0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 200,000 200,000 200,000 xbrli:pure xbrli:shares iso4217:GBP SC122502 2023-04-01 2024-03-31 SC122502 2024-03-31 SC122502 2023-03-31 SC122502 2022-04-01 2023-03-31 SC122502 2023-03-31 SC122502 2022-03-31 SC122502 bus:Director1 2023-04-01 2024-03-31 SC122502 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC122502 core:WithinOneYear 2024-03-31 SC122502 core:WithinOneYear 2023-03-31 SC122502 core:ShareCapital 2024-03-31 SC122502 core:ShareCapital 2023-03-31 SC122502 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC122502 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC122502 core:LandBuildings 2024-03-31 SC122502 core:LandBuildings 2023-03-31 SC122502 bus:SmallEntities 2023-04-01 2024-03-31 SC122502 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC122502 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC122502 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC122502 bus:FullAccounts 2023-04-01 2024-03-31 SC122502 core:AllAssociates 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: SC122502
Albany Developments (Dundee) Limited
Filleted Unaudited Financial Statements
31 March 2024
Albany Developments (Dundee) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
200,000
200,000
Current assets
Stocks
39,280
39,280
Debtors
5
16,993
23,179
Cash at bank and in hand
48,763
36,261
---------
--------
105,036
98,720
Creditors: amounts falling due within one year
6
( 248,326)
( 248,140)
---------
---------
Net current liabilities
( 143,290)
( 149,420)
---------
---------
Total assets less current liabilities
56,710
50,580
--------
--------
Net assets
56,710
50,580
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
56,610
50,480
--------
--------
Shareholders funds
56,710
50,580
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 .
Albany Developments (Dundee) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr. S. C. Cumming
Director
Company registration number: SC122502
Albany Developments (Dundee) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Holly Hill, 69 Dundee Road, Broughty Ferry, Dundee, DD5 1NA, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the income statement represents property rental amounts charged during the year.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Tangible assets include investment property.
Investment property
Investment property is initially recorded 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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies act 2006 is required in order to give a true and fair view.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
200,000
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
200,000
---------
At 31 March 2023
200,000
---------
The company's investment property was revalued by the company directors at the year end on an open market basis.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2024
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 31 March 2023
Aggregate cost
190,260
Aggregate depreciation
---------
Carrying value
190,260
---------
5. Debtors
2024
2023
£
£
Other debtors
16,993
23,179
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,438
1,378
Other creditors
246,888
246,762
---------
---------
248,326
248,140
---------
---------
7. Directors' advances, credit and guarantees
At the year end Mr S.Cumming was due to repay the company £16,993. The loan has been repaid.
8. Related party transactions
The company is owned by the directors.