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REGISTERED NUMBER: SC173917 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Abernyte Properties Limited

Abernyte Properties Limited (Registered number: SC173917)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Abernyte Properties Limited (Registered number: SC173917)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 934,925 932,292

CURRENT ASSETS
Stocks 290,690 285,708
Debtors 5 97,720 117,974
Cash at bank and in hand 754,105 747,602
1,142,515 1,151,284
CREDITORS
Amounts falling due within one year 6 (398,180 ) (412,512 )
NET CURRENT ASSETS 744,335 738,772
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,679,260

1,671,064

CREDITORS
Amounts falling due after more than one
year

7

(73,454

)

(114,973

)

PROVISIONS FOR LIABILITIES (8,255 ) (8,635 )

ACCRUALS AND DEFERRED INCOME (18,000 ) (20,527 )
NET ASSETS 1,579,551 1,526,929

CAPITAL AND RESERVES
Called up share capital 83,334 83,334
Share premium 160,490 160,490
Capital redemption reserve 14,500 14,500
Retained earnings 1,321,227 1,268,605
SHAREHOLDERS' FUNDS 1,579,551 1,526,929

Abernyte Properties Limited (Registered number: SC173917)

Balance Sheet - continued
31 May 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 22 November 2024 and were signed on its behalf by:





Mrs E Templeman - Director


Abernyte Properties Limited (Registered number: SC173917)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Abernyte Properties Limited is a private company, limited by shares, domiciled in Scotland, registration number SC173917. The registered office is Scottish Antique and Arts Centre, Milton of Abernyte, Inchture, Perthshire PH4 9SJ.

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.

Turnover
Turnover represents net invoiced sales of goods and services in respect of antique sales, commissions, rent and food sales, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Property improvements - 5% on cost
Fittings & equipment - 33% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.

Abernyte Properties Limited (Registered number: SC173917)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance lease agreements
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is capitalised in the balance sheet as a tangible fixed asset at its fair value and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2023 - 64 ) .

4. TANGIBLE FIXED ASSETS
Freehold Property Fittings Motor
property improvements & equipment vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 852,136 630,185 690,292 21,545 2,194,158
Additions - 47,745 16,730 - 64,475
At 31 May 2024 852,136 677,930 707,022 21,545 2,258,633
DEPRECIATION
At 1 June 2023 203,253 391,547 654,610 12,456 1,261,866
Charge for year 16,938 27,542 15,090 2,272 61,842
At 31 May 2024 220,191 419,089 669,700 14,728 1,323,708
NET BOOK VALUE
At 31 May 2024 631,945 258,841 37,322 6,817 934,925
At 31 May 2023 648,883 238,638 35,682 9,089 932,292

Abernyte Properties Limited (Registered number: SC173917)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 4 102
Other debtors 97,716 117,872
97,720 117,974

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 58,658 56,154
Trade creditors 104,354 107,851
Taxation and social security 84,380 82,253
Other creditors 150,788 166,254
398,180 412,512

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 73,454 114,973

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,063 -

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 132,112 171,127

The bank loans are secured by a standard security over the company's heritable property. There is also a floating charge over all the assets and undertakings of the company.