REGISTERED NUMBER: |
Financial Statements |
For The Year Ended 31 March 2024 |
for |
Cosmos Properties Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
91 Alexander Street |
Airdrie |
North Lanarkshire |
ML6 0BD |
BANKERS: |
10 Gordon Street |
Glasgow |
G1 3PL |
SOLICITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to participating interests | 61,500 | 53,000 |
Tax |
Accrued expenses |
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. |