IRIS Accounts Production v24.3.0.553 SC561285 Board of Directors 1.4.23 31.3.24 31.3.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5612852023-03-31SC5612852024-03-31SC5612852023-04-012024-03-31SC5612852022-03-31SC5612852022-04-012023-03-31SC5612852023-03-31SC561285ns15:Scotland2023-04-012024-03-31SC561285ns14:PoundSterling2023-04-012024-03-31SC561285ns10:Director12023-04-012024-03-31SC561285ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC561285ns10:SmallEntities2023-04-012024-03-31SC561285ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-31SC561285ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC561285ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC561285ns10:FullAccounts2023-04-012024-03-31SC561285ns10:Director22023-04-012024-03-31SC561285ns10:CompanySecretary12023-04-012024-03-31SC561285ns10:RegisteredOffice2023-04-012024-03-31SC561285ns5:CurrentFinancialInstruments2024-03-31SC561285ns5:CurrentFinancialInstruments2023-03-31SC561285ns5:Non-currentFinancialInstruments2024-03-31SC561285ns5:Non-currentFinancialInstruments2023-03-31SC561285ns5:ShareCapital2024-03-31SC561285ns5:ShareCapital2023-03-31SC561285ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-31SC561285ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-31SC561285ns5:RetainedEarningsAccumulatedLosses2024-03-31SC561285ns5:RetainedEarningsAccumulatedLosses2023-03-31SC561285ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-03-31SC561285ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-31SC561285ns5:Secured2024-03-31SC561285ns5:Secured2023-03-31
REGISTERED NUMBER: SC561285 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Abercromby Limited

Abercromby Limited (Registered number: SC561285)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Abercromby Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs O M Benbow
J A Benbow





SECRETARY: J A Benbow





REGISTERED OFFICE: 25 Manor Place
Edinburgh
EH3 7DX





REGISTERED NUMBER: SC561285 (Scotland)





ACCOUNTANTS: One Accounting Ltd
Chartered Management Accountants
Drumsheugh Toll
2 Belford Road
Edinburgh
Midlothian
EH4 3BL

Abercromby Limited (Registered number: SC561285)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,454,613 2,504,361

CURRENT ASSETS
Debtors 5 8,750 8,750
Cash at bank 280 7,046
9,030 15,796
CREDITORS
Amounts falling due within one year 6 799,275 789,067
NET CURRENT LIABILITIES (790,245 ) (773,271 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,664,368

1,731,090

CREDITORS
Amounts falling due after more than one year 7 (1,259,496 ) (1,294,896 )

PROVISIONS FOR LIABILITIES (80,125 ) (82,149 )
NET ASSETS 324,747 354,045

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 240,375 246,448
Retained earnings 84,272 107,497
SHAREHOLDERS' FUNDS 324,747 354,045

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.

Abercromby Limited (Registered number: SC561285)

Statement of Financial Position - 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 28 November 2024 and were signed on its behalf by:





J A Benbow - Director


Abercromby Limited (Registered number: SC561285)

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

1. STATUTORY INFORMATION

Abercromby 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.

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

Investment property
Investment property is shown at most recent valuation. The properties are assessed for any
impairment of their carrying value and where required the valuation is adjusted for impairment.

Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Where a fair value adjustment has been made, the amount has been transferred from retained
earnings to a fair value reserve in order to distinguish between distributable and non-distributable
reserves.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 NIL (2023 - NIL).

Abercromby Limited (Registered number: SC561285)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,504,361
Additions 8,349
Disposals (50,000 )
Revaluations (8,097 )
At 31 March 2024 2,454,613
NET BOOK VALUE
At 31 March 2024 2,454,613
At 31 March 2023 2,504,361

Revaluation relates to 3 properties in Edinburgh and the valuation was made by the directors.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 8,750 8,750

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 43,014 36,736
Tax - 2,564
Other creditors 9,650 8,250
Directors' current accounts 725,448 724,084
Accrued expenses 21,163 17,433
799,275 789,067

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans more than 1 year 1,259,496 1,294,896

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 1,302,510 1,331,632

The bank, Handelsbanken, hold a floating charge over the properties owned by the company.

9. RELATED PARTY DISCLOSURES

At the year end total amounts of £725,447 (2023 - £724,084) were owed to the directors.