0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC299400 2023-04-01 2024-03-31 SC299400 2024-03-31 SC299400 2023-03-31 SC299400 2022-04-01 2023-03-31 SC299400 2023-03-31 SC299400 2022-03-31 SC299400 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC299400 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC299400 bus:Director2 2023-04-01 2024-03-31 SC299400 core:LandBuildings 2024-03-31 SC299400 core:WithinOneYear 2024-03-31 SC299400 core:WithinOneYear 2023-03-31 SC299400 core:AfterOneYear 2024-03-31 SC299400 core:AfterOneYear 2023-03-31 SC299400 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 SC299400 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC299400 core:UKTax 2023-04-01 2024-03-31 SC299400 core:UKTax 2022-04-01 2023-03-31 SC299400 core:ShareCapital 2024-03-31 SC299400 core:ShareCapital 2023-03-31 SC299400 core:RevaluationReserve 2024-03-31 SC299400 core:RevaluationReserve 2023-03-31 SC299400 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC299400 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC299400 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 SC299400 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 SC299400 core:LandBuildings 2023-03-31 SC299400 bus:SmallEntities 2023-04-01 2024-03-31 SC299400 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC299400 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC299400 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC299400 bus:FullAccounts 2023-04-01 2024-03-31 SC299400 bus:OrdinaryShareClass1 2024-03-31 SC299400 bus:OrdinaryShareClass1 2023-03-31 SC299400 bus:OrdinaryShareClass2 2024-03-31 SC299400 bus:OrdinaryShareClass2 2023-03-31 SC299400 bus:AllOrdinaryShares 2024-03-31 SC299400 bus:AllOrdinaryShares 2023-03-31 SC299400 core:OfficeEquipment 2023-04-01 2024-03-31 SC299400 core:OfficeEquipment 2024-03-31 SC299400 core:OfficeEquipment 2023-03-31 SC299400 core:AllAssociates 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: SC299400
Strachmor Ltd
Filleted Unaudited Financial Statements
31 March 2024
Strachmor Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
818,373
818,497
Current assets
Debtors
6
457,289
455,450
Cash at bank and in hand
2,009
4,773
---------
---------
459,298
460,223
Creditors: amounts falling due within one year
7
365,884
369,612
---------
---------
Net current assets
93,414
90,611
---------
---------
Total assets less current liabilities
911,787
909,108
Creditors: amounts falling due after more than one year
8
316,578
335,534
Provisions
Deferred tax
80,567
80,567
---------
---------
Net assets
514,642
493,007
---------
---------
Capital and reserves
Called up share capital
10
100
100
Fair value reserve (undistributable)
11
135,122
135,122
Profit and loss account
11
379,420
357,785
---------
---------
Shareholders funds
514,642
493,007
---------
---------
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 income and retained earnings has not been delivered.
For the 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 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 .
Strachmor Ltd
Statement of Financial Position (continued)
31 March 2024
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:
Mrs F. A. Moir
Director
Company registration number: SC299400
Strachmor Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 383 Brook Street, Broughty Ferry, Dundee, DD5 2DS.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the income statement represents property rental amounts charged during the year.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Fixed assets also include investment properties for residential and commercial rent.
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:
Equipment
-
25% reducing balance
Investment property
Investment property is initially recorded 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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provision of the Companies Act 2006 is required in order to give a true and fair view.
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.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
5,573
8,033
-------
-------
Tax on profit
5,573
8,033
-------
-------
5. Tangible assets
Investment Property
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
818,000
986
818,986
---------
----
---------
Depreciation
At 1 April 2023
489
489
Charge for the year
124
124
---------
----
---------
At 31 March 2024
613
613
---------
----
---------
Carrying amount
At 31 March 2024
818,000
373
818,373
---------
----
---------
At 31 March 2023
818,000
497
818,497
---------
----
---------
Two of the properties were valued on the open market basis by DM Hall, Chartered Surveyors in April 2018. The directors have reviewed the values of the properties during the year and revalued them on an open market basis.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment Property
£
At 31 March 2024
Aggregate cost
602,311
Aggregate depreciation
---------
Carrying value
602,311
---------
At 31 March 2023
Aggregate cost
602,311
Aggregate depreciation
---------
Carrying value
602,311
---------
6. Debtors
2024
2023
£
£
Trade debtors
1,283
919
Other debtors
456,006
454,531
---------
---------
457,289
455,450
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,500
22,691
Corporation tax
5,574
8,034
Other creditors
338,810
338,887
---------
---------
365,884
369,612
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
316,578
335,534
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £246,876 (2023: £254,248) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank holds a standard security over the company's investment properties.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
80,567
80,567
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
80,567
80,567
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
99
99
99
99
Preference shares of £ 1 each
1
1
1
1
----
----
----
----
100
100
100
100
----
----
----
----
11. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Fair value reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The Fair value reserve is undistributable.
12. Transactions with directors
The company is owned by the directors. At the year end, the directors were due to be repaid £334,209 (2023 - 334,515). The loan is interest free with no set repayment terms.
13. Related party transactions
At the year end Strachmor Developments Limited was due to repay the company £453,896 (2023 - £453,098). Strachmor Developments Limited is a company under common control.