Registration number:
Stewart's (Edinburgh) Holdings Limited
for the Year Ended 28 November 2023
Stewart's (Edinburgh) Holdings Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Stewart's (Edinburgh) Holdings Limited
Company Information
Director |
J S Miller |
Registered office |
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Accountants |
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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.
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Chartered Accountants
Edinburgh
Lothian
EH9 3DP
Stewart's (Edinburgh) Holdings Limited
(Registration number: SC024640)
Balance Sheet as at 28 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100,000 |
100,000 |
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Capital redemption reserve |
600,000 |
600,000 |
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Non distributable reserve |
1,932,998 |
1,841,498 |
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Other reserves |
1,973,503 |
1,973,503 |
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Retained earnings |
(1,698,093) |
(1,746,028) |
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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:
• |
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• |
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
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Stewart's (Edinburgh) Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Stewart's (Edinburgh) Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023
Taxation |
2023 |
2022 |
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£ |
£ |
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Current tax: |
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UK Corporation tax |
15,655 |
11,097 |
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Deferred tax |
23,500 |
101,825 |
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39,155 |
112,922 |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 29 November 2022 |
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At 28 November 2023 |
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Depreciation |
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At 29 November 2022 |
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Charge for the year |
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At 28 November 2023 |
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Carrying amount |
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At 28 November 2023 |
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At 28 November 2022 |
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Investment properties |
2023 |
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At 29 November |
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Fair value adjustments |
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At 28 November |
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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.
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Stewart's (Edinburgh) Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023
Subsidiaries |
£ |
Cost |
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At 29 November 2022 |
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Provision |
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Carrying amount |
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At 28 November 2023 |
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At 28 November 2022 |
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Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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
Provision for liabilities |
2023 |
2022 |
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£ |
£ |
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Deferred tax |
402,500 |
379,000 |
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Deferred tax |
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Balance at |
29 November 2022 |
379,000 |
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Charge / (credit) to P & L account during the year |
23,500 |
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Balance at |
28 November 2023 |
402,500 |
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Deferred tax comprises: |
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Capital allowances |
- |
- |
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Revaluation gains |
402,500 |
379,000 |
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402,500 |
379,000 |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100,000 |
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100,000 |
Related party transactions |
Summary of transactions with subsidiaries
2023 |
2022 |
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£ |
£ |
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Grange (Edinburgh) Heritable Investment Company Limited |
483,183 |
666,151 |
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Andinvest Limited |
373,149 |
333,580 |
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856,332 |
999,731 |