REGISTERED NUMBER: |
SHQ PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
29 FEBRUARY 2024 |
REGISTERED NUMBER: |
SHQ PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
29 FEBRUARY 2024 |
SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SHQ PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Royal Crescent |
Glasgow |
G3 7SP |
SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338) |
BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investments | 4 |
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 |
SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338) |
BALANCE SHEET - continued |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | 8 |
The director acknowledges her 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
The turnover shown in the profit and loss account represents the value of rental income received during the year. Income is recognised based on the amount due for the period. |
Tangible fixed assets |
Equipment and Fittings | - |
Investment property |
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent. |
This is in accordance with FRS102 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. |
Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement. |
Fixed asset investments |
Fixed asset investments are stated at cost unless, in the opinion of the Directors, there has been an impairment, in which case an appropriate adjustment is made. |
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. |
SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | 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. |
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. |
Financial instruments |
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | TANGIBLE FIXED ASSETS |
Equipment |
and |
Fittings |
£ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 March 2023 |
Impairments | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 29 February 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | (5,047 | ) |
Cost | 91,047 |
86,000 |
This represented the Hamilton M&A Fund SP provided by Hamilton Investment Management Ltd, which is a Cayman Islands Segregated Portfolio Company operating as a mutual fund under Section 4(3) of the Mutual Funds Act (Revised) of the Cayman Islands. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2022 | 7,402 |
Cost | 951,858 |
959,260 |
The properties were revalued by the director at the year end. |
SHQ PROPERTIES LIMITED (REGISTERED NUMBER: SC690338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation Tax |
Social security and other taxes |
Other creditors |
Loan from shareholder |
Directors' current accounts |
Accrued expenses |
The loans from director and shareholder are repayable on demand. |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 32,491 |
Profit for the year |
Revaluation surplus | 4,088 | (4,088 | ) | - |
At 29 February 2024 | 51,296 |
9. | RELATED PARTY DISCLOSURES |
The loan balance due to the director amounted to £ |
The loan balance due to a shareholder amounted to £ |