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REGISTERED NUMBER: SC316491 (Scotland)










Financial Statements

For The Year Ended 29 February 2024

for

Freeland Developments (Scotland) Limited

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Contents of the Financial Statements
For The Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Freeland Developments (Scotland) Limited

Company Information
For The Year Ended 29 February 2024







DIRECTOR: P K Ferrier





SECRETARY: M Ferrier





REGISTERED OFFICE: Suite 5
Hardgate Cross House
17 Glasgow Road
Clydebank
G81 5PJ





REGISTERED NUMBER: SC316491 (Scotland)





ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 111,852 296,204
Investment property 5 1,242,714 1,402,714
1,354,566 1,698,918

CURRENT ASSETS
Debtors 6 105,265 22,030
Cash at bank 67,168 16,550
172,433 38,580
CREDITORS
Amounts falling due within one year 7 170,884 256,548
NET CURRENT ASSETS/(LIABILITIES) 1,549 (217,968 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,356,115

1,480,950

CREDITORS
Amounts falling due after more than one
year

8

(102,098

)

(130,213

)

PROVISIONS FOR LIABILITIES (130,152 ) (120,588 )
NET ASSETS 1,123,865 1,230,149

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,122,865 1,229,149
SHAREHOLDERS' FUNDS 1,123,865 1,230,149

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Balance Sheet - continued
29 February 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 January 2025 and were signed by:





P K Ferrier - Director


Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements
For The Year Ended 29 February 2024


1. STATUTORY INFORMATION

Freeland Developments (Scotland) 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.

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 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.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are described below:

Estimated useful lives and residual values of fixed assets
As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into account estimated useful lives used by other companies operating within the same sector and actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revaluation of investment property
Investment property is included at fair value which is determined by the directors. Various assumptions and estimates are used in making the assessment of fair value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is derived from revenue earned from operating leases for the rental of the company's investment properties and is recognised on a straight-line basis over the term of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 25% on reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued

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
The following assets and liabilities are classified as financial instruments - trade creditors, bank loans and director's loan.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Director's loan (being repayable on demand) and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 balance sheet date.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 47,800 49,398 297,257 19,798 414,253
Additions - 16,849 - - 16,849
Disposals - - (228,633 ) - (228,633 )
At 29 February 2024 47,800 66,247 68,624 19,798 202,469
DEPRECIATION
At 1 March 2023 17,227 15,291 71,587 13,944 118,049
Charge for year 7,643 12,739 8,173 1,464 30,019
Eliminated on disposal - - (57,451 ) - (57,451 )
At 29 February 2024 24,870 28,030 22,309 15,408 90,617
NET BOOK VALUE
At 29 February 2024 22,930 38,217 46,315 4,390 111,852
At 28 February 2023 30,573 34,107 225,670 5,854 296,204

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023 61,500
Transfer to ownership (61,500 )
At 29 February 2024 -
DEPRECIATION
At 1 March 2023 17,002
Transfer to ownership (17,002 )
At 29 February 2024 -
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 44,498

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 1,402,714
Additions 35,000
Disposals (195,000 )
At 29 February 2024 1,242,714
NET BOOK VALUE
At 29 February 2024 1,242,714
At 28 February 2023 1,402,714

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2009 540,000
Valuation in 2014 (34,792 )
Valuation in 2019 1,183
Cost 736,323
1,242,714

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 736,323 896,323

Investment property was valued on a fair value basis on 29 February 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,005 18,430
Amounts owed by participating interests 99,660 -
Other debtors 3,600 3,600
105,265 22,030

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,400 20,400
Hire purchase contracts - 13,333
Trade creditors - 7,500
Taxation and social security 23,656 46,356
Other creditors 126,828 168,959
170,884 256,548

Freeland Developments (Scotland) Limited (Registered number: SC316491)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 102,098 121,324
Hire purchase contracts - 8,889
102,098 130,213

Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 yr by instal 20,498 39,724

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 122,498 141,724
Hire purchase contracts - 22,222
122,498 163,946

The bank overdraft and loans are secured by a bond and floating charge over the whole of the assets and undertakings of the company and by standard securities over all of the company's Heritable properties. The bank loans bear interest at 3% over Santander's base rate. The current portion of the loans are shown in current liabilities.

Hire purchase and finance lease creditors hold security over the assets which are the subject of the relevant agreements.

The bounce back bank loan was repaid in full on the 14th January 2023.

10. RELATED PARTY DISCLOSURES

The company actively trades with one other company. Both companies are under common control and ownership. The transactions between the companies are on an open market value basis at arms length. Most of the transactions are not for goods and services and are the movement of funds between group companies.

11. ULTIMATE CONTROLLING PARTY

The controlling party is P K Ferrier.