Registered number
SC736888
A1 Assets Glasgow Ltd
Filleted Accounts
30 June 2024
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
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