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Company registration number: SC631207
Valentine Property Ltd
Unaudited filleted financial statements
31 May 2024
Valentine Property Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Valentine Property Ltd
Directors and other information
Directors James Valentine
Rachel Valentine
Jordan Valentine
Company number SC631207
Registered office 11 Tarrareoch Court
Armadale
West Lothian
EH48 2TF
Accountants Barrie Scott & Co
30 Mid Street
Bathgate
West Lothian
EH48 1PT
Valentine Property Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Valentine Property Ltd
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Valentine Property Ltd for the year ended 31 May 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Valentine Property Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Valentine Property Ltd and state those matters that we have agreed to state to the board of directors of Valentine Property Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valentine Property Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Valentine Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Valentine Property Ltd. You consider that Valentine Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Valentine Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co
Accountants & Tax Advisers
30 Mid Street
Bathgate
West Lothian
EH48 1PT
18 November 2024
Valentine Property Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 531,429 531,505
_______ _______
531,429 531,505
Current assets
Cash at bank and in hand 7,768 24,959
_______ _______
7,768 24,959
Creditors: amounts falling due
within one year 6 ( 68,353) ( 102,369)
_______ _______
Net current liabilities ( 60,585) ( 77,410)
_______ _______
Total assets less current liabilities 470,844 454,095
Creditors: amounts falling due
after more than one year 7 ( 245,300) ( 245,300)
Provisions for liabilities - ( 15)
_______ _______
Net assets 225,544 208,780
_______ _______
Capital and reserves
Called up share capital 3 3
Revaluation reserve 195,000 195,000
Profit and loss account 30,541 13,777
_______ _______
Shareholders funds 225,544 208,780
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Rachel Valentine Jordan Valentine
Director Director
Company registration number: SC631207
Valentine Property Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 11 Tarrareoch Court, Armadale, West Lothian, EH48 2TF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total value of rents charged during the year. Revenue is recognised as rent falls due.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2023 and 31 May 2024 531,429 791 532,220
_______ _______ _______
Depreciation
At 1 June 2023 - 714 714
Charge for the year - 77 77
_______ _______ _______
At 31 May 2024 - 791 791
_______ _______ _______
Carrying amount
At 31 May 2024 531,429 - 531,429
_______ _______ _______
At 31 May 2023 531,429 77 531,506
_______ _______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 4,299 2,985
Other creditors 64,054 99,384
_______ _______
68,353 102,369
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 245,300 245,300
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 245,300 (2023 £ 245,300 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Paragon Bank PLC holds a Standard Security over the mortgaged properties owned by the Company.
8. Directors advances, credits and guarantees
Creditors includes loan balances due to the directors of the company of £63,294 (2023 - £98,724). These loans are interest free and have no fixed terms of repayment.