Company No:
Contents
Note | 2024 | |
£ | ||
Fixed assets | ||
Investment property | 3 |
|
220,370 | ||
Current assets | ||
Cash at bank and in hand |
|
|
23,461 | ||
Creditors: amounts falling due within one year | 4 | (
|
Net current liabilities | (219,788) | |
Total assets less current liabilities | 582 | |
Net assets |
|
|
Capital and reserves | ||
Called-up share capital | 5 |
|
Profit and loss account |
|
|
Total shareholders' funds |
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Directors' responsibilities:
The financial statements of SPF Property (Scotland) Limited (registered number:
Philip Friel
Director |
Stephanie Friel
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year, unless otherwise stated.
SPF Property (Scotland) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Campsie Dene House, Campsie Dene Road, Blanefield, Glasgow, G63 9BN, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The financial statements cover the period from incorporation on 24/05/2023 to 31/05/2024. There are no comparative figures as this is the first set of financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2024 | |
Number | |
Monthly average number of persons employed by the Company during the year, including directors |
|
Investment property | |
£ | |
Valuation | |
As at 01 June 2023 |
|
Additions | 220,370 |
As at 31 May 2024 |
|
2024 | |
£ | |
Amounts owed to directors |
|
Accruals |
|
Taxation and social security |
|
|
2024 | |
£ | |
Allotted, called-up and fully-paid | |
|
|
|
|
200 |
Transactions with the entity's directors
2024 | |
£ | |
Amounts owed to directors | 239,800 |