IRIS Accounts Production v24.3.2.46 SC378825 Board of Directors 1.7.23 30.6.24 30.6.24 3.3.25 false true false false true false Auditors Opinion Fair value model Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3788252023-06-30SC3788252024-06-30SC3788252023-07-012024-06-30SC3788252022-06-30SC3788252022-07-012023-06-30SC3788252023-06-30SC378825ns15:Scotland2023-07-012024-06-30SC378825ns14:PoundSterling2023-07-012024-06-30SC378825ns10:Director12023-07-012024-06-30SC378825ns10:PrivateLimitedCompanyLtd2023-07-012024-06-30SC378825ns10:SmallEntities2023-07-012024-06-30SC378825ns10:Audited2023-07-012024-06-30SC378825ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-30SC378825ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-30SC378825ns10:FullAccounts2023-07-012024-06-30SC378825ns10:OrdinaryShareClass12023-07-012024-06-30SC378825ns10:Director22023-07-012024-06-30SC378825ns10:Director32023-07-012024-06-30SC378825ns10:RegisteredOffice2023-07-012024-06-30SC378825ns5:CurrentFinancialInstruments2024-06-30SC378825ns5:CurrentFinancialInstruments2023-06-30SC378825ns5:Non-currentFinancialInstruments2024-06-30SC378825ns5:Non-currentFinancialInstruments2023-06-30SC378825ns5:ShareCapital2024-06-30SC378825ns5:ShareCapital2023-06-30SC378825ns5:SharePremium2024-06-30SC378825ns5:SharePremium2023-06-30SC378825ns5:RetainedEarningsAccumulatedLosses2024-06-30SC378825ns5:RetainedEarningsAccumulatedLosses2023-06-30SC378825ns5:FurnitureFittings2023-07-012024-06-30SC378825ns5:FurnitureFittings2023-06-30SC378825ns5:FurnitureFittings2024-06-30SC378825ns5:FurnitureFittings2023-06-30SC378825ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-30SC378825ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-30SC378825ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-30SC378825ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-30SC378825ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-06-30SC378825ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-30SC378825ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-06-30SC378825ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-06-30SC378825ns5:Secured2024-06-30SC378825ns5:Secured2023-06-30SC378825ns10:OrdinaryShareClass12024-06-30SC3788251ns10:Director12023-06-30SC3788251ns10:Director12022-06-30SC3788251ns10:Director12023-07-012024-06-30SC3788251ns10:Director12022-07-012023-06-30SC3788251ns10:Director12024-06-30SC3788251ns10:Director12023-06-30
REGISTERED NUMBER: SC378825 (Scotland)















Financial Statements For The Year Ended 30 June 2024

for

Hulley Property Company Limited

Hulley Property Company Limited (Registered number: SC378825)






Contents of the Financial Statements
For The Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Hulley Property Company Limited

Company Information
For The Year Ended 30 June 2024







DIRECTORS: C J Lindsay
S McKinlay
M O'Donnell





REGISTERED OFFICE: Watermark Business Park
Govan Road
Glasgow
G51 2SE





REGISTERED NUMBER: SC378825 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Hulley Property Company Limited (Registered number: SC378825)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 2,920,000 3,185,637
2,920,000 3,185,637

CURRENT ASSETS
Debtors 6 400,373 288,461
Cash at bank 536,964 703,615
937,337 992,076
CREDITORS
Amounts falling due within one year 7 150,171 139,061
NET CURRENT ASSETS 787,166 853,015
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,707,166

4,038,652

CREDITORS
Amounts falling due after more than one
year

8

(1,292,927

)

(1,403,818

)

PROVISIONS FOR LIABILITIES (60,855 ) (67,542 )
NET ASSETS 2,353,384 2,567,292

CAPITAL AND RESERVES
Called up share capital 10 171,487 171,487
Share premium 2,000,000 2,000,000
Retained earnings 181,897 395,805
SHAREHOLDERS' FUNDS 2,353,384 2,567,292

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2025 and were signed on its behalf by:





C J Lindsay - Director


Hulley Property Company Limited (Registered number: SC378825)

Notes to the Financial Statements
For The Year Ended 30 June 2024

1. STATUTORY INFORMATION

Hulley Property Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental income is recognised on a straight line basis over the period of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Comprehensive Income.

Investment property
Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Hulley Property Company Limited (Registered number: SC378825)

Notes to the Financial Statements - continued
For The Year Ended 30 June 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Hulley Property Company Limited (Registered number: SC378825)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 611,252
DEPRECIATION
At 1 July 2023
and 30 June 2024 611,252
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 3,185,637
Revaluations (265,637 )
At 30 June 2024 2,920,000
NET BOOK VALUE
At 30 June 2024 2,920,000
At 30 June 2023 3,185,637

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2024 2,920,000

Investment property was valued on an open market basis on 27 January 2025 by Lambert Smith Hampton .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 229,932 76,644
Amounts owed by group undertakings 170,441 211,817
400,373 288,461

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 105,382 99,875
Tax 44,789 39,186
150,171 139,061

Hulley Property Company Limited (Registered number: SC378825)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 105,382 99,875
Bank loans - 2-5 years 316,147 299,625
Bank loans more than 5 years by instalments 871,398 1,004,318
1,292,927 1,403,818

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments 871,398 1,004,318

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,398,309 1,503,693

The bank loan is secured by a standard security or bond and legal charge over the Company's investment property and by a bond and floating charge over the whole assets of the Company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
171,487 Ordinary shares £1 171,487 171,487

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Cantlay CA (Senior Statutory Auditor)
for and on behalf of Robb Ferguson

Hulley Property Company Limited (Registered number: SC378825)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
C J Lindsay
Balance outstanding at start of year - 22,359
Amounts advanced - 26,392
Amounts repaid - (48,751 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

14. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Hulley & Kirkwood Limited, a company registered in Scotland. The consolidated financial statements of the parent company are available from Companies House, 139 Fountainbridge, Edinburgh EH3 9FF.

In the opinion of the directors there is no ultimate controlling party.