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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC228809
2023-04-01
2024-03-31
SC228809
2024-03-31
SC228809
2023-03-31
SC228809
2022-04-01
2023-03-31
SC228809
2023-03-31
SC228809
2022-03-31
SC228809
core:PlantMachinery
2023-04-01
2024-03-31
SC228809
core:FurnitureFittings
2023-04-01
2024-03-31
SC228809
bus:Director3
2023-04-01
2024-03-31
SC228809
core:WithinOneYear
2024-03-31
SC228809
core:WithinOneYear
2023-03-31
SC228809
core:ShareCapital
2024-03-31
SC228809
core:ShareCapital
2023-03-31
SC228809
core:OtherReservesSubtotal
2024-03-31
SC228809
core:OtherReservesSubtotal
2023-03-31
SC228809
core:RetainedEarningsAccumulatedLosses
2024-03-31
SC228809
core:RetainedEarningsAccumulatedLosses
2023-03-31
SC228809
bus:SmallEntities
2023-04-01
2024-03-31
SC228809
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
SC228809
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
SC228809
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
SC228809
bus:AbridgedAccounts
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
SC228809
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 March 2024
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
1,325,927 |
1,325,927 |
|
|
|
|
Current assets
Debtors |
732 |
706 |
Cash at bank and in hand |
23,215 |
26,717 |
|
-------- |
-------- |
|
23,947 |
27,423 |
|
|
|
Creditors: amounts falling due within one year |
6,582 |
6,018 |
|
-------- |
-------- |
Net current assets |
17,365 |
21,405 |
|
------------ |
------------ |
Total assets less current liabilities |
1,343,292 |
1,347,332 |
|
|
|
Provisions |
238,077 |
238,077 |
|
------------ |
------------ |
Net assets |
1,105,215 |
1,109,255 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Other reserves |
715,553 |
715,553 |
Profit and loss account |
389,562 |
393,602 |
|
------------ |
------------ |
Shareholders funds |
1,105,215 |
1,109,255 |
|
------------ |
------------ |
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 year 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 income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 March 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
15 January 2025
, and are signed on behalf of the board by:
Company registration number:
SC228809
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Dilwara Avenue, Glasgow, G14 OQS.
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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Investment properties 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. No depreciation is charged on investment properties.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
The company acquired four flats as part of a company reorganisation on 1st May 2002. These assets are shown at the acquisition cost which was the market value of the flats at that date. The properties were revalued prior to the reorganisation and a revaluation reserve has therefore also been created. Other fixed assets are initially recorded at cost.
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:
|
Plant and machinery |
- |
25% reducing balance |
|
Fixtures and fittings |
- |
33% reducing balance |
|
|
|
|
The company has not charged depreciation on land & buildings held as investment property.
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.
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. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
1,325,927 |
|
------------ |
Depreciation |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
Carrying amount |
|
At 31 March 2024 |
1,325,927 |
|
------------ |
At 31 March 2023 |
1,325,927 |
|
------------ |
|
|
6.
Directors' advances, credits and guarantees
The directors' loan account was not in debit at any time during the year.
7.
Related party transactions
The company was under the control of Mrs Louise Jewell who owns 75% of the issued share capital. Dividends of £8,000 were paid to Mrs Jewell, a director of the company during the year (2023 - £8,000).