Company registration number 09985434 (England and Wales)
Shotts Residential Property Limited
Unaudited financial statements
For the year ended 27 February 2024
Shotts Residential Property Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Shotts Residential Property Limited
Statement of financial position
As at 27 February 2024
27 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
156,304
156,304
Current assets
-
-
Creditors: amounts falling due within one year
4
(153,553)
(153,553)
Net current liabilities
(153,553)
(153,553)
Net assets
2,751
2,751
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,750
2,750
Total equity
2,751
2,751
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 27 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and signed by the director and authorised for issue on 20 November 2024
Mr R C Shotton
Director
Company registration number 09985434 (England and Wales)
Shotts Residential Property Limited
Notes to the financial statements
For the year ended 27 February 2024
- 2 -
1
Accounting policies
Company information
Shotts Residential Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
Investment property valuation
Management review the carrying value of the investment property at the reporting date to ensure that the investment property is included in the balance sheet at fair value, being market value. Uncertainties in these estimates relate to the actual market value of the investment property.
Management consider that the value of investment property at the year end is reasonable.
1.3
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.
1.4
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 statement of financial position 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.
Shotts Residential Property Limited
Notes to the financial statements (continued)
For the year ended 27 February 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including bank loans, 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 rate method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
Shotts Residential Property Limited
Notes to the financial statements (continued)
For the year ended 27 February 2024
- 4 -
3
Investment property
2024
£
Fair value
At 28 February 2023 and 27 February 2024
156,304
Investment property comprises of a residential property. The fair value of the residential property has been arrived at on the basis of a valuation carried out by the director as at the year end date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
153,553
153,553