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REGISTERED NUMBER: SC688823 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

CROWLIN PROPERTY LIMITED

CROWLIN PROPERTY LIMITED (REGISTERED NUMBER: SC688823)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CROWLIN PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: John Lawrence Sheedy
Andrew Lyndon John Sheedy





REGISTERED OFFICE: 41 North Drive
Troon
Ayrshire
KA10 7DL





REGISTERED NUMBER: SC688823 (Scotland)





ACCOUNTANTS: Stewart Gilmour & Co.
3rd Floor
St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH

CROWLIN PROPERTY LIMITED (REGISTERED NUMBER: SC688823)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 123,776 159,215

CURRENT ASSETS
Cash at bank 12,865 6,362

CREDITORS
Amounts falling due within one year 5 125,150 60,045
NET CURRENT LIABILITIES (112,285 ) (53,683 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,491

105,532

CREDITORS
Amounts falling due after more than one
year

6

-

100,995
NET ASSETS 11,491 4,537

CAPITAL AND RESERVES
Called up share capital 7 10 10
Retained earnings 11,481 4,527
SHAREHOLDERS' FUNDS 11,491 4,537

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:



John Lawrence Sheedy - Director


CROWLIN PROPERTY LIMITED (REGISTERED NUMBER: SC688823)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Crowlin Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The directors consider that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £2,476 (2022 - £3,184).

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

CROWLIN PROPERTY LIMITED (REGISTERED NUMBER: SC688823)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 159,215
Additions 123,776
Disposals (159,215 )
At 29 February 2024 123,776
NET BOOK VALUE
At 29 February 2024 123,776
At 28 February 2023 159,215

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2024 123,776

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 123,776 159,215
Aggregate depreciation (2,476 ) (6,368 )

The investment property was valued on an open market basis on 29 February 2024 by the directors .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 1,643 774
Other creditors 123,507 59,271
125,150 60,045

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 100,995

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary Shares 1p 10 10