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 |