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REGISTERED NUMBER: SC530350 (Scotland)















Fergusson Residential Properties Ltd

Unaudited Financial Statements for the Year Ended 31 March 2024






Fergusson Residential Properties Ltd (Registered number: SC530350)






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


Fergusson Residential Properties Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Dr R J Fergusson
Mrs M M Fergusson





REGISTERED OFFICE: 7 Easter Belmont Road
Edinburgh
EH12 6EX





REGISTERED NUMBER: SC530350 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Fergusson Residential Properties Ltd (Registered number: SC530350)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 1,270,000 1,680,000

CURRENT ASSETS
Debtors 6 1,500 1,500
Cash at bank 13,030 63,930
14,530 65,430
CREDITORS
Amounts falling due within one year 7 191,200 890,167
NET CURRENT LIABILITIES (176,670 ) (824,737 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,093,330

855,263

CREDITORS
Amounts falling due after more than one
year

8

(639,285

)

(377,205

)

PROVISIONS FOR LIABILITIES (38,018 ) (58,015 )
NET ASSETS 416,027 420,043

CAPITAL AND RESERVES
Called up share capital 75 75
Revaluation reserve 10 239,765 325,017
Retained earnings 10 176,187 94,951
416,027 420,043

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.

Fergusson Residential Properties Ltd (Registered number: SC530350)

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 3 December 2024 and were signed on its behalf by:




Dr R J Fergusson - Director



Mrs M M Fergusson - Director


Fergusson Residential Properties Ltd (Registered number: SC530350)

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

1. STATUTORY INFORMATION

Fergusson Residential 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and key estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

The turnover shown in the profit and loss account represents rents receivable during the year.

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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Fergusson Residential Properties Ltd (Registered number: SC530350)

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

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. EMPLOYEES AND DIRECTORS

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,680,000
Disposals (400,000 )
Revaluations (10,000 )
At 31 March 2024 1,270,000
NET BOOK VALUE
At 31 March 2024 1,270,000
At 31 March 2023 1,680,000

The properties were revalued on 31 March 2024 at £1,270,000, on a current market value basis.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 115,249
Valuation in 2020 32,165
Valuation in 2022 (4,631 )
Valuation in 2023 145,000
Valuation in 2024 (10,000 )
Cost 992,217
1,270,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 1,500 1,500

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts - 708,751
Corporation tax 15,347 5,623
Directors' current accounts 174,773 174,773
Accruals and deferred income 1,080 1,020
191,200 890,167

Fergusson Residential Properties Ltd (Registered number: SC530350)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans more 5 yrs non-inst 639,285 377,205

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 639,285 377,205

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 639,285 1,085,956

The bank loans are secured over the freehold property of the company.

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 94,951 325,017 419,968
Profit for the year 101,233 101,233
Disposal - (95,249 ) (95,249 )
Reclassification (19,997 ) 19,997 -
Revaluation - (10,000 ) (10,000 )
At 31 March 2024 176,187 239,765 415,952

11. RELATED PARTY TRANSACTIONS

The company was under the control of Dr R J Fergusson and Mrs M M Fergusson throughout the current and previous year. Dr and Mrs Fergusson are the only directors and shareholders.

At 31 March 2024, the company was due £174,773 (31 March 2023 £174,773) to Dr and Mrs Fergusson. This loan is interest free with no fixed terms for repayment.