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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC071040
2023-04-01
2024-03-31
SC071040
2024-03-31
SC071040
2023-03-31
SC071040
2022-04-01
2023-03-31
SC071040
2023-03-31
SC071040
2022-03-31
SC071040
core:FurnitureFittings
2023-04-01
2024-03-31
SC071040
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
SC071040
bus:Director1
2023-04-01
2024-03-31
SC071040
core:WithinOneYear
2024-03-31
SC071040
core:WithinOneYear
2023-03-31
SC071040
core:AfterOneYear
2024-03-31
SC071040
core:AfterOneYear
2023-03-31
SC071040
core:ShareCapital
2024-03-31
SC071040
core:ShareCapital
2023-03-31
SC071040
core:RevaluationReserve
2024-03-31
SC071040
core:RevaluationReserve
2023-03-31
SC071040
core:RetainedEarningsAccumulatedLosses
2024-03-31
SC071040
core:RetainedEarningsAccumulatedLosses
2023-03-31
SC071040
bus:SmallEntities
2023-04-01
2024-03-31
SC071040
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
SC071040
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
SC071040
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
SC071040
bus:AbridgedAccounts
2023-04-01
2024-03-31
SC071040
bus:OrdinaryShareClass1
2024-03-31
SC071040
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2023-03-31
SC071040
core:OtherDeferredTax
2024-03-31
SC071040
core:OtherDeferredTax
2023-03-31
COMPANY REGISTRATION NUMBER:
SC071040
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 March 2024
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
2,891,838 |
2,891,889 |
|
|
|
|
Current assets
Debtors |
6,555 |
41,549 |
Cash at bank and in hand |
16,464 |
85,109 |
|
-------- |
--------- |
|
23,019 |
126,658 |
|
|
|
Creditors: amounts falling due within one year |
26,288 |
24,048 |
|
-------- |
--------- |
Net current (liabilities)/assets |
(
3,269) |
102,610 |
|
------------ |
------------ |
Total assets less current liabilities |
2,888,569 |
2,994,499 |
|
|
|
Creditors: amounts falling due after more than one year |
6 |
651,538 |
666,690 |
|
|
|
|
Provisions for liabilities
Deferred tax |
206,864 |
233,542 |
|
------------ |
------------ |
Net assets |
2,030,167 |
2,094,267 |
|
------------ |
------------ |
|
|
|
Abridged Statement of Financial Position (continued) |
|
31 March 2024
Capital and reserves
Called up share capital |
8 |
100 |
100 |
Revaluation reserve |
2,196,040 |
2,169,362 |
Profit and loss account |
(
165,973) |
(
75,195) |
|
------------ |
------------ |
Shareholders funds |
2,030,167 |
2,094,267 |
|
------------ |
------------ |
|
|
|
|
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 March 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
4 March 2025
, and are signed on behalf of the board by:
Mr D. W. Anderson |
|
Director |
|
|
|
Company registration number:
SC071040
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is c/o Westport Ltd, 3 Old Hawkhill, Dundee, DD1 5EU.
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 investment properties measured at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity. 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. Going concern The company's forecasts and projections, taking account of reasonable changes in trading conditions and performance, indicate that the company plans to operate within cash generated. The Director confirms that, after making appropriate enquiries, he has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the company continues to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the accounts reflects rents received for the year on the company's investment properties.
Operating leases
Operating lease rental costs are charged directly to the profit and loss account in the year.
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:
|
Fixture & Fittings |
- |
15% reducing balance |
|
|
|
|
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.
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.
Government grants
Revenue grants are recognised in the Statement of Income and Retained Earnings in the period to which they relate.
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
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
2
(2023:
2
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
2,914,878 |
|
------------ |
Depreciation |
|
At 1 April 2023 |
22,989 |
Charge for the year |
51 |
|
------------ |
At 31 March 2024 |
23,040 |
|
------------ |
Carrying amount |
|
At 31 March 2024 |
2,891,838 |
|
------------ |
At 31 March 2023 |
2,891,889 |
|
------------ |
|
|
The company's properties were revalued following a valuation done by Grammar & Sibbald, Chartered Surveyors, in January 2019. The valuations were prepared on an open market basis, assuming vacant possession. The surplus arising on this revaluation was credited to a revaluation reserve.
Tangible assets held at valuation
The market value of all revalued assets is £
2,881,000
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
At 31 March 2024 |
|
Aggregate cost |
486,677 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
486,677
|
|
--------- |
|
|
At 31 March 2023 |
|
Aggregate cost |
486,677 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
486,677 |
|
--------- |
|
|
6.
Creditors:
amounts falling due after more than one year
Included within creditors: amounts falling due after one year, are secured creditors of £651,538 (2023: £666,690).
7.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions for liabilities |
206,864 |
233,542 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Deferred tax - Revaluation of tangible fixed assets |
247,054 |
233,542 |
|
--------- |
--------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
24,899 |
33,875 |
|
-------- |
-------- |
|
|
|
10.
Related party transactions
During the year the company paid £68,000 (2023: £nil) in consultancy fees to a company with a common owner and director, and £25,000 in consultancy fees to a director . None of this amount is outstanding at the year end (2023: £nil).
11.
Controlling party
The company was under the control of its director, Mr D.W. Anderson, throughout the current and previous year.