Company registration number 12199534 (England and Wales)
SCOTTFERNANDEZ PROPERTIES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SCOTTFERNANDEZ PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
SCOTTFERNANDEZ PROPERTIES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,758
Investment property
4
1,940,000
1,514,838
1,945,758
1,514,838
Current assets
Debtors
5
10,683
5,203
Cash at bank and in hand
23,199
8,534
33,882
13,737
Creditors: amounts falling due within one year
6
(199,132)
(120,613)
Net current liabilities
(165,250)
(106,876)
Total assets less current liabilities
1,780,508
1,407,962
Creditors: amounts falling due after more than one year
7
(1,210,619)
(1,248,301)
Provisions for liabilities
(27,055)
-
Net assets
542,834
159,661
Capital and reserves
Called up share capital
200
200
Share premium account
165,116
165,116
Revaluation reserve
385,537
90,000
Profit and loss reserves
(8,019)
(95,655)
Total equity
542,834
159,661
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 year 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 by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr M J Scott
Director
Company registration number 12199534 (England and Wales)
SCOTTFERNANDEZ PROPERTIES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 September 2022
200
165,116
90,000
(62,366)
192,950
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
(33,289)
(33,289)
Balance at 31 March 2023
200
165,116
90,000
(95,655)
159,661
Year ended 31 March 2024:
Profit
-
-
-
383,173
383,173
Other comprehensive income:
Tax relating to other comprehensive income
-
-
(121,430)
121,430
-
Total comprehensive income
-
-
(121,430)
504,603
383,173
Transfers
-
-
416,967
(416,967)
-
Balance at 31 March 2024
200
165,116
385,537
(8,019)
542,834
SCOTTFERNANDEZ PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Scottfernandez Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.
1.1
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.
1.2
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 net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
Computers
33% straight line
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. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
SCOTTFERNANDEZ PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
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.
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 year was:
2024
2023
Number
Number
Total
2
2
SCOTTFERNANDEZ PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
Additions
5,778
949
6,727
At 31 March 2024
5,778
949
6,727
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
701
268
969
At 31 March 2024
701
268
969
Carrying amount
At 31 March 2024
5,077
681
5,758
At 31 March 2023
4
Investment property
2024
£
Fair value
At 1 April 2023
1,514,838
Additions
8,195
Revaluations
416,967
At 31 March 2024
1,940,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,305
885
Other debtors
4,378
4,318
10,683
5,203
SCOTTFERNANDEZ PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
536
Taxation and social security
910
Other creditors
197,686
120,613
199,132
120,613
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,210,619
1,248,301
8
Directors' transactions
The company operates current loan accounts with it's directors. As at 31 March 2024 an amount of £121,151 (2023 - £92,436) was owed by the company to its directors and is included within creditors: amounts due within one year.