2023-04-012024-03-312024-03-31falseSC175673FORTUNA PROPERTIES (SCOTLAND) 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FORTUNA PROPERTIES (SCOTLAND) LIMITED

Registered Number
SC175673
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

FORTUNA PROPERTIES (SCOTLAND) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

CROLLA, Angela Maria
CROLLA, Antonio

Company Secretary

CROLLA, Angela Maria

Registered Address

3 Priestfield Road North
Edinburgh
EH16 5HS

Registered Number

SC175673 (Scotland)
FORTUNA PROPERTIES (SCOTLAND) LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets34,231,7994,248,168
4,231,7994,248,168
Current assets
Debtors4390,901432,688
Cash at bank and on hand132,9272,263
523,828434,951
Creditors amounts falling due within one year5(531,212)(861,924)
Net current assets (liabilities)(7,384)(426,973)
Total assets less current liabilities4,224,4153,821,195
Creditors amounts falling due after one year6(1,791,282)(1,653,482)
Provisions for liabilities7(37,182)(69,703)
Net assets2,395,9512,098,010
Capital and reserves
Called up share capital1,0001,000
Revaluation reserve799,930799,930
Profit and loss account1,595,0211,297,080
Shareholders' funds2,395,9512,098,010
The financial statements were approved and authorised for issue by the Board of Directors on 18 September 2024, and are signed on its behalf by:
CROLLA, Antonio
Director
Registered Company No. SC175673
FORTUNA PROPERTIES (SCOTLAND) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares incorporated in Scotland. The registered office is 3 Priestfield Road North, Edinburgh, EH16 5HS.
Statement of compliance
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.
Basis of preparation
The accounts have been prepared under the historical cost convention, modified to include investment properties at fair value.
Functional and presentation currency
The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
Having made due and careful enquiry, the directors have made the informed judgement that the company has adequate working capital to continue its operations over the next 12 months. As a result, the directors have continued to adopt the going concern basis of accounting in preparing these statutory accounts.
Turnover policy
Turnover represents rents receivable net of VAT.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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 differences arise 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 is it no longer probable that sufficient taxable profits will be available to allow all or part of the asset to the recovered. Deferred tax is calculated at the tax rates taht 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 tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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:

Reducing balance (%)
Plant and machinery20
Investments
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 date end. 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.
Finance leases and hire purchase contracts
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the end of the date of inception and the present value of the minimum lease payments. The rleated liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
The company has elected to apply provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financials instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Basic Financial Assets Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Basic Financial Liabilities Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business for suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 April 232,826,0001,480,0964,306,096
At 31 March 242,826,0001,480,0964,306,096
Depreciation and impairment
At 01 April 23-57,92857,928
Charge for year-16,36916,369
At 31 March 24-74,29774,297
Net book value
At 31 March 242,826,0001,405,7994,231,799
At 31 March 232,826,0001,422,1684,248,168
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables99982,286
Amounts owed by group undertakings382,402350,402
Other debtors7,500-
Total390,901432,688
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables51,82722,444
Bank borrowings and overdrafts77,127184,579
Amounts owed to related parties293,772581,973
Taxation and social security108,48649,877
Finance lease and HP contracts-15,000
Accrued liabilities and deferred income-8,051
Total531,212861,924
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,791,2821,653,482
Total1,791,2821,653,482
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)37,18269,703
Total37,18269,703
8.Related party transactions
At the reporting end date the following amounts were outstanding to related parties; Key management personnel - £293,772 (2023 - £581,973) At the reporting end date the following amounts were outstanding from related parties; Entities with common control - £389,902 (2023 - £350,402)