Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
(As restated) | |||||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | |||||||
Provisions for liabilities | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 6 | ||||||
Fair value reserve (Non distributable) | 7 | ||||||
Profit and loss account (Distributable) | ( |
( |
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Shareholders' funds | |||||||
Continued | |||||||
J P C Howarth | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Summary of significant accounting policies | |||||||
Basis of preparation | ||||||||
The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover | ||||||||
Investment Property | ||||||||
The investment properties fair value of £848,580 and fair value movement of £34,490 included in the profit for the year were determined by the directors on a review of the latest for-sale comparable properties across the same region adjusted for any differences in nature, location and condition. Deferred taxation is provided on these gains. |
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Tangible fixed assets | ||||||||
Office equipment | over 5 years | |||||||
Fixtures, furnishings and equipment | over 5 years | |||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Employee benefits | ||||||||
Going concern | ||||||||
The major part of the company's working capital requirements are provided by loans from the directors who have indicated that this support will continue for the foreseeable future. The directors continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. The company's indebtedness to its directors was £682,890 (2023 - £681,593). | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Investment Property | Office equipment | Fixtures, furnishings and equipment | Total | |||||
£ | £ | £ | £ | |||||
Cost or valuation | ||||||||
At 1 March 2023 (As restated) | 814,090 | - | ||||||
Additions | - | |||||||
Surplus on revaluation | 34,490 | - | - | |||||
At 29 February 2024 | ||||||||
Depreciation | ||||||||
At 1 March 2023 (As restated) | - | - | ||||||
Charge for the year | - | |||||||
At 29 February 2024 | - | |||||||
Net book value | ||||||||
At 29 February 2024 | ||||||||
At 28 February 2023 (As restated) | - | |||||||
Freehold land and buildings: | 2024 | 2023 | ||||||
£ | £ | |||||||
Historical cost | 455,394 | 455,394 | ||||||
Cumulative depreciation based on historical cost | - | - | ||||||
The Investment Property was revalued by the directors during the year in accordance with the accounting policy. | ||||||||
4 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Other debtors | ||||||||
5 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Trade creditors | - | |||||||
Taxation and social security costs | - | |||||||
Other creditors | ||||||||
6 | Share Capital | Nominal | Number | 2024 | 2023 | |||
value | 2024 | £ | £ | |||||
Allotted, called up and fully paid | ||||||||
£ |
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7 | Fair value reserve (Non distributable) | 2024 | 2023 | |||||
£ | £ | |||||||
At 1 March 2023 (As restated) | ||||||||
Fair value Gain on revaluation of investment property | ||||||||
Deferred taxation arising on the revaluation of investment property | ( |
( |
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At 29 February 2024 | ||||||||
8 | Reconciliation of equity | At 1.3.22 | At 28.2.23 | |||||
£ | £ | |||||||
Capital and reserves (as previously stated) | (197,560) | (198,368) | ||||||
Fair value gain on investment property | 350,926 | 358,696 | ||||||
Deferred tax on investment property | (87,731) | (89,673) | ||||||
Capital and reserves (as restated) | 65,635 | 70,655 | ||||||
Year ended | ||||||||
9 | Reconciliation of profit or loss for the year | 28.2.23 | ||||||
£ | ||||||||
Profit for the year (as previously stated) | (808) | |||||||
Fair value gain on investment property | 7,770 | |||||||
Deferred tax on investment property | (1,942) | |||||||
Profit for the year (as restated) | 5,020 | |||||||
10 | Notes to the reconciliations | |||||||
The investment property was previously accounted for under the FRS 105, which required investment property to be recognised at cost. The investment property is being measured at fair value under FRS 102 and fair value gains and losses are reported in profit or loss. A fair value gain of £350,926 was recognised at 1 March 2022 to reflect the provisions of FRS 102. An additional fair value gain has been recognised at the 28 February 2023 amounting to £7,770. FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, additional deferred tax of £87,731 was recognised at 1 March 2022 to reflect the provisions of FRS 102. An additional provision for deferred tax has been recognised at the 28 February 2023 amounting to £1,942. The gain on revaluation at 28 February 2023 has been reported in the profit or loss and the effect on profit for the year ended 28 February 2023 is an increase in profit of £5,828. Relevant comparatives have been restated. |
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11 | Related party transactions | |||||||
12 | Other information | |||||||
Coillemore House Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: | ||||||||
Coillemore House | ||||||||
Balmacara | ||||||||
Kyle of Lochalsh | ||||||||
Scotland | ||||||||
IV40 8DJ |