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REGISTERED NUMBER: SC386872 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

The Flat Company (Investments) Limited

The Flat Company (Investments) Limited (Registered number: SC386872)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Flat Company (Investments) Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: W J H Walters
D Zank



REGISTERED OFFICE: 61a Queen Street
Edinburgh
EH2 4NA



REGISTERED NUMBER: SC386872 (Scotland)



ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG



SOLICITORS: Connell & Connell WS
10 Dublin Street
Edinburgh
EH1 3PR

The Flat Company (Investments) Limited (Registered number: SC386872)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 775,000 770,000

CURRENT ASSETS
Debtors 5 3,623 2,213
Cash at bank 1,209 1,264
4,832 3,477
CREDITORS
Amounts falling due within one year 6 133,457 128,908
NET CURRENT LIABILITIES (128,625 ) (125,431 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

646,375

644,569

CREDITORS
Amounts falling due after more than one year 7 (419,284 ) (421,956 )

PROVISIONS FOR LIABILITIES 9 (30,405 ) (29,455 )
NET ASSETS 196,686 193,158

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 129,620 125,570
Retained earnings 11 66,966 67,488
SHAREHOLDERS' FUNDS 196,686 193,158

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





W J H Walters - Director


The Flat Company (Investments) Limited (Registered number: SC386872)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

The Flat Company (Investments) 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.

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, modified to include certain items at fair value.

The financial statements have been prepared on a going concern basis, the acceptability of which is dependent on the continued support of the directors.

Investment property
Investment properties, for which fair value can be measured reliably without undue cost or effort on an ongoing basis, are measured at fair value annually with any change recognised in the profit and loss account.

In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties held as investment properties where fair value can be measured reliably without undue cost or effort. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. Such properties are held for investment and not for consumption, and the directors consider that to depreciate them would not give a true and fair view.

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.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Exception from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

3. EMPLOYEES AND DIRECTORS

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

The Flat Company (Investments) Limited (Registered number: SC386872)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 770,000
Revaluations 5,000
At 31 May 2024 775,000
NET BOOK VALUE
At 31 May 2024 775,000
At 31 May 2023 770,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2016 23,967
Valuation in 2018 5,000
Valuation in 2019 46,530
Valuation in 2020 10,000
Valuation in 2021 32,509
Valuation in 2022 37,020
Valuation in 2024 5,000
Cost 614,974
775,000

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

31.5.24 31.5.23
£    £   
Cost 614,974 614,974

Investment property was valued on an open market basis on 31 May 2024 by W Walters, director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 3,623 2,213

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other creditors 133,457 128,908

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Other creditors 419,284 421,956

The Flat Company (Investments) Limited (Registered number: SC386872)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Loans 429,302 304,984
Other loan - 125,539
429,302 430,523

The loan creditor is secured by a floating charge which covers all the property or undertakings of the company. The charge is held by Paragon Bank Limited.

The other loan creditor is secured by a floating charge which covers all the property or undertakings of the company. The charge is held by Lend Invest.

9. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 30,405 29,455

Deferred
tax
£   
Balance at 1 June 2023 29,455
Provided during year 950
Balance at 31 May 2024 30,405

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1,000 Ordinary £0.10 100 100

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 67,488 125,570 193,058
Profit for the year 3,528 3,528
Transfer (4,050 ) 4,050 -
At 31 May 2024 66,966 129,620 196,586

The Flat Company (Investments) Limited (Registered number: SC386872)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:





Related Party




Transaction
Amount
received /
(paid) in
year to
31.5.24
Amount
received /
(paid) in
year to
31.5.23

Balance (payable
to) / receivable
from related party
as at 31.5.24
Balance
(payable to) /
receivable from
related party as
at 31.5.23
£ £ £ £


Company 1
Management
fees

2,592

2,695

Nil

Nil
Loan Nil Nil (49,000) (49,000)


Company 2
Maintenance
work

2,019

1,796

Nil

Nil

Company 3 Loan (3,013) (13) (72,705) (69,692)

Management
fees

1,985

1,613

Nil

Nil


Company 4
Maintenance
work

-

457

-

-

One of the directors is a director and a shareholder of Company 1.

One of the directors is also a shareholder of Company 2 and one of the directors is a director of Company 2.

The directors are directors and shareholders of Company 3.

One of the directors is a director and a shareholder of Company 4.

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling interest.