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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
80,023
80,023
80,023
100
100
100
xbrli:pure
xbrli:shares
iso4217:GBP
SC722668
2023-01-01
2023-12-31
SC722668
2023-12-31
SC722668
2022-12-31
SC722668
2022-02-10
2022-12-31
SC722668
2022-12-31
SC722668
2022-02-09
SC722668
bus:Director1
2023-01-01
2023-12-31
SC722668
bus:Director2
2023-01-01
2023-12-31
SC722668
core:WithinOneYear
2023-12-31
SC722668
core:WithinOneYear
2022-12-31
SC722668
core:AfterOneYear
2023-12-31
SC722668
core:AfterOneYear
2022-12-31
SC722668
core:ShareCapital
2023-12-31
SC722668
core:ShareCapital
2022-12-31
SC722668
core:RetainedEarningsAccumulatedLosses
2023-12-31
SC722668
core:RetainedEarningsAccumulatedLosses
2022-12-31
SC722668
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
SC722668
core:Non-currentFinancialInstruments
2023-12-31
SC722668
core:Non-currentFinancialInstruments
2022-12-31
SC722668
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
SC722668
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
SC722668
bus:SmallEntities
2023-01-01
2023-12-31
SC722668
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
SC722668
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
SC722668
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
SC722668
bus:FullAccounts
2023-01-01
2023-12-31
SC722668
core:Subsidiary1
2023-01-01
2023-12-31
SC722668
core:Subsidiary1
2022-02-10
2022-12-31
COMPANY REGISTRATION NUMBER:
SC722668
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
4 |
80,023 |
80,023 |
Investments |
5 |
100 |
100 |
|
-------- |
-------- |
|
80,123 |
80,123 |
|
|
|
|
Current assets
Debtors |
6 |
1,250 |
595 |
Cash at bank and in hand |
2,103 |
2,254 |
|
------- |
------- |
|
3,353 |
2,849 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
5,637 |
3,400 |
|
------- |
------- |
Net current liabilities |
2,284 |
551 |
|
-------- |
-------- |
Total assets less current liabilities |
77,839 |
79,572 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
49,525 |
53,560 |
|
-------- |
-------- |
Net assets |
28,314 |
26,012 |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
28,214 |
25,912 |
|
-------- |
-------- |
Shareholders funds |
28,314 |
26,012 |
|
-------- |
-------- |
|
|
|
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.
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
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
24 September 2024
, and are signed on behalf of the board by:
D J Foster |
A W Brewster |
Director |
Director |
|
|
Company registration number:
SC722668
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 1 Redwood Crescent, East Kilbride, G74 5PA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
80,023 |
|
-------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
80,023 |
|
-------- |
At 31 December 2022 |
80,023 |
|
-------- |
|
|
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
100 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2023 |
100 |
|
---- |
At 31 December 2022 |
100 |
|
---- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
1,250 |
595 |
|
------- |
---- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
4,037 |
1,905 |
Other creditors |
1,600 |
1,495 |
|
------- |
------- |
|
5,637 |
3,400 |
|
------- |
------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
49,525 |
53,560 |
|
-------- |
-------- |
|
|
|
The company has granted a standard security to The Mortgage Works (UK) PLC over the investment property
Included within creditors: amounts falling due after more than one year is an amount of £44,571 (2022: £46,675) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The terms
of repayment are fixed at 3.85% until July 2024 and then variable at a current rate of 5.24% for 216 months until July 2042.
9.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
Transaction value |
|
2023 |
2022 |
|
£ |
£ |
Evo Enterprises Ltd |
– |
30,328 |
|
---- |
-------- |
|
|
|
Control:- The company was under the control of the directors throughout the period under review. Transactions:- During the previous year the company received dividends from EVO Enterprises Ltd, a wholly owned subsidiary company controlled by the directors, amounting to £30,238.