REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
Toscaig Homes Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
Toscaig Homes Ltd |
Toscaig Homes Ltd (Registered number: SC652449) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Toscaig Homes Ltd |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
18 North Silver Street |
Aberdeen |
AB10 1JU |
Toscaig Homes Ltd (Registered number: SC652449) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Toscaig Homes Ltd (Registered number: SC652449) |
Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the director and authorised for issue on |
Toscaig Homes Ltd (Registered number: SC652449) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Toscaig Homes Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
Turnover and other income recognition |
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows: |
Rental Property |
Rental income is recognised based on monthly rental periods, in accordance with property rental agreements. |
Investment property |
Investments property for which fair value can be measured reliably without undue cost of effort are measured at fair value at each reporting date which changes in the fair value recognised in the Income Statement. Deferred tax is provided on any gains at the rate expected to apply when the property is sold. |
Fair Value is based on property market values. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Toscaig Homes Ltd (Registered number: SC652449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only 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 on revalued investment properties is measured using the rates and allowances that apply to the reversal of the timing differences. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Revaluations | 2,240 |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 2022 | 16,700 |
Valuation in 2023 | 4,000 |
Valuation in 2024 | 2,240 |
Cost | 167,060 |
190,000 |
Investment property was valued on an open market basis on 31 January 2024 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Other debtors |
Toscaig Homes Ltd (Registered number: SC652449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Loan | 135,000 | 135,000 |
Alison Macleod holds a standard security over the company's property at 21 St Joseph's Court, Dundee. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2023 |
Fair value adjustment | 2,240 |
At 31 January 2024 |