REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Blossom Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Blossom Investments Limited |
Blossom Investments Limited (Registered number: SC213092) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Blossom Investments Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
280a St Vincent Street |
Glasgow |
G2 5RL |
Blossom Investments Limited (Registered number: SC213092) |
Abridged Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Blossom Investments Limited (Registered number: SC213092) |
Abridged Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Blossom Investments Limited (Registered number: SC213092) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Blossom Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparation |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment properties are completed properties which are held for their investment potential. They are stated |
at their open market value based on valuations by the independent valuers. Any surplus or deficit arising on the revaluation of investment properties is credited or charged to the investment property fair value reserve unless the balance of this reserve is insufficient to cover a deficit, on a portfolio basis, in which case the excess of the deficit over the balance of the investment property fair value reserve is charged to the profit and loss account. Where a deficit has previously been charged to the profit and loss account and a revaluation surplus subsequently arises, this surplus is credited to the profit and loss account to the extent of the deficit previously charged. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
True and fair view override |
The company has made a departure from the Companies Act 2006 requirement to depreciate fixed assets. In order to give a true and fair view the company follows accounting standards and values investment properties at open market value and does not depreciate them. This is required for the accounts to show a true and fair view. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Blossom Investments Limited (Registered number: SC213092) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2008 | 901,652 |
Valuation in 2009 | (1,711,900 | ) |
Valuation in 2010 | 227,900 |
Valuation in 2011 | (127,000 | ) |
Valuation in 2012 | 17,000 |
Valuation in 2014 | (30,000 | ) |
Valuation in 2015 | 278,000 |
Valuation in 2018 | 335,000 |
Valuation in 2022 | 31,278 |
Valuation in 2023 | (571,278 | ) |
Cost | 10,079,348 |
9,430,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 10,079,348 | 10,079,348 |
Investment properties were valued on an open market value basis on 28 April 2023 by Jones Lang LaSalle . |
Blossom Investments Limited (Registered number: SC213092) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The company has granted securities over several of its properties in favour of Handelsbanken. |
8. | RELATED PARTY DISCLOSURES |
A loan of £425,000 was made to Standard Real Estate (Giffnock) Limited at the year ended 30 June 2019. The balance outstanding at the end of the year was £425,000 (2023 £425,000). The Director, Douglas Milton, is a shareholder in Standard Real Estate (Giffnock) Limited. |
9. | ULTIMATE CONTROLLING PARTY |
The company is ultimately controlled by its directors. |