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2023-09-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC196630
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COMPANY REGISTRATION NUMBER:
SC196630
Shand Marketing (Scotland) Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Shand Marketing (Scotland) Limited |
|
Abridged Financial Statements |
|
Year ended 31 August 2024
Officers and professional advisers |
1 |
|
|
Abridged statement of financial position |
2 |
|
|
Notes to the abridged financial statements |
4 |
|
|
Shand Marketing (Scotland) Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mrs Christine Shand |
|
Mr Ross A Shand |
|
Mr Scott A Shand |
|
|
Company secretary |
Mrs Christine Shand |
|
|
Registered office |
Stannergate House |
|
41 Dundee Road West |
|
Broughty Ferry |
|
Dundee |
|
DD5 1NB |
|
|
Accountants |
BK Plus Limited |
|
Chartered Certified Accountants |
|
Stannergate House |
|
41 Dundee Road West |
|
Broughty Ferry |
|
Dundee |
|
DD5 1NB |
|
|
Shand Marketing (Scotland) Limited |
|
Abridged Statement of Financial Position |
|
31 August 2024
Fixed assets
Tangible assets |
5 |
|
290,039 |
290,039 |
Investments |
6 |
|
478,880 |
382,170 |
|
|
--------- |
--------- |
|
|
768,919 |
672,209 |
|
|
|
|
|
Current assets
Creditors: amounts falling due within one year |
11,863 |
|
11,684 |
|
-------- |
|
-------- |
Net current assets |
|
1,232 |
8,605 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
770,151 |
680,814 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
322,395 |
294,753 |
|
|
|
|
Provisions for liabilities
Deferred taxation |
|
9,070 |
9,070 |
|
|
--------- |
--------- |
Net assets |
|
438,686 |
376,991 |
|
|
--------- |
--------- |
|
|
|
|
Shand Marketing (Scotland) Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 August 2024
Capital and reserves
Called up share capital |
8 |
|
2 |
2 |
Revaluation reserve |
9 |
|
365,324 |
319,366 |
Profit and loss account |
9 |
|
73,360 |
57,623 |
|
|
--------- |
--------- |
Shareholders funds |
|
438,686 |
376,991 |
|
|
--------- |
--------- |
|
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31 August 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 comprehensive income and the abridged statement of financial position for the year ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
10 March 2025
, and are signed on behalf of the board by:
Company registration number:
SC196630
Shand Marketing (Scotland) Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
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 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.
Going concern
The directors consider that the company will have adequate resources to continue in operational existence for the foreseeable future and, for this reason, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for goods and services provided during the year. Other operating income represents rental amounts charged during the year. The company is not registered for VAT.
Corporation tax
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
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.
Investment property
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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments in associates
Investments in associates accounted for in accordance with the fair value model are initially recorded at the cost price. At each reporting date, the investments are measured at fair value based on the net asset value of the investee companies, with changes in fair value recognised in other comprehensive income.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2023:
2
).
5.
Tangible assets
|
£ |
Cost or valuation |
|
At 1 September 2023 and 31 August 2024 |
290,039 |
|
--------- |
Depreciation |
|
At 1 September 2023 and 31 August 2024 |
– |
|
--------- |
Carrying amount |
|
At 31 August 2024 |
290,039 |
|
--------- |
At 31 August 2023 |
290,039 |
|
--------- |
|
|
The company's land and buildings comprise investment properties for commercial rent. The original cost of these properties was £223,374 (2023 - £223,374) which is also the carrying value of the investment properties if held under the historical cost basis. The company's directors review the valuation of the investment properties each year. The directors previously revalued the company's investment properties on an open market basis, and a surplus of £66,667 arising from revaluation is reflected in a a revaluation reserve. There is no surplus or deficit arising based on the directors' 2024 revaluation.
6.
Investments
|
£ |
Cost or valuation |
|
At 1 September 2023 |
408,102 |
Cash advanced |
55,810 |
Cash repaid |
(
5,000) |
Revaluations |
45,900 |
|
--------- |
At 31 August 2024 |
504,812 |
|
--------- |
Impairment |
|
At 1 September 2023 and 31 August 2024 |
25,932 |
|
--------- |
Carrying amount |
|
At 31 August 2024 |
478,880 |
|
--------- |
At 31 August 2023 |
382,170 |
|
--------- |
|
|
7.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions for liabilities |
9,070 |
9,070 |
|
------- |
------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Fair value adjustment of investment property |
9,070 |
9,070 |
|
------- |
------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
10.
Directors' advances, credits and guarantees
The company was under the control of the Directors throughout the current and previous year. During the year, the company has advanced monies and paid expenses on the Directors' behalf, and the Directors have made repayments to the company, and have paid expenses on the company's behalf. At the year end, following all of these transactions, the balance due to the Directors (referred to as the Directors' loan accounts) was a total of £322,395 (2023 - £294,753). The Directors charged interest on this loan of £12,000 (2023 - £12,000) and there is no fixed repayment date. Accordingly, the Directors have determined that this balance should be shown as falling due after more than one year.