Company registration number SC573914 (Scotland)
CLARKSTOUN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CLARKSTOUN LTD
COMPANY INFORMATION
Directors
D Clark
J Houstoun
Company number
SC573914
Registered office
7th Floor
Capella
60 York Street
Glasgow
Scotland
G2 8JX
Accountants
French Duncan LLP trading as AAB
10th Floor
133 Finnieston Street
Glasgow
United Kingdom
G3 8HB
CLARKSTOUN LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CLARKSTOUN LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
215,564
215,564
Current assets
Debtors
5
166
165
Cash at bank and in hand
1,140
8,471
1,306
8,636
Creditors: amounts falling due within one year
6
(34,293)
(32,275)
Net current liabilities
(32,987)
(23,639)
Total assets less current liabilities
182,577
191,925
Creditors: amounts falling due after more than one year
7
(87,088)
(115,033)
Net assets
95,489
76,892
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
95,487
76,890
Total equity
95,489
76,892
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CLARKSTOUN LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
D Clark
J Houstoun
Director
Director
Company Registration No. SC573914
CLARKSTOUN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Clarkstoun Ltd is a private company limited by shares incorporated in Scotland. The registered office is 7th Floor, Capella, 60 York Street, Glasgow, Scotland, G2 8JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover represents rental income receivable in the year, exclusive of Value Added Tax.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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 current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CLARKSTOUN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
215,564
Investment property has been valued at cost. The directors believe this is not materially different from the property's fair value.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
166
165
CLARKSTOUN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
27,946
26,601
Corporation tax
4,362
4,189
Other taxation and social security
1,485
1,485
Other creditors
500
34,293
32,275
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
87,088
115,033
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
181,700
159,500