Registered number: SC148199 | ||||||||
FOR THE YEAR ENDED 31 MAY 2024 | ||||||||
Clouston, Otto & Co. Limited | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 MAY 2024 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
City of Edinburgh | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in SC - Scotland, registered number SC148199 | ||||||||
SOLICITORS | ||||||||
TP & Low | ||||||||
ACCOUNTANTS | ||||||||
Hodgson and Company | ||||||||
16 Barnes Green | ||||||||
Livingston | ||||||||
West Lothian | ||||||||
EH54 8PP |
Clouston, Otto & Co. Limited | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31 MAY 2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
Clouston, Otto & Co. Limited | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Cash at bank and in hand | ||||||||||
11,239 | 10,809 | |||||||||
CREDITORS: Amounts falling due within one year | 5 | |||||||||
NET CURRENT ASSETS / (LIABILITIES) | (1,344) | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 6 | 111,518 | 118,163 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | ||||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | ||||||||||
Revaluation reserve | 1d,7 | 471,609 | 471,609 | |||||||
Profit and loss account | 86,884 | 77,705 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Clouston, Otto & Co. Limited | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31 MAY 2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting FRS 1021 a | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The accounts have been prepared under the historical cost convention. | ||||||||
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
1b. Depreciation | ||||||||
Fixtures and Fittings | reducing balance 15% |
1c. Investment Properties | ||||||||
Investment properties are included in the financial statements at open market value. No depreciation is provided on such property in compliance with the Financial Reporting Standard for Smaller Entities. This departure from Companies Act requirements is necessary to show a true and fair view. | ||||||||
Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
1d. Revaluation Reserve | ||||||||
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 7). | ||||||||
Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account. |
2. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 2 | |||||
Clouston, Otto & Co. Limited | ||||||||
3. TANGIBLE FIXED ASSETS | ||||||
Fixtures | ||||||
and Fittings | Equipment | Total | ||||
£ | £ | £ | ||||
Cost | ||||||
At 1 June 2023 | 7,063 | 771 | 7,834 | |||
At 31 May 2024 | 7,063 | 771 | 7,834 | |||
Depreciation | ||||||
At 1 June 2023 | 7,004 | 770 | 7,774 | |||
For the year | 9 | - | 9 | |||
At 31 May 2024 | 7,013 | 770 | 7,783 | |||
Net Book Amounts | ||||||
At 31 May 2024 | 51 | |||||
At 31 May 2023 | 60 | |||||
4. INVESTMENT PROPERTIES | ||||||||
Investment | ||||||||
Properties | Total | |||||||
£ | £ | |||||||
Fair value | ||||||||
At 1 June 2023 | 735,000 | 735,000 | ||||||
At 31 May 2024 | 735,000 | 735,000 | ||||||
If the investment property had not been revalued it would have been included at its historical cost of £197,166 (2023: £197,166). | ||||||||
The investment property was valued on an open market basis on 31 May 2024 by the directors. | ||||||||
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
UK corporation tax | 2,155 | 4,269 | ||||||
Other creditors | 6,045 | 6,045 | ||||||
Accrued expenses | 1,839 | 1,839 | ||||||
10,039 | 12,153 | |||||||
Clouston, Otto & Co. Limited | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Other creditors | 111,518 | 118,163 | ||||||
111,518 | 118,163 | |||||||
7. REVALUATION RESERVE | 2024 | 2023 | ||||||
£ | £ | |||||||
Revaluation reserve | 471,609 | 443,259 | ||||||
Revaluation reserve | - | 28,350 | ||||||
471,609 | 471,609 | |||||||