Company Registration No. SC277428 (Scotland)
ALBASURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
ALBASURE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
46,800
46,800
Current assets
Cash at bank and in hand
149
149
Creditors: amounts falling due within one year
4
(4,132)
(3,351)
Net current liabilities
(3,983)
(3,202)
Total assets less current liabilities
42,817
43,598
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
42,815
43,596
Total equity
42,817
43,598

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 16 December 2024
Mr A B Stewart
Director
Company Registration No. SC277428
ALBASURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Company information

Albasure Limited is a private company limited by shares incorporated in Scotland. The registered office is 4 King Edward Street, PERTH, PH1 5UT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Rental income

Rental income is recorded within the accounts in the period to which the income relates.

 

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ALBASURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 6 April 2023 and 5 April 2024
46,800

The freehold investment properties were revalued at 5 April 2019 by the director on an existing use open market value basis at £46,800.

 

The historical cost of the freehold investment properties at 5 April 2021 was £65,000.

4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
1,476
Other creditors
4,132
1,875
4,132
3,351
5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2024-04-052023-04-06false27 December 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr A B StewartMr A B Stewartfalsefalse2024-12-27SC2774282023-04-062024-04-05SC2774282024-04-05SC2774282023-04-05SC277428core:CurrentFinancialInstruments2024-04-05SC277428core:CurrentFinancialInstruments2023-04-05SC277428core:ShareCapital2024-04-05SC277428core:ShareCapital2023-04-05SC277428core:RetainedEarningsAccumulatedLosses2024-04-05SC277428core:RetainedEarningsAccumulatedLosses2023-04-05SC277428bus:Director12023-04-062024-04-05SC2774282022-04-062023-04-05SC2774282023-04-05SC277428bus:PrivateLimitedCompanyLtd2023-04-062024-04-05SC277428bus:SmallCompaniesRegimeForAccounts2023-04-062024-04-05SC277428bus:FRS1022023-04-062024-04-05SC277428bus:AuditExemptWithAccountantsReport2023-04-062024-04-05SC277428bus:CompanySecretary12023-04-062024-04-05SC277428bus:FullAccounts2023-04-062024-04-05xbrli:purexbrli:sharesiso4217:GBP