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REGISTERED NUMBER: SC542694 (Scotland)











Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Forth & Clyde Letting Ltd

Forth & Clyde Letting Ltd (Registered number: SC542694)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Forth & Clyde Letting Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTORS: J K Rafferty
L Rafferty





REGISTERED OFFICE: 23 Main Street
Kilsyth
Glasgow
G65 0AH





REGISTERED NUMBER: SC542694 (Scotland)





ACCOUNTANTS: Wallace and Company C.A.
10 Clydesdale Street
Hamilton
Strathclyde
ML3 0DP

Forth & Clyde Letting Ltd (Registered number: SC542694)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,556 1,514
Investment property 6 2,650,000 2,282,000
2,651,556 2,283,514

CURRENT ASSETS
Cash at bank 43,235 31,746

CREDITORS
Amounts falling due within one year 7 73,589 13,395
NET CURRENT (LIABILITIES)/ASSETS (30,354 ) 18,351
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,621,202

2,301,865

CREDITORS
Amounts falling due after more than one
year

8

1,739,187

1,606,946
NET ASSETS 882,015 694,919

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 79,489 79,489
Retained earnings 802,326 615,230
SHAREHOLDERS' FUNDS 882,015 694,919

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Forth & Clyde Letting Ltd (Registered number: SC542694)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:





J K Rafferty - Director


Forth & Clyde Letting Ltd (Registered number: SC542694)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Forth & Clyde Letting Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

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.

Turnover
Turnover, which excludes value added tax, represents the value of property rental income invoiced during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33.33% on cost

Investment property
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities; including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Forth & Clyde Letting Ltd (Registered number: SC542694)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 2,104
Additions 950
At 31 July 2024 3,054
DEPRECIATION
At 1 August 2023 590
Charge for year 908
At 31 July 2024 1,498
NET BOOK VALUE
At 31 July 2024 1,556
At 31 July 2023 1,514

Forth & Clyde Letting Ltd (Registered number: SC542694)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 2,282,000
Additions 211,353
Revaluations 156,647
At 31 July 2024 2,650,000
NET BOOK VALUE
At 31 July 2024 2,650,000
At 31 July 2023 2,282,000

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2020 55,373
Valuation in 2021 105,853
Valuation in 2022 229,476
Valuation in 2023 37,017
Valuation in 2024 156,647
Cost 2,065,634
2,650,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 13,589 12,347
Other creditors 60,000 1,048
73,589 13,395

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,665,403 1,508,162
Other creditors 73,784 98,784
1,739,187 1,606,946

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,665,403 1,508,162

Forth & Clyde Letting Ltd (Registered number: SC542694)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,665,403 1,508,162

The bank loans and mortgages are secured by standard securities over the individual properties.

10. RELATED PARTY DISCLOSURES

The company operates a joint current account with the directors. As at the balance sheet date the amount owed to them was £73,784 (2023 £98,784).The current account is repayable on demand and no interest is chargeable.

The controlling party is J K Rafferty.