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2022-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC231861
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2023-11-30
SC231861
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COMPANY REGISTRATION NUMBER:
SC231861
Blue Chip Properties (Scotland) Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Blue Chip Properties (Scotland) Limited |
|
Abridged Financial Statements |
|
Period from 1 June 2022 to 30 November 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Blue Chip Properties (Scotland) Limited |
|
Abridged Statement of Financial Position |
|
30 November 2023
|
30 Nov 23 |
31 May 22 |
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
Tangible assets |
4 |
|
1,525,186 |
1,922,896 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
211,871 |
|
901 |
|
|
|
|
Creditors: amounts falling due within one year |
958,310 |
|
1,018,577 |
|
--------- |
|
------------ |
Net current liabilities |
|
746,439 |
1,017,676 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
778,747 |
905,220 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
7,493 |
15,000 |
|
|
|
|
Provisions for liabilities
Taxation including deferred tax |
|
18,578 |
40,514 |
|
|
--------- |
--------- |
Net assets |
|
752,676 |
849,706 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
6 |
|
2 |
2 |
Revaluation reserve |
|
278,982 |
405,825 |
Profit and loss account |
|
473,692 |
443,879 |
|
|
--------- |
--------- |
Shareholders funds |
|
752,676 |
849,706 |
|
|
--------- |
--------- |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Blue Chip Properties (Scotland) Limited |
|
Abridged Statement of Financial Position (continued) |
|
30 November 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
17 February 2025
, and are signed on behalf of the board by:
Mr G. C. Stewart |
|
Director |
|
|
|
Company registration number:
SC231861
Blue Chip Properties (Scotland) Limited |
|
Notes to the Abridged Financial Statements |
|
Period from 1 June 2022 to 30 November 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 7 Summer Street, Aberdeen, AB10 ISB.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The directors consider that after reviewing the prospects for the company over the next 12 months, that the going concern basis is still applicable for the preparation of these financial statements. The company is dependent on the continued support of its directors and the company's bank.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the profit and loss account represents rental income due in respect of investment property lettings during the year, exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
|
£ |
Cost |
|
At 1 June 2022 |
1,974,624 |
Disposals |
(
375,000) |
|
------------ |
At 30 November 2023 |
1,599,624 |
|
------------ |
Depreciation |
|
At 1 June 2022 |
51,728 |
Charge for the period |
22,710 |
|
------------ |
At 30 November 2023 |
74,438 |
|
------------ |
Carrying amount |
|
At 30 November 2023 |
1,525,186 |
|
------------ |
At 31 May 2022 |
1,922,896 |
|
------------ |
|
|
The directors reviewed the market value of the investment properties held at the year end 2022 in accordance with market conditions. Consequently a surplus was credited to the revaluation reserve along with a corresponding tax liability. Included in the carrying value above are revalued investment properties held at a value of £750,000.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
At 30 November 2023 |
|
Aggregate cost |
452,441 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
452,441 |
|
--------- |
|
|
At 31 May 2022 |
|
Aggregate cost |
678,661 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
678,661 |
|
--------- |
|
|
5.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
|
30 Nov 23 |
31 May 22 |
|
£ |
£ |
Included in provisions for liabilities |
18,578 |
40,514 |
|
-------- |
-------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
30 Nov 23 |
31 May 22 |
|
£ |
£ |
Revaluation of tangible assets |
18,578 |
40,514 |
|
-------- |
-------- |
|
|
|
6.
Called up share capital
Issued, called up and fully paid
|
30 Nov 23 |
31 May 22 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
7.
Directors' advances, credits and guarantees
The company was under the control of the directors throughout the current and previous year. During the year Mr G Stewart, director, was advanced net funds from the company of £Nil (2022 - £440,000 advanced by the company), was repaid £15,990 for company expenses paid personally (2022 - £10,278) and withdrew funds of £77,100 during the year (2022 - £10,300). At the year end, there was an amount of £816,223 (2022 - £877,333) due to Mr G Stewart. During the year Mr R Stewart, director, withdrew funds of £1,800 during the year (2022 - £Nil). At the year end, the company was due Mr R Stewart £107,600 (2022 - £109,400). The above loans have no set repayment terms and no interest is being charged. The balance is included within Creditors: amounts due in less than one year.