account 1,104,376 1,030,228
Total shareholders' funds 1,119,494 1,208,304

For the financial 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 financial statements of Huntly Properties Ltd (registered number: SC224247) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

Robert Hugh Mackay
Director
HUNTLY PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
HUNTLY PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Huntly Properties Ltd (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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, 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 £.

Turnover

Turnover represents amounts receivable in respect of property rental, property development and vehicle and equipment hire, net of VAT.

Revenue from property rental is recognised on the accruals basis and in accordance with a rental agreement.

Revenue from property development is recognised at the point at which an irrevocable contract exists and all material conditions have been met.

Revenue from vehicle and equipment hire is recognised by reference to the period of rental on accruals basis.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 and freehold land, 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:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 10 years straight line

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.

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.

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 external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

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

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price. 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 January 2023 35,681 82,899 140,846 259,426
Additions 16,199 0 0 16,199
Disposals 0 ( 4,717) 0 ( 4,717)
At 31 December 2023 51,880 78,182 140,846 270,908
Accumulated depreciation
At 01 January 2023 25,671 40,925 49,984 116,580
Charge for the financial year 4,600 10,456 13,887 28,943
Disposals 0 ( 4,530) 0 ( 4,530)
At 31 December 2023 30,271 46,851 63,871 140,993
Net book value
At 31 December 2023 21,609 31,331 76,975 129,915
At 31 December 2022 10,010 41,974 90,862 142,846

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 990,001
Additions 13,699
Disposals (572,670)
As at 31 December 2023 431,030

Valuation

The fair value of the investment properties have been arrived at on the basis of valuation carried out at 31 December 2023 by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2023 2022
£ £
Trade debtors 147,390 227,005
Other debtors 255,487 237,851
402,877 464,856

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 5,704 23,759
Taxation and social security 6,484 32,425
Other creditors 241,987 290,672
254,175 346,856

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

2023 2022
£ £
Other creditors 250,000 250,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 4,357 11,853

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
75 Ordinary shares of £ 1.00 each 75 75
50 A Ordinary shares of £ 1.00 each 50 50
50 B Ordinary shares of £ 1.00 each 50 50
175 175

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to key management personnel 471,889 519,759

£250,000 of the above balance is included in long term liabilities.