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REGISTERED NUMBER: SC488988 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Ayrshire Letting and Sales Ltd

Ayrshire Letting and Sales Ltd (Registered number: SC488988)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ayrshire Letting and Sales Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTOR: Mrs K McCallum





SECRETARY: Mr J A McCallum





REGISTERED OFFICE: 26 Ritchie Street
Seamill
West Kilbride
Ayrshire
KA23 9AL





REGISTERED NUMBER: SC488988 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Ayrshire Letting and Sales Ltd (Registered number: SC488988)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,941 25,639

CURRENT ASSETS
Debtors 5 133,949 121,006
Cash at bank 10,304 13,169
144,253 134,175
CREDITORS
Amounts falling due within one year 6 47,289 44,559
NET CURRENT ASSETS 96,964 89,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

115,905

115,255

CREDITORS
Amounts falling due after more than one
year

7

7,206

12,144
NET ASSETS 108,699 103,111

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 108,698 103,110
SHAREHOLDERS' FUNDS 108,699 103,111

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Ayrshire Letting and Sales Ltd (Registered number: SC488988)

Balance Sheet - continued
31 October 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 January 2025 and were signed by:





Mrs K McCallum - Director


Ayrshire Letting and Sales Ltd (Registered number: SC488988)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Ayrshire Letting and Sales 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The director reviews the cash requirements of the business on a regular basis to ensure that there are sufficient resources to meet commitments as they fall due. In addition the director introduces funds from personal sources from time to time to support business expenditure. On this basis the director has concluded that the company has sufficient resources to meet its commitments over the next year and accordingly has prepared the accounts on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer and other equipment - 25% on cost

Tangible fixed assets are stated at cost less depreciation.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Ayrshire Letting and Sales Ltd (Registered number: SC488988)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

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.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Grants Received
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Ayrshire Letting and Sales Ltd (Registered number: SC488988)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures Computer
and Motor and other
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022
and 31 October 2023 4,877 37,269 9,874 52,020
DEPRECIATION
At 1 November 2022 2,196 16,305 7,880 26,381
Charge for year 402 5,241 1,055 6,698
At 31 October 2023 2,598 21,546 8,935 33,079
NET BOOK VALUE
At 31 October 2023 2,279 15,723 939 18,941
At 31 October 2022 2,681 20,964 1,994 25,639

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,556 3,435
Amounts owed by associates 85,562 81,756
Amounts recoverable on
contracts 1,200 1,200
Other debtors 45,631 34,615
133,949 121,006

The directors' loan account was repaid within 9 months of the year end.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 12,608 15,981
Taxation and social security 27,024 20,891
Other creditors 2,657 2,687
47,289 44,559

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 7,206 12,144

Ayrshire Letting and Sales Ltd (Registered number: SC488988)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 12,206 17,144

The bounce back loan is secured and repayable by 60 equal monthly instalments one year after draw down. Interest on all borrowings is paid at a commercial rate of interest.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mrs K McCallum
Balance outstanding at start of year 33,636 (241 )
Amounts advanced 9,496 213,193
Amounts repaid - (179,316 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 43,132 33,636

The Director manages her own property portfolio through the company under normal commercial terms.

During the year the company rented storage facilities from JMC Financial Services Limited to a value of £nil (2022: £600).

During the year the company advanced sums to Core Property Solutions (Ayrshire) Limited, a company in which the director is the sole director and shareholder. As at 31 October 2023 a balance of £85,562 was due to Ayrshire Letting and Sales Ltd (2022: £81,756).

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs K McCallum.