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Registration number: SC031097

Southburn Property Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Southburn Property Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Southburn Property Company Limited

Company Information

Directors

Fraser of Clan Keltie

Mr C A Keltie

Mr R A Keltie

Mr B A Keltie

Company secretary

Joyce of Clan Keltie

Registered office

Suite 9
Birchmount Court
Forrest Street
Airdrie
Lanarkshire
ML6 7BQ

Accountants

Lines & Company Ltd 8 Highfield Road
West Moors
Ferndown
Dorset
BH22 0NA

 

Southburn Property Company Limited

(Registration number: SC031097)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

135,000

125,000

Current assets

 

Debtors

5

496

208

Cash at bank and in hand

 

32,138

25,293

 

32,634

25,501

Creditors: Amounts falling due within one year

6

(355,190)

(353,082)

Net current liabilities

 

(322,556)

(327,581)

Net liabilities

 

(187,556)

(202,581)

Capital and reserves

 

Called up share capital

7

500

500

Capital redemption reserve

16

16

Other reserves

(22,143)

(32,143)

Retained earnings

(165,929)

(170,954)

Shareholders' deficit

 

(187,556)

(202,581)

 

Southburn Property Company Limited

(Registration number: SC031097)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2025 and signed on its behalf by:
 

Fraser of Clan Keltie
Director

   
     

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Suite 9
Birchmount Court
Forrest Street
Airdrie
Lanarkshire
ML6 7BQ
Scotland

These financial statements were authorised for issue by the Board on 27 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The company has taken advantage of the exemption to not disclose transactions with wholly owned group members (FRS102 1AC.35).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rents and services charges. Turnover is shown net of Value Added Tax.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

 

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end dated. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Trade and other debtors (including accrued income) which are receivable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Trade and other creditors (including accruals) payable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 2).

4

Investment properties

2024
£

At 1 June

125,000

Fair value adjustments

10,000

At 31 May

135,000

There has been no valuation of investment property by an independent valuer.

 

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

Current

2024
£

2023
£

Prepayments

293

-

Other debtors

203

208

 

496

208

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

351,515

349,226

Accruals and deferred income

 

975

1,156

Other creditors

 

2,700

2,700

 

355,190

353,082

 

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

500

500

500

500

       

8

Related party transactions

The company is controlled by its parent company, Abaco Estates Limited, which wholly owns the issued share capital.

Fraser of Clan Keltie and Joyce of Clan Keltie own Abaco Estates Limited and, together with their family, Pentland Property Partnership.

9

Parent and ultimate parent undertaking

The company's immediate parent is Abaco Estates Limited, incorporated in England and Wales.