Company registration number 09816541 (England and Wales)
Shotts Property Limited
Unaudited financial statements
For the year ended 28 February 2024
Shotts Property Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
Shotts Property Limited
Statement of financial position
As at 28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
400,000
400,000
Current assets
Debtors
5
2,700
3,708
Cash at bank and in hand
341
-
0
3,041
3,708
Creditors: amounts falling due within one year
6
(98,150)
(102,887)
Net current liabilities
(95,109)
(99,179)
Total assets less current liabilities
304,891
300,821
Creditors: amounts falling due after more than one year
7
(64,985)
(70,564)
Provisions for liabilities
(35,000)
(35,000)
Net assets
204,906
195,257
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
9
104,766
104,766
Distributable profit and loss reserves
100,139
90,490
Total equity
204,906
195,257
Shotts Property Limited
Statement of financial position (continued)
As at 28 February 2024
- 2 -

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
Mr R C Shotton
Director
Company registration number 09816541 (England and Wales)
Shotts Property Limited
Statement of changes in equity
For the year ended 28 February 2024
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
1
32,211
77,621
109,833
Year ended 28 February 2023:
Profit and total comprehensive income
-
72,555
12,869
85,424
Balance at 28 February 2023
1
104,766
90,490
195,257
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
9,649
9,649
Balance at 28 February 2024
1
104,766
100,139
204,906
Shotts Property Limited
Notes to the financial statements
For the year ended 28 February 2024
- 4 -
1
Accounting policies
Company information

Shotts 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
Turnover

Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

1.3
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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank.

1.5
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 Property Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors, loans due from related parties and 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.

Basic financial liabilities

Basic financial liabilities, including creditors and 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Shotts Property Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are set out below;

 

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Investment property
2024
£
Fair value
At 1 March 2023 and 28 February 2024
400,000

Investment property comprises of a commercial property. The fair value of the investment 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.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,400
2,400
Other debtors
300
1,308
2,700
3,708
Shotts Property Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,450
8,523
Trade creditors
2,054
-
0
Corporation tax
15,408
14,126
Other taxation and social security
858
1,200
Other creditors
72,380
79,038
98,150
102,887
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
64,985
70,564
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
14,567
33,496
8
Security

The bank loans are secured by way of A) a fixed charge on all properties present and future goodwill and uncalled capital and equipment, and B) a floating charge on the undertaking and all other property and assets of the company

9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
104,766
32,211
Non distributable profits in the year
-
72,555
At the end of the year
104,766
104,766
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