Registered number
10468339
Scots Lane Property Limited
Filleted Accounts
29 February 2024
Scots Lane Property Limited
Registered number: 10468339
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 522,519 517,401
Current assets
Debtors 4 2,046 572
Cash at bank and in hand 848 716
2,894 1,288
Creditors: amounts falling due within one year 5 (197,290) (183,215)
Net current liabilities (194,396) (181,927)
Total assets less current liabilities 328,123 335,474
Creditors: amounts falling due after more than one year 6 (369,420) (378,888)
Provisions for liabilities (30) (103)
Net liabilities (41,327) (43,517)
Capital and reserves
Called up share capital 100 100
Profit and loss account (41,427) (43,617)
Shareholder's funds (41,327) (43,517)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Munro
Director
Approved by the board on 30 November 2024
Scots Lane Property Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years from completion of build
Fixtures, fittings, tools and equipment over 5 years
The freehold property is not being depreciated until it has been full renovated and brought into use.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 516,857 3,202 520,059
Additions 5,500 203 5,703
At 29 February 2024 522,357 3,405 525,762
Depreciation
At 1 March 2023 - 2,658 2,658
Charge for the year - 585 585
At 29 February 2024 - 3,243 3,243
Net book value
At 29 February 2024 522,357 162 522,519
At 28 February 2023 516,857 544 517,401
4 Debtors 2024 2023
£ £
Other debtors 2,046 572
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other taxes and social security costs 726 -
Other creditors 196,564 183,215
197,290 183,215
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 369,420 378,888
7 Controlling party
The company is controlled by its director who, togther with his wife, owns 100% of the issued share capital.
8 Other information
Scots Lane Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
Scots House
Scots Lane
Salisbury
Wiltshire
SP1 3TR
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