A1 Assets Glasgow Ltd |
Registered number: |
SC736888 |
Balance Sheet |
as at 30 June 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
301,746 |
|
|
- |
|
Current assets |
Debtors |
4 |
|
3,278 |
|
|
8,891 |
Cash at bank and in hand |
|
|
46,278 |
|
|
26,344 |
|
|
|
49,556 |
|
|
35,235 |
|
Creditors: amounts falling due within one year |
5 |
|
(172,971) |
|
|
(34,219) |
|
Net current (liabilities)/assets |
|
|
|
(123,415) |
|
|
1,016 |
|
Total assets less current liabilities |
|
|
|
178,331 |
|
|
1,016 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(203,834) |
|
|
- |
|
|
|
Net (liabilities)/assets |
|
|
|
(25,503) |
|
|
1,016 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(25,603) |
|
|
916 |
|
Shareholders' funds |
|
|
|
(25,503) |
|
|
1,016 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Mr G Grieve |
Director |
Approved by the board on 12 February 2025 |
|
A1 Assets Glasgow Ltd |
Notes to the Accounts |
for the year ended 30 June 2024 |
|
|
1 |
Accounting policies |
|
|
Other operating income |
|
Other operating income is recognised at the fair value of the consideration received or receivable in respect of rental income. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
Additions |
301,746 |
|
|
At 30 June 2024 |
301,746 |
|
|
|
|
|
|
|
|
|
|
Investment property comprises 4 residential properties situated in Scotland. The fair value of the investment property was arrived at on the basis of valuations carried out at purchase date during the financial year. The valuations have been undertaken by independent valuers and are not connected with the director. The director perceives this valuation is still relevant at the year end due to his knowledge of the local property market. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
3,278 |
|
8,891 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
6,120 |
|
- |
|
Accrued expenses |
1,960 |
|
660 |
|
Taxation and social security costs |
- |
|
215 |
|
Other creditors |
164,891 |
|
33,344 |
|
|
|
|
|
|
172,971 |
|
34,219 |
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
203,834 |
|
- |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
209,954 |
|
- |
|
|
|
|
|
|
|
|
|
|
The loans with Aldemore and Mortgage Works are secured over the investment property as a first charge. |
|
|
8 |
Related party transactions |
|
|
Transfers were made from A1 SEO Glasgow Ltd to A1 Assets Glasgow Ltd to allow for the purchase of the property purchases. Both companies have common directorship and shareholding. The loan of £184,806, carries no interest charge and there are no fixed repayment terms. |
|
|
9 |
Controlling party |
|
|
The director, Mr G Grieve, holds a 100% beneficial interest in the share capital of the company. |
|
|
10 |
Other information |
|
|
A1 Assets Glasgow Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
1 Spiersbridge Way |
|
Thornliebank |
|
Glasgow |
|
G46 8NG |