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Registration number: SC024640

Stewart's (Edinburgh) Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 November 2023

 

Stewart's (Edinburgh) Holdings Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Stewart's (Edinburgh) Holdings Limited

Company Information

Director

J S Miller

Registered office




Registered number

48 College Way
Gullane
East Lothian
EH31 2BX

SC024640
 

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Stewart's (Edinburgh) Holdings Limited
for the Year Ended 28 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stewart's (Edinburgh) Holdings Limited for the year ended 28 November 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Stewart's (Edinburgh) Holdings Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stewart's (Edinburgh) Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Stewart's (Edinburgh) Holdings Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Stewart's (Edinburgh) Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Stewart's (Edinburgh) Holdings Limited. You consider that Stewart's (Edinburgh) Holdings 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 accounts of Stewart's (Edinburgh) Holdings 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 accounts.

......................................

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

26 September 2024

 

Stewart's (Edinburgh) Holdings Limited

(Registration number: SC024640)
Balance Sheet as at 28 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

14,137

21,699

Investment property

7

2,340,000

2,225,000

Investments

8

261,603

261,603

 

2,615,740

2,508,302

Current assets

 

Debtors

9

857,827

1,001,226

Cash at bank and in hand

 

237,076

46,487

 

1,094,903

1,047,713

Creditors: Amounts falling due within one year

10

(399,735)

(408,042)

Net current assets

 

695,168

639,671

Total assets less current liabilities

 

3,310,908

3,147,973

Provisions for liabilities

11

(402,500)

(379,000)

Net assets

 

2,908,408

2,768,973

Capital and reserves

 

Called up share capital

12

100,000

100,000

Capital redemption reserve

600,000

600,000

Non distributable reserve

 

1,932,998

1,841,498

Other reserves

1,973,503

1,973,503

Retained earnings

(1,698,093)

(1,746,028)

Shareholders' funds

 

2,908,408

2,768,973

For the financial year ending 28 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 September 2024
 

.........................................
J S Miller
Director

 

Stewart's (Edinburgh) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
48 College Way
Gullane
East Lothian
EH31 2BX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is sterling.

The financial statements contain information about Stewart's (Edinburgh) Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Going concern

The financial statements have been prepared on the going concern basis.The director has concluded the going concern basis is appropriate as he expects the company will meet its working capital commitments as they fall due out of normal cashflow and expects it to be able to continue to do so. The company's creditors include £370,959 (2022 £387,597) due to the company's managing director. He has postponed repayment of this balance until the company has sufficient liquidity to repay it.

Revenue recognition

Turnover represents the amount of rental income receivable for the year.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, less residual value, over their estimated useful lives, as follows:

 

Stewart's (Edinburgh) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

Asset class

Depreciation method and rate

Office equipment

20% to 25% per annum straight line

Motor vehicles

20% per annum straight line

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investment property

Investment properties are carried at fair value. Changes in fair value and changes in deferred tax provision on investment properties carried at fair value are recognised in profit or loss. These are transferred, for ease of identification, to a non distributable reserve which displays the cumulative unrealised surplus or deficit on revaluation net of associated deferred tax.

Investments

Fixed asset investments, other than investment properties which are disclosed separately, comprise equity shares in subsidiary undertakings. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful life or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

7,562

7,562

 

Stewart's (Edinburgh) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

5

Taxation

2023

2022

£

£

Current tax:

UK Corporation tax

15,655

11,097

Deferred tax

23,500

101,825

39,155

112,922

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 29 November 2022

3,116

35,000

38,116

At 28 November 2023

3,116

35,000

38,116

Depreciation

At 29 November 2022

2,417

14,000

16,417

Charge for the year

562

7,000

7,562

At 28 November 2023

2,979

21,000

23,979

Carrying amount

At 28 November 2023

137

14,000

14,137

At 28 November 2022

699

21,000

21,699

7

Investment properties

2023
£

At 29 November

2,225,000

Fair value adjustments

115,000

At 28 November

2,340,000

The investment properties which have capitalised costs totalling £4,434 (2022 £4,434) were valued by the director on 28 November 2023 at £2,340,000 (2022 £2,225,000) at their fair value, discounted for tenants' rights where applicable.

8

Investments

2023
£

2022
£

Investments in subsidiaries

261,603

261,603

 

Stewart's (Edinburgh) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

Subsidiaries

£

Cost

At 29 November 2022

261,603

Provision

Carrying amount

At 28 November 2023

261,603

At 28 November 2022

261,603

9

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

13

856,332

999,731

Prepayments

 

1,495

1,495

   

857,827

1,001,226

10

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

19,558

13,218

Accruals and deferred income

9,218

7,227

Other creditors

370,959

387,597

399,735

408,042

Included in other creditors is a loan balance of £370,959 (2022 - £387,597) due to the director. The loan is interest free and has no repayment terms.

 

Stewart's (Edinburgh) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

11

Provision for liabilities

2023

2022

£

£

Deferred tax

402,500

379,000

Deferred tax

Balance at

29 November 2022

379,000

Charge / (credit) to P & L account during the year

23,500

Balance at

28 November 2023

402,500

Deferred tax comprises:

Capital allowances

-

-

Revaluation gains

402,500

379,000

402,500

379,000

12

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

       

13

Related party transactions

Summary of transactions with subsidiaries

The amounts owed by group undertakings comprise balances which are interest free and have no fixed repayment dates as follows:
 

2023

2022

£

£

Grange (Edinburgh) Heritable Investment Company Limited

483,183

666,151

Andinvest Limited

373,149

333,580

856,332

999,731