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COMPANY REGISTRATION NUMBER: SC502002
Fistral Bay Limited
Filleted Unaudited Financial Statements
31 March 2024
Fistral Bay Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
313,393
313,393
Investments
5
11,000
11,000
---------
---------
324,393
324,393
Current assets
Debtors
6
3,723,840
3,525,212
Cash at bank and in hand
33,741
63,461
------------
------------
3,757,581
3,588,673
Creditors: amounts falling due within one year
7
5,952
4,621
------------
------------
Net current assets
3,751,629
3,584,052
------------
------------
Total assets less current liabilities
4,076,022
3,908,445
------------
------------
Net assets
4,076,022
3,908,445
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,075,922
3,908,345
------------
------------
Shareholders funds
4,076,022
3,908,445
------------
------------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fistral Bay Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
G C Mitchell BSc MRICS MRIPM
Director
Company registration number: SC502002
Fistral Bay 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 18 Hillcrest Drive, Newton Mearns, Glasgow, G77 5HH.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
4. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
313,393
1,039
314,432
---------
-------
---------
Depreciation
At 1 April 2023 and 31 March 2024
1,039
1,039
---------
-------
---------
Carrying amount
At 31 March 2024
313,393
313,393
---------
-------
---------
At 31 March 2023
313,393
313,393
---------
-------
---------
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
11,000
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
11,000
--------
At 31 March 2023
11,000
--------
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,964,622
2,723,556
Other debtors
759,218
801,656
------------
------------
3,723,840
3,525,212
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,069
2,882
Other creditors
1,883
1,739
-------
-------
5,952
4,621
-------
-------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
G C Mitchell BSc MRICS MRIPM
( 539)
146,856
( 147,000)
( 683)
----
---------
---------
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
G C Mitchell BSc MRICS MRIPM
43,019
162,442
( 206,000)
( 539)
--------
---------
---------
----
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Kirkholm Properties Holdings Limited
( 49,034)
948
1,769,909
1,818,943
Kirkholm Properties Limited
290,100
323,884
1,194,713
904,613
George Davie & Son Proprties Limited
( 41,979)
799,392
758,412
801,391
---------
---------
------------
------------
During the year the company also received dividends of £290,000 (2023 £1,335,265) from George Davie & Sons Limited a company in which the company owns a shareholding.