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REGISTERED NUMBER: SC604709 (Scotland)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

SIMPSON FAMILY PROPERTIES LIMITED

SIMPSON FAMILY PROPERTIES LIMITED (REGISTERED NUMBER: SC604709)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SIMPSON FAMILY PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2024







DIRECTOR: R Simpson





REGISTERED OFFICE: 27 Ingram Street
Glasgow
G1 1HA





REGISTERED NUMBER: SC604709 (Scotland)





ACCOUNTANTS: Kean Jarman & Company
Chartered Accountants
27 Ingram Street
Glasgow
G1 1HA

SIMPSON FAMILY PROPERTIES LIMITED (REGISTERED NUMBER: SC604709)

BALANCE SHEET
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 163,870 163,870

CURRENT ASSETS
Cash at bank 1,261 409

CREDITORS
Amounts falling due within one year 5 70,715 71,596
NET CURRENT LIABILITIES (69,454 ) (71,187 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

94,416

92,683

CREDITORS
Amounts falling due after more than one year 6 88,715 94,664
NET ASSETS/(LIABILITIES) 5,701 (1,981 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,601 (2,081 )
5,701 (1,981 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

SIMPSON FAMILY PROPERTIES LIMITED (REGISTERED NUMBER: SC604709)

BALANCE SHEET - continued
31 August 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 28 February 2025 and were signed by:





R Simpson - Director


SIMPSON FAMILY PROPERTIES LIMITED (REGISTERED NUMBER: SC604709)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Simpson Family 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Turnover
Turnover represents the net rents receivable. Turnover is recognised when rent becomes due under the lease agreements.

3. EMPLOYEES AND DIRECTORS

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

SIMPSON FAMILY PROPERTIES LIMITED (REGISTERED NUMBER: SC604709)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 163,870
NET BOOK VALUE
At 31 August 2024 163,870
At 31 August 2023 163,870

The director is of the opinion that the fair value of the investment properties at the year end is not considered to be significantly different from the carrying value held at historical cost of £163,870.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 5,569 5,010
Tax 1,801 141
Directors' current accounts 63,345 66,445
70,715 71,596

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans - 1-2 years 5,569 5,010
Bank loans - 2-5 years 16,708 15,029
Bank loans more 5 yr by instal 66,438 74,625
88,715 94,664

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 66,438 74,625

7. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 94,284 99,674

The Mortgage Works (UK) PLC have standard security over the investment properties owned by the company.

SIMPSON FAMILY PROPERTIES LIMITED (REGISTERED NUMBER: SC604709)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

8. RELATED PARTY DISCLOSURES

The company director was owed £63,345 (2023-£66,445) at the year end. The maximum amount outstanding during the year was £66,445.

9. ULTIMATE CONTROLLING PARTY

The controlling party is R Simpson.