Company registration number SC449479 (Scotland)
COULTERS PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
COULTERS PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
COULTERS PROPERTY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
26,542
30,042
Tangible assets
4
67,824
100,737
94,366
130,779
Current assets
Debtors
5
1,062,557
924,821
Cash at bank and in hand
47,125
12,853
1,109,682
937,674
Creditors: amounts falling due within one year
6
(209,712)
(171,942)
Net current assets
899,970
765,732
Total assets less current liabilities
994,336
896,511
Creditors: amounts falling due after more than one year
7
(21,818)
(45,303)
Provisions for liabilities
(7,469)
(14,939)
Net assets
965,049
836,269
Capital and reserves
Called up share capital
8
5
5
Share premium account
12,000
12,000
Profit and loss reserves
953,044
824,264
Total equity
965,049
836,269

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

COULTERS PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
M H McPHERSON
M H McPherson
Director
Company Registration No. SC449479
COULTERS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Coulters Property Limited is a private company limited by shares incorporated in Scotland. The registered office is 19 Hope Street, Edinburgh, United Kingdom, EH2 4EL.

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 £.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Goodwill
10% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% - 15% straight line
Office equipment
25% straight line
Website
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

COULTERS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

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.

1.7
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

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 profit and loss account 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.

 

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 profit and loss account, 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
Retirement benefits

The company contributes to a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.10
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.

1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

COULTERS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.12

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 31 (2023 - 31).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
35,000
Amortisation and impairment
At 1 May 2023
4,958
Amortisation charged for the year
3,500
At 30 April 2024
8,458
Carrying amount
At 30 April 2024
26,542
At 30 April 2023
30,042
4
Tangible fixed assets
Fixtures and fittings
Office equipment
Website
Total
£
£
£
£
Cost
At 1 May 2023
77,071
75,071
44,428
196,570
Additions
-
2,818
-
2,818
Disposals
(9,451)
-
(10,450)
(19,901)
At 30 April 2024
67,620
77,889
33,978
179,487
Depreciation and impairment
At 1 May 2023
26,149
56,091
13,593
95,833
Depreciation charged in the year
6,254
8,388
7,099
21,741
Eliminated in respect of disposals
(2,473)
-
(3,438)
(5,911)
At 30 April 2024
29,930
64,479
17,254
111,663
Carrying amount
At 30 April 2024
37,690
13,410
16,724
67,824
At 30 April 2023
50,922
18,980
30,835
100,737
COULTERS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,680
4,220
Corporation tax recoverable
-
3,516
Other debtors
1,060,877
917,085
1,062,557
924,821
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
18,182
18,182
Trade creditors
30,499
32,139
Corporation tax
51,579
-
Other taxation and social security
96,933
81,588
Other creditors
12,519
40,033
209,712
171,942
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
21,818
45,303
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
4,765
4,765
5
5
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
24,000
24,000
Between two and five years
32,153
56,219
56,153
80,219
COULTERS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
10
Related party transactions

During the year, the company made advances of £2,258,110 to a company with common control. Repayments were also received of £2,138,028 which resulted in amounts due to the company at the year end of £764,441 (2023 - £644,359).

 

The loan is unsecured and interest free with no fixed repayment terms in place.

 

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