Registered number
SC634636
Edinburgh Property Services Ltd
Unaudited Filleted Accounts
31 March 2024
Edinburgh Property Services Ltd
Registered number: SC634636
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,435,000 2,435,000
Current assets
Cash at bank and in hand 5,686 4,974
Creditors: amounts falling due within one year 4 (681,290) (671,568)
Net current liabilities (675,604) (666,594)
Total assets less current liabilities 1,759,396 1,768,406
Creditors: amounts falling due after more than one year 5 (1,479,430) (1,479,430)
Provisions for liabilities (87,985) (87,985)
Net assets 191,981 200,991
Capital and reserves
Called up share capital 100 100
Profit and loss account 191,881 200,891
Shareholders' funds 191,981 200,991
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Barnes
Director
Approved by the board on 8 October 2024
Edinburgh Property Services Ltd
Notes to the Accounts
for the period from 1 July 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents the amounts receivable from the rental of investment properties.
Investment properties
Investment properties are property held to earn rentals and/or capital appreciation and are initially recognised at cost, which includes the purchase price and directly attributable expenditure. Subsequently they are measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss account. Deferred tax is provided on such surplusses, applying rates and laws that have been enacted or substantially enacted at the balance sheet date.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 July 2023 2,435,000
At 31 March 2024 2,435,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 2,435,000
At 30 June 2023 2,435,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,083,059 2,083,059
Cumulative depreciation based on historical cost - -
2,083,059 2,083,059
Investment properties were valued at 31 March 2024 by David Barnes, a director of the company, on an open market basis. No depreciation is provided in respect of investment properties.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 18,729 9,207
Other creditors 662,561 662,361
681,290 671,568
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,479,430 1,479,430
6 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,479,430 1,479,430
Secured bank loans 1,479,430 1,479,430
Bank loans are secured over the company's investment properties.
7 Other information
Edinburgh Property Services Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
23-24 Crighton Place
Edinburgh
EH7 4NY
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