Company registration number SC187997 (Scotland)
BURNS DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BURNS DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BURNS DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
3 April 2023
£
£
£
£
Fixed assets
Investment property
4
400,000
400,000
Current assets
Debtors
5
171,515
129,774
Cash at bank and in hand
54,237
74,974
225,752
204,748
Creditors: amounts falling due within one year
6
(45,114)
(40,622)
Net current assets
180,638
164,126
Net assets
580,638
564,126
Capital and reserves
Called up share capital
7
100
100
Fair value reserve
8
(3,000)
(3,000)
Profit and loss reserves
583,538
567,026
Total equity
580,638
564,126
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 period 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.
The financial statements were approved and signed by the director and authorised for issue on 16 April 2024
Mrs J Burns
Director
Company Registration No. SC187997
BURNS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Burns Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Wellington Square, Ayr, Ayrshire, United Kingdom, KA7 1EN.
1.1
Reporting period
The financial statements that have been presented are for eight months and twenty seven days as per the directors discretion.
1.2
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown including VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Investment property
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. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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 profit and loss account 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.
BURNS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 profit and loss account, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2023
Number
Number
Total
2
2
3
Taxation
2023
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,873
5,515
BURNS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
4
Investment property
2023
£
Fair value
At 4 April 2023 and 31 December 2023
400,000
Fair value at 3 April 2021 is represented by:
£
Valuation in 2011
1,000,000.00
Valuation in 2013
(650,000.00)
Valuation in 2017
53,000.00
Valuation in 2018
(48,000.00)
Valuation in 2021
45,000.00
400,000
Investment property were valued by the secretary, on the behalf of the directors, using an open market basis on 3 April 2021.
5
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
6,651
8,387
Other debtors
123,702
90,557
130,353
98,944
2023
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
41,162
30,830
Total debtors
171,515
129,774
6
Creditors: amounts falling due within one year
2023
2023
£
£
Other borrowings
27,600
27,600
Corporation tax
14,205
5,515
Other creditors
233
Accruals and deferred income
3,309
7,274
45,114
40,622
BURNS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
7
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Fair value reserve
2023
2023
£
£
At the beginning and end of the period
(3,000)
(3,000)
9
Related party transactions
In 2011, the company was loaned £30,000 from Burns Real Ale Limited, a company also controlled by Mrs J Burns. The loan was made on an interest-free basis & no repayment terms have been set. Included in other borrowings the balance of the loan at the year end is £27,600 (2023- £27,600).
10
Connected parties' advances, credits and guarantees
Included within other debtors is an amount owed to the company by the connected party, The William Burns Trust, totalling £121,171 (2023- £90,557). Interest was charged on this amount at the market rate of 2.25% however no repayment terms have been set.
11
Ultimate controlling party
The ultimate controlling party is Mrs J Burns.