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REGISTERED NUMBER: SC253363 (Scotland)




















Aberdeen Properties Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024






Aberdeen Properties Limited (Registered number: SC253363)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Aberdeen Properties Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: G M Rawlinson



SECRETARY: Whitelaw Wells



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
EH3 6AT



REGISTERED NUMBER: SC253363 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland
43 Comely Bank
Edinburgh
EH4 1AF



SOLICITORS: HBJ Gateley
Exchange Tower
19 Canning Street
Edinburgh
EH3 8EH

Aberdeen Properties Limited (Registered number: SC253363)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 80,000 80,000

CURRENT ASSETS
Cash at bank 4,567 17,777

CREDITORS
Amounts falling due within one year 5 9,768 12,606
NET CURRENT (LIABILITIES)/ASSETS (5,201 ) 5,171
TOTAL ASSETS LESS CURRENT LIABILITIES 74,799 85,171

CAPITAL AND RESERVES
Called up share capital 6 6
Fair value reserve 7 (37,743 ) (37,743 )
Retained earnings 112,536 122,908
SHAREHOLDERS' FUNDS 74,799 85,171

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Aberdeen Properties Limited (Registered number: SC253363)

Balance Sheet - continued
29 February 2024


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 director and authorised for issue on 25 February 2025 and were signed by:





G M Rawlinson - Director


Aberdeen Properties Limited (Registered number: SC253363)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Aberdeen Properties 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern principal which assumes that the company will continue to trade in the foreseeable future. The director's going concern assessment includes a period of at least 12 months from the date of signing of these financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover & revenue recognition
Turnover represents rental income. Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to these incentives is accrued and subsequently released of the full period of the lease agreement. Property sales are recognised with reference to completion date.

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.


Aberdeen Properties Limited (Registered number: SC253363)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

All loans with related parties are repayable on demand.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 80,000
NET BOOK VALUE
At 29 February 2024 80,000
At 28 February 2023 80,000

Aberdeen Properties Limited (Registered number: SC253363)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2007 42,257
Valuation in 2008 (33,000 )
Valuation in 2010 3,000
Valuation in 2011 (15,000 )
Valuation in 2017 (15,000 )
Valuation in 2019 (20,000 )
Cost 117,743
80,000

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

2024 2023
£    £   
Cost 117,743 117,743

Investment property was valued on an open market basis on 29 February 2024 by the shareholders .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 1,789 3,685
Other creditors 7,979 8,921
9,768 12,606

6. SECURED DEBTS

The Royal Bank of Scotland Plc holds a bond and floating charge over the assets of Aberdeen Properties Limited. They also have a standard security over the ground and basement floors of Ten/Sixteen Exchequer Row, Aberdeen, the property owned by Aberdeen Properties Limited.

Aberdeen Properties Limited (Registered number: SC253363)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. RESERVES
Fair
value
reserve
£   
At 1 March 2023
and 29 February 2024 (37,743 )

The fair value reserve represents the net revaluation deficit on investment properties that is not readily distributable as realised earnings.

8. RELATED PARTY DISCLOSURES

DIVIDENDS

During the year dividends of £18,000 (2023: £Nil) where paid to the shareholders.


LOANS

At the year end £5,628 (2023: £5,628) was owed by the company to SSPC investments Limited, a company which has a shareholding in Aberdeen Properties Limited.