Silverfin false false 31/12/2023 01/01/2023 31/12/2023 David Acton 02/04/2019 James Gregg 02/04/2019 24 September 2024 The principal activity of the company continued to be that of property rental. SC626512 2023-12-31 SC626512 bus:Director1 2023-12-31 SC626512 bus:Director2 2023-12-31 SC626512 2022-12-31 SC626512 core:CurrentFinancialInstruments 2023-12-31 SC626512 core:CurrentFinancialInstruments 2022-12-31 SC626512 core:Non-currentFinancialInstruments 2023-12-31 SC626512 core:Non-currentFinancialInstruments 2022-12-31 SC626512 core:ShareCapital 2023-12-31 SC626512 core:ShareCapital 2022-12-31 SC626512 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC626512 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC626512 bus:OrdinaryShareClass1 2023-12-31 SC626512 2023-01-01 2023-12-31 SC626512 bus:FilletedAccounts 2023-01-01 2023-12-31 SC626512 bus:SmallEntities 2023-01-01 2023-12-31 SC626512 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC626512 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC626512 bus:Director1 2023-01-01 2023-12-31 SC626512 bus:Director2 2023-01-01 2023-12-31 SC626512 2022-01-01 2022-12-31 SC626512 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC626512 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC626512 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC626512 (Scotland)

GRAMPIAN COMMERCIAL PROPERTY LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GRAMPIAN COMMERCIAL PROPERTY LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GRAMPIAN COMMERCIAL PROPERTY LTD

BALANCE SHEET

As at 31 December 2023
GRAMPIAN COMMERCIAL PROPERTY LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 575,000 726,710
575,000 726,710
Current assets
Debtors 4 1,632 1,322
Cash at bank and in hand 25,689 18,488
27,321 19,810
Creditors: amounts falling due within one year 5 ( 283,513) ( 593,412)
Net current liabilities (256,192) (573,602)
Total assets less current liabilities 318,808 153,108
Creditors: amounts falling due after more than one year 6 ( 289,444) 0
Net assets 29,364 153,108
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 29,264 153,008
Total shareholders' funds 29,364 153,108

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 Grampian Commercial Property Ltd (registered number: SC626512) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

James Gregg
Director
David Acton
Director
GRAMPIAN COMMERCIAL PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GRAMPIAN COMMERCIAL PROPERTY 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

Grampian Commercial Property 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 Fourmanlea, Cobairdy, Huntly, AB54 7YB, 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 £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 726,710
Fair value movement (151,710)
As at 31 December 2023 575,000

Investment property comprises of a commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 27 July 2023 by FG Burnett, Chartered Surveyors. This valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider this valuation to remain appropriate as at 31 December 2023

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 726,710 726,710

4. Debtors

2023 2022
£ £
Other debtors 1,632 1,322

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 24,444 340,000
Trade creditors 0 1,470
Corporation tax 8,332 9,006
Other creditors 250,737 242,936
283,513 593,412

The bank loans are secured by a fixed charge over the property at Craigearn Business Park, Morrison Way, Kintore, AB51 0TH and a floating charge over the property and undertakings of the company.

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

2023 2022
£ £
Bank loans 289,444 0

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary share shares of £ 1.00 each 100 100

8. Financial commitments

Other financial commitments

2023 2022
£ £
Lessor operating lease commitments 436,000 508,000

9. Related party transactions

Transactions with the entity's directors

As at 31 December 2023, the company was due the directors £240,446 (2022 - £240,446). These loans are interest free with no set repayment terms.