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REGISTERED NUMBER: SC575715 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 March 2024

for

A1 City Properties Ltd

A1 City Properties Ltd (Registered number: SC575715)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

A1 City Properties Ltd

Company Information
For The Year Ended 31 March 2024







DIRECTORS: P Howard
Mrs S Howard
J Condie





SECRETARY: P Howard





REGISTERED OFFICE: 1 Cambuslang Court
Glasgow
G32 8FH





REGISTERED NUMBER: SC575715 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

A1 City Properties Ltd (Registered number: SC575715)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 133,260 136,365
Investment property 5 428,866 315,000
562,126 451,365

CURRENT ASSETS
Debtors 6 4,661 1,928
Cash at bank 11,028 5,448
15,689 7,376
CREDITORS
Amounts falling due within one year 7 384,354 244,488
NET CURRENT LIABILITIES (368,665 ) (237,112 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

193,461

214,253

CREDITORS
Amounts falling due after more than one
year

8

281,294

282,312
NET LIABILITIES (87,833 ) (68,059 )

CAPITAL AND RESERVES
Called up share capital 4 4
Revaluation reserve 25,850 25,850
Fair value reserve 15,022 15,022
Retained earnings (128,709 ) (108,935 )
SHAREHOLDERS' FUNDS (87,833 ) (68,059 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

A1 City Properties Ltd (Registered number: SC575715)

Balance Sheet - continued
31 March 2024


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 3 December 2024 and were signed on its behalf by:





P Howard - Director


A1 City Properties Ltd (Registered number: SC575715)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

A1 City Properties Ltd 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.

The accounts have been prepared on a going concern basis as the director has undertaken to continue supporting the company through the director's loan account.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction 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.


A1 City Properties Ltd (Registered number: SC575715)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 145,000 3,031 148,031
DEPRECIATION
At 1 April 2023 10,000 1,666 11,666
Charge for year 2,900 205 3,105
At 31 March 2024 12,900 1,871 14,771
NET BOOK VALUE
At 31 March 2024 132,100 1,160 133,260
At 31 March 2023 135,000 1,365 136,365

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2019 - 3,031 3,031
Valuation in 2020 65,000 - 65,000
Valuation in 2021 80,000 - 80,000
145,000 3,031 148,031

A1 City Properties Ltd (Registered number: SC575715)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 315,000
Additions 113,866
At 31 March 2024 428,866
NET BOOK VALUE
At 31 March 2024 428,866
At 31 March 2023 315,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2018 125,000
Valuation in 2019 340,000
Valuation in 2020 133,006
Valuation in 2021 (283,006 )
Valuation in 2024 113,866
428,866

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

31.3.24 31.3.23
£    £   
Cost 640,108 640,108

Investment property was valued on a fair value basis on 31 March 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 4,661 1,928

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 2,181 2,181
Other creditors 382,173 242,307
384,354 244,488

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 281,294 282,312

A1 City Properties Ltd (Registered number: SC575715)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 277,198 277,198

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 283,475 284,493

Shawbrook Bank Limited holds the following securities:
1. 17 Stewart Street, ML4 1DW registered under title number LAN128912
2. Flat 3/2, 287 Duke Street, G31 1HX registered under title number GLA14135
3. 72 Kelvin Way, G65 9UL registered under title number STG44944
4. 1 Meadow Street, ML5 4DX registered under title number LAN56278

Macfarlane Harris Ltd holds the following securities:
1. 29 Carrick Road, G67 2SE registered under title number DMB85202

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
A1 City Properties Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A1 City Properties Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of A1 City Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A1 City Properties Ltd and state those matters that we have agreed to state to the Board of Directors of A1 City Properties Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A1 City Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of A1 City Properties Ltd. You consider that A1 City Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A1 City Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


3 December 2024