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COMPANY REGISTRATION NUMBER: SC628174
Loch Arklet House Limited
Filleted Unaudited Financial Statements
30 September 2024
Loch Arklet House Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Loch Arklet House Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Loch Arklet House Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Loch Arklet House Limited for the year ended 30 September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Loch Arklet House Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Loch Arklet House Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loch Arklet House Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Loch Arklet House Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Loch Arklet House Limited. You consider that Loch Arklet House Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Loch Arklet House Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
3 March 2025
Loch Arklet House Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
19,998
25,918
Current assets
Debtors
5
2,203
1,224
Cash at bank and in hand
6,849
9,148
-------
--------
9,052
10,372
Creditors: amounts falling due within one year
6
16,779
25,383
--------
--------
Net current liabilities
7,727
15,011
--------
--------
Total assets less current liabilities
12,271
10,907
Creditors: amounts falling due after more than one year
7
8,687
16,798
--------
--------
Net assets/(liabilities)
3,584
( 5,891)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,484
( 5,991)
-------
-------
Shareholders funds/(deficit)
3,584
( 5,891)
-------
-------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 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 financial statements .
Loch Arklet House Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 3 March 2025 , and are signed on behalf of the board by:
Mr C Bourke
Mrs P Bourke
Director
Director
Company registration number: SC628174
Loch Arklet House Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G22PQ, Scotland.
2. Statement of compliance
These 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 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 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Leasehold improvements
-
10% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Tangible assets
Motor vehicles
Equipment
Leasehold improvements
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
32,254
9,362
11,776
53,392
--------
-------
--------
--------
Depreciation
At 1 October 2023
16,463
7,236
3,775
27,474
Charge for the year
3,948
794
1,178
5,920
--------
-------
--------
--------
At 30 September 2024
20,411
8,030
4,953
33,394
--------
-------
--------
--------
Carrying amount
At 30 September 2024
11,843
1,332
6,823
19,998
--------
-------
--------
--------
At 30 September 2023
15,791
2,126
8,001
25,918
--------
-------
--------
--------
5. Debtors
2024
2023
£
£
Trade debtors
565
1,224
Other debtors
1,638
-------
-------
2,203
1,224
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,585
4,583
Accruals and deferred income
800
1,144
Obligations under finance leases and hire purchase contracts
4,754
5,594
Director loan accounts
6,640
14,062
--------
--------
16,779
25,383
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,917
10,118
Obligations under finance leases and hire purchase contracts
2,770
6,680
-------
--------
8,687
16,798
-------
--------
8. Directors' advances, credits and guarantees
As at 30 September 2024 the company owed the directors, Mr C Bourke and Mrs P Bourke , £6,640 (2023: £14,062). This loan is interest free, unsecured and has no fixed date of repayment.
9. Controlling party
The company was under the control of the directors throughout the period.