1 March 2023 v2024.60.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC6205602023-03-012024-02-28SC6205602024-02-28SC6205602023-02-28SC620560core:WithinOneYear2024-02-28SC620560core:WithinOneYear2023-02-28SC620560core:AfterOneYear2024-02-28SC620560core:AfterOneYear2023-02-28SC620560core:ShareCapital2024-02-28SC620560core:ShareCapital2023-02-28SC620560core:RetainedEarningsAccumulatedLosses2024-02-28SC620560core:RetainedEarningsAccumulatedLosses2023-02-28SC620560bus:Director12023-03-012024-02-28SC620560bus:Director22023-03-012024-02-28SC620560bus:RegisteredOffice2023-03-012024-02-28SC6205602022-03-012023-02-28SC620560core:CostValuation2023-03-01SC620560core:CostValuation2024-02-28SC62056012023-03-012024-02-28SC620560countries:Scotland2023-03-012024-02-28SC620560bus:AuditExemptWithAccountantsReport2023-03-012024-02-28SC620560bus:PrivateLimitedCompanyLtd2023-03-012024-02-28SC620560bus:SmallEntities2023-03-012024-02-28SC620560bus:FullAccounts2023-03-012024-02-28
Company registration number:
SC620560
Loch Altan Properties Ltd
Unaudited Filleted Financial Statements for the year ended
28 February 2024
Loch Altan Properties Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Loch Altan Properties Ltd
Year ended
28 February 2024
As described on the statement of financial position, the Board of Directors of
Loch Altan Properties Ltd
are responsible for the preparation of the
financial statements
for the year ended
28 February 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Horizon Chartered Accountants
20-23 Woodside Place
Glasgow
G3 7QL
United Kingdom
Date:
21 November 2024
Loch Altan Properties Ltd
Statement of Financial Position
28 February 2024
20242023
Note££
Fixed assets    
Investments 5
680,942
 
680,942
 
Current assets    
Debtors 6
180,012
 
180,453
 
Cash at bank and in hand
76,939
 
84,837
 
256,951
 
265,290
 
Creditors: amounts falling due within one year 7
(545,865
)
(545,953
)
Net current liabilities
(288,914
)
(280,663
)
Total assets less current liabilities 392,028   400,279  
Creditors: amounts falling due after more than one year 8
(437,500
)
(437,500
)
Net liabilities
(45,472
)
(37,221
)
Capital and reserves    
Called up share capital
12
 
12
 
Profit and loss account
(45,484
)
(37,233
)
Shareholders deficit
(45,472
)
(37,221
)
For the year ending
28 February 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
21 November 2024
, and are signed on behalf of the board by:
M Sweeney
O Coyle
DirectorDirector
Company registration number:
SC620560
Loch Altan Properties Ltd
Notes to the Financial Statements
Year ended
28 February 2024

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
20-23 Woodside Place
,
Glasgow
,
G3 7QL
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Investments

Other investments other than loans
£
Cost  
At
1 March 2023
680,942
 
At
28 February 2024
680,942
 
Impairment  
At
1 March 2023
and
28 February 2024
-  
Carrying amount  
At
28 February 2024
680,942
 
At 28 February 2023
680,942
 
Investments represent rental properties.

6 Debtors

20242023
££
Amounts owed by group undertakings and undertakings in which the company has a participating interest
180,000
 
180,441
 
Other debtors
12
 
12
 
180,012
 
180,453
 

7 Creditors: amounts falling due within one year

20242023
££
Amounts owed to group undertakings and undertakings in which the company has a participating interest
543,967
 
544,151
 
Other creditors
1,898
 
1,802
 
545,865
 
545,953
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
437,500
 
437,500