REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
SEVEN HILLS INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
SEVEN HILLS INVESTMENTS LIMITED |
SEVEN HILLS INVESTMENTS LIMITED (REGISTERED NUMBER: SC557123) |
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 |
SEVEN HILLS INVESTMENTS LIMITED |
COMPANY INFORMATION |
for the year ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
24A Ainslie Place |
Edinburgh |
EH3 6AJ |
BANKERS: |
118 Princes Street |
Edinburgh |
EH2 4AA |
SOLICITORS: |
3 Glenfinlas Street |
Edinburgh |
EH3 6AQ |
SEVEN HILLS INVESTMENTS LIMITED (REGISTERED NUMBER: SC557123) |
BALANCE SHEET |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
SEVEN HILLS INVESTMENTS LIMITED (REGISTERED NUMBER: SC557123) |
BALANCE SHEET - continued |
29 February 2024 |
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 |
SEVEN HILLS INVESTMENTS LIMITED (REGISTERED NUMBER: SC557123) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Seven Hills Investments Limited is a |
The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company meets its day to day working capital requirements through a directors loan. The directors will continue to support the company until sufficient profitability is achieved and on this basis considers it appropriate to prepare the accounts on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
The company carries investment property at fair value with changes in fair value being recognised in the Income Statement. Net increases in value together with the related deferred tax are transferred to a Fair Value Reserve. Where accumulated net losses exceed accumulated net gains, no such transfers take place. |
Stocks |
Property acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation is held as stock and is measured at the lower of cost and net realisable value. |
Financial instruments |
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method. |
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. |
SEVEN HILLS INVESTMENTS LIMITED (REGISTERED NUMBER: SC557123) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all material 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 29 February 2024 |
AMORTISATION |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
SEVEN HILLS INVESTMENTS LIMITED (REGISTERED NUMBER: SC557123) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Revaluations | (1,045,200 | ) |
Transfer to ownership |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2020 | 61,435 |
Valuation in 2021 | (18,035 | ) |
Valuation in 2023 | 590 |
Valuation in 2024 | (1,045,200 | ) |
Cost | 4,441,210 |
3,440,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 4,441,210 | 601,011 |
Investment property was valued on an open market basis on 29 February 2024 by the directors . |
7. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
SEVEN HILLS INVESTMENTS LIMITED (REGISTERED NUMBER: SC557123) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |