Company registration number SC209647 (Scotland)
Heath Row Associates Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with registrar
Heath Row Associates Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Heath Row Associates Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heath Row Associates Limited for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Heath Row Associates Limited, as a body, in accordance with the terms of our engagement letter dated 3 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Heath Row Associates Limited and state those matters that we have agreed to state to the board of directors of Heath Row Associates Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heath Row Associates Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Heath Row Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Heath Row Associates Limited. You consider that Heath Row Associates 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 financial statements of Heath Row Associates 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 financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
3 October 2024
Heath Row Associates Limited
Statement of financial position
as at 31 March 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
835
1,645
Investment properties
3
220,000
220,000
220,835
221,645
Current assets
Stocks
1,915
1,915
Debtors
267
280
Cash at bank and in hand
65,749
72,568
67,931
74,763
Creditors: amounts falling due within one year
(2,531)
(2,898)
Net current assets
65,400
71,865
Total assets less current liabilities
286,235
293,510
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7,966
7,966
Profit and loss reserves
278,169
285,444
Total equity
286,235
293,510
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 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.
Heath Row Associates Limited
Statement of financial position (continued)
as at 31 March 2024
3
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Edward D. Lloyd
Director
Company Registration No. SC209647
Heath Row Associates Limited
Notes to the financial statements
for the year ended 31 March 2024
4
1
Accounting policies
Company information
Heath Row Associates Limited is a private company limited by shares incorporated in Scotland. The registered office is Rosewood, Raemoir Road, Banchory, AB31 4ET and trading address is 13 Heath Row, Banchory, Aberdeenshire, AB31 5UZ.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Heath Row Associates Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
5
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
1.6
Leases
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.
2
Tangible fixed assets
Total
£
Cost
At 1 April 2023 and 31 March 2024
7,758
Depreciation and impairment
At 1 April 2023
6,113
Depreciation charged in the year
810
At 31 March 2024
6,923
Carrying amount
At 31 March 2024
835
At 31 March 2023
1,645
Heath Row Associates Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
6
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
220,000
The fair value of investment property has been arrived at on the basis of a director's valuation. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Directors' transactions
Description
Opening credit balance
Amounts repaid
Closing credit balance
£
£
£
Edward D. Lloyd - Director's loan
396
(391)
5
396
(391)
5