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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC214171
2023-01-01
2023-12-31
SC214171
2023-12-31
SC214171
2022-12-31
SC214171
2022-01-01
2022-12-31
SC214171
2022-12-31
SC214171
2021-12-31
SC214171
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
SC214171
core:MotorVehicles
2023-01-01
2023-12-31
SC214171
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
SC214171
bus:OrdinaryShareClass2
2023-01-01
2023-12-31
SC214171
bus:Director2
2023-01-01
2023-12-31
SC214171
core:WithinOneYear
2023-12-31
SC214171
core:WithinOneYear
2022-12-31
SC214171
core:AfterOneYear
2023-12-31
SC214171
core:AfterOneYear
2022-12-31
SC214171
core:UKTax
2022-01-01
2022-12-31
SC214171
core:ShareCapital
2023-12-31
SC214171
core:ShareCapital
2022-12-31
SC214171
core:RetainedEarningsAccumulatedLosses
2023-12-31
SC214171
core:RetainedEarningsAccumulatedLosses
2022-12-31
SC214171
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
SC214171
core:Non-currentFinancialInstruments
2023-12-31
SC214171
core:Non-currentFinancialInstruments
2022-12-31
SC214171
bus:SmallEntities
2023-01-01
2023-12-31
SC214171
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
SC214171
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
SC214171
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
SC214171
bus:AbridgedAccounts
2023-01-01
2023-12-31
SC214171
bus:OrdinaryShareClass1
2023-12-31
SC214171
bus:OrdinaryShareClass1
2022-12-31
SC214171
bus:OrdinaryShareClass2
2023-12-31
SC214171
bus:OrdinaryShareClass2
2022-12-31
SC214171
bus:AllOrdinaryShares
2023-12-31
SC214171
bus:AllOrdinaryShares
2022-12-31
SC214171
core:PlantMachinery
2023-01-01
2023-12-31
SC214171
core:AllAssociates
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
SC214171
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 December 2023
Abridged statement of financial position |
1 to 2 |
|
|
Notes to the abridged financial statements |
3 to 7 |
|
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
|
1,056,471 |
1,067,764 |
Investments |
7 |
|
10,000 |
10,000 |
|
|
------------ |
------------ |
|
|
1,066,471 |
1,077,764 |
|
|
|
|
|
Current assets
Debtors |
8 |
42,864 |
|
75,924 |
Cash at bank and in hand |
23,292 |
|
20,668 |
|
-------- |
|
-------- |
|
66,156 |
|
96,592 |
|
|
|
|
|
Creditors: amounts falling due within one year |
318,636 |
|
332,042 |
|
--------- |
|
--------- |
Net current liabilities |
|
252,480 |
235,450 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
813,991 |
842,314 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
16,231 |
26,089 |
|
|
|
|
Provisions
Deferred tax |
|
5,419 |
7,343 |
|
|
--------- |
--------- |
Net assets |
|
792,341 |
808,882 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
1,000 |
1,000 |
Profit and loss account |
|
791,341 |
807,882 |
|
|
--------- |
--------- |
Shareholder funds |
|
792,341 |
808,882 |
|
|
--------- |
--------- |
|
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
Abridged Statement of Financial Position (continued) |
|
31 December 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
3 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC214171
Notes to the Abridged Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 4 Parkland Of Murroes, By Kellas, Dundee, Scotland, DD5 3PB.
2.
Statement of compliance
These abridged 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. 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 The turnover represents property rental amounts charged during the year.
Corporation 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 Fixed assets, which comprise investment properties for commercial rent, are initially recorded at cost and then subject to revaluation annually by the director.
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:
|
Fixtures and fittings |
- |
33% straight line |
|
Plant & Machinery |
- |
25 to 33.33% Straight line |
|
Motor Vehicles |
- |
25% straight line |
|
|
|
|
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 FRS 102 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 provisions of the Act is required in order to give a true and fair view.
Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. 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.
Government grants
Revenue grants are recognised in the Statement of Income and Retained Earnings in the period to which they relate.
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 abridged 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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tax on (loss)/profit
Major components of tax (income)/expense
Current tax:
UK current tax expense |
– |
1,190 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
(
1,924) |
4,101 |
|
------- |
------- |
Tax on (loss)/profit |
(
1,924) |
5,291 |
|
------- |
------- |
|
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 |
1,103,825 |
Additions |
11,519 |
|
------------ |
At 31 December 2023 |
1,115,344 |
|
------------ |
Depreciation |
|
At 1 January 2023 |
36,061 |
Charge for the year |
22,812 |
|
------------ |
At 31 December 2023 |
58,873 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
1,056,471 |
|
------------ |
At 31 December 2022 |
1,067,764 |
|
------------ |
|
|
The director has reviewed the value carried in the accounts for the company's investment property and is of the view that the current market value is not materially different from the value reflected in these accounts.
7.
Investments
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
10,000 |
|
-------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
10,000 |
|
-------- |
At 31 December 2022 |
10,000 |
|
-------- |
|
|
8.
Debtors
Debtors include amounts of £21,844 (2022: £32,858) falling due after more than one year.
9.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
500 |
500 |
500 |
500 |
'A' Ordinary shares of £ 1 each |
500 |
500 |
500 |
500 |
|
------- |
------- |
------- |
------- |
|
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
In 2003 500 Ordinary £1 shares were converted into 500 Ordinary 'A' £1 shares. These shares rank pari passu with the Ordinary shares.
10.
Director's advances, credits and guarantees
During the year, dividends amounting to £1,000 (2022 - £1,990) was paid to the director.
11.
Related party transactions
The company advanced funds amounting to £nil (2022 - £10,000) during the year, to a company of a related party of the shareholder, the amount owing to the company at the year end was £4,058 (2022 -£7,580). The amount which is disclosed within Debtors and is expected to be recovered within a year with interest being charged at 4% per annum. During the year the whole amount of the director's loan balance was ceded to the Mike Went Trust account. Interest is charged at a variable rate.