Company registration number SC363663 (Scotland)
ALFRED STEWART PROPERTY FOUNDATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ALFRED STEWART PROPERTY FOUNDATION LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ALFRED STEWART PROPERTY FOUNDATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investment property
4
2,022,300
1,875,000
Current assets
Inventories
836,152
641,696
Trade and other receivables
5
2,774,416
2,020,519
Cash and cash equivalents
119,010
1,374,297
3,729,578
4,036,512
Current liabilities
6
(75,432)
(94,511)
Net current assets
3,654,146
3,942,001
Net assets
5,676,446
5,817,001
Equity
Called up share capital
100
100
Share premium account
51,681
51,681
Retained earnings
5,624,665
5,765,220
Total equity
5,676,446
5,817,001
For the financial year ended 30 November 2023 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 directors acknowledge their 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 directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on
28 November 2024
28 November 2024
and are signed on its behalf by:
Emma Porter
Director
Company registration number SC363663 (Scotland)
ALFRED STEWART PROPERTY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Alfred Stewart Property Foundation Limited is a private company limited by shares incorporated in Scotland. The registered office is 11a Dublin Street, Edinburgh, EH1 3PG.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
1.4
Inventories
Inventories are valued at the lower of cost and estimated net realisable value. The inventory of the company consists of land held for resale which is the accumulation of the cost of the land purchased, professional costs incurred obtaining planning permission on such land and costs incurred in preparing the land for sale.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ALFRED STEWART PROPERTY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
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.
ALFRED STEWART PROPERTY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
ALFRED STEWART PROPERTY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 December 2022
1,875,000
Additions
59,738
Revaluations
87,562
At 30 November 2023
2,022,300
Investment property comprises various land and buildings purchased by the company over the years. The fair value of the investment property at 30 November 2023 is considered to be the same as the value for which the properties were subsequently sold at auction in June 2024, after the year end.
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
10,205
10,205
Other receivables
125,895
179,474
Prepayments and accrued income
10,438
2,962
146,538
192,641
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,627,878
1,827,878
Total debtors
2,774,416
2,020,519
Included in amounts owed by group undertakings is a loan to the Alfred Stewart Trust for £2,627,878 (2022 - £1,216,878) which is due to be repaid in full upon the earlier of the expiry date or completion, as defined in the loan agreement of 27 October 2010.
6
Current liabilities
2023
2022
£
£
Taxation and social security
5,275
27,575
Other payables
70,157
66,936
75,432
94,511
ALFRED STEWART PROPERTY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Emma Porter, Thomas Campbell and Peter Misselbrook are joint directors in Alfred Stewart Property Foundation Limited and Alfred Stewart Properties Limited.
At the balance sheet date, the balance due to Alfred Stewart Properties Limited was £1 (2022 - £1). There is no interest charged on this loan.
At the balance sheet date, the balance due from The Alfred Stewart Trust was £2,627,878 (2022 - £1,827,878). There is no interest charged on this loan.
During the year £34,660 (2022 - £45,645) for other work including investigations and accountancy work was payable to Aver Corporate Advisory Services Ltd, a company which Emma Porter is a director of.
The company has paid Director's fees during the year of £34,274 (2022 - £23,747) for services provided to the company £23,514 of these fees are in respect of work on property development and therefore are included in the stock value rather than the income statement.
8
Parent company
The ultimate controlling party is The Alfred Stewart Trust.