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REGISTERED NUMBER: SC309746 (Scotland)









Financial Statements

For The Year Ended 31 March 2024

for

Cosmos Properties Limited

Cosmos Properties Limited (Registered number: SC309746)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Cosmos Properties Limited

Company Information
For The Year Ended 31 March 2024







DIRECTOR: Mr M J H Kitson



SECRETARY: Mr M J H Kitson



REGISTERED OFFICE: 91 Alexander Street
Airdrie
ML6 0BD



REGISTERED NUMBER: SC309746 (Scotland)



ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD



BANKERS: The Royal Bank of Scotland
10 Gordon Street
Glasgow
G1 3PL



SOLICITORS: Turcan Connell
180 St Vincent Street
Glasgow
G2 5SG

Cosmos Properties Limited (Registered number: SC309746)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 93,000 63,808
Investment property 5 1,522,350 1,522,350
1,615,350 1,586,158

CURRENT ASSETS
Debtors 6 1,400 -
Cash at bank - 2,614
1,400 2,614
CREDITORS
Amounts falling due within one year 7 114,445 83,705
NET CURRENT LIABILITIES (113,045 ) (81,091 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,502,305

1,505,067

CAPITAL AND RESERVES
Called up share capital 3,456 3,456
Retained earnings 1,498,849 1,501,611
SHAREHOLDERS' FUNDS 1,502,305 1,505,067

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:



Mr M J H Kitson - Director


Cosmos Properties Limited (Registered number: SC309746)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Cosmos Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents invoices raised during the year for the provision of rented premises.

Investments and investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with Statement of Standard Accounting Practice No 19, certain of the company's properties are held for long-term investment and are included in the balance sheet at their open market values. The surpluses or deficits on annual revaluation of such properties are included within the statement of comprehensive income. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from the statutory accounting principles and the Companies Act 1985, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view, because changes in current values are of prime importance rather than the calculation of annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be quantified.

Listed investment are included in the balance sheet at their open market value. The surpluses or deficits on annual revaluation of such properties are included within the statement of comprehensive income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 63,808
Revaluations 29,192
At 31 March 2024 93,000
NET BOOK VALUE
At 31 March 2024 93,000
At 31 March 2023 63,808

Cosmos Properties Limited (Registered number: SC309746)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

4. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2023 (38,896 )
Valuation in 2024 29,192
Cost 102,704
93,000

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,522,350
NET BOOK VALUE
At 31 March 2024 1,522,350
At 31 March 2023 1,522,350

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 396,094
Cost 1,126,256
1,522,350

The investment properties have been valued by the company director on 31 March 2024 which remained unchanged at the end of the current year.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 1,400 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 36,600 12,910
Trade creditors - 894
Amounts owed to participating interests 61,500 53,000
Tax 15,105 15,660
Accrued expenses 1,240 1,241
114,445 83,705

Cosmos Properties Limited (Registered number: SC309746)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

8. RELATED PARTY DISCLOSURES

Cosmos Decorators Limited and Cosmos Properties Limited have certain common shareholders/directors. Property owned by Cosmos Properties was rented to Cosmos Decorators Limited for an annual rental of £40,000 (2023 - £40,000) which is included within rental income for the year.

Included within creditors due within one year is an amount of £61,500 (2023 - £53,000) due to Cosmos Decorators Limited.

9. ULTIMATE CONTROLLING PARTY

In the opinion of the directors the ultimate controlling party is Mr M.J.H. Kitson who owns 63% of the ordinary share capital.