Company Registration No. SC721111 (Scotland)
SINGER PROPERTY SOLUTIONS LTD
Unaudited accounts
for the year ended 30 June 2024
SINGER PROPERTY SOLUTIONS LTD
Unaudited accounts
Contents
SINGER PROPERTY SOLUTIONS LTD
Company Information
for the year ended 30 June 2024
Company Number
SC721111 (Scotland)
Registered Office
56 Margaret Place
Aberdeen
Aberdeenshire
AB10 7GB
United Kingdom
SINGER PROPERTY SOLUTIONS LTD
Statement of financial position
as at 30 June 2024
Investment property
385,000
190,000
Cash at bank and in hand
1,366
26,812
Creditors: amounts falling due within one year
(118,718)
(50,839)
Net current liabilities
(112,421)
(23,527)
Total assets less current liabilities
272,579
166,473
Creditors: amounts falling due after more than one year
(226,071)
(127,877)
Provisions for liabilities
Deferred tax
(8,836)
(7,333)
Called up share capital
1
1
Fair value reserve
59,125
39,093
Profit and loss account
(21,454)
(7,831)
Shareholders' funds
37,672
31,263
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 March 2025 and were signed on its behalf by
Steven J Singer
Director
Company Registration No. SC721111
SINGER PROPERTY SOLUTIONS LTD
Notes to the Accounts
for the year ended 30 June 2024
SINGER PROPERTY SOLUTIONS LTD is a private company, limited by shares, registered in Scotland, registration number SC721111. The registered office is 56 Margaret Place, Aberdeen, Aberdeenshire, AB10 7GB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Fair value at 1 July 2023
190,000
Net gain from fair value adjustments
24,731
The historic cost of the above investment properties totals £312,006 (2023: £141,737). The fair value of the properties has been arrived at by the director of the company on 30 June 2024 on a market value basis.
SINGER PROPERTY SOLUTIONS LTD
Notes to the Accounts
for the year ended 30 June 2024
Amounts falling due within one year
Accrued income and prepayments
4,931
500
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
63,746
-
Loans from directors
54,972
50,839
The mortgages included within bank loans are secured over the properties to which they relate. The directors have also provided personal guarantees in relation to these.
7
Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
50,000
50,000
The mortgages included within bank loans are secured over the properties to which they relate. The directors have also provided personal guarantees in relation to these.
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
Included within creditors due within 1 year is £54,972 (2023: £50,839) due to the company director. The loan is interest free and payable on demand.
Included within creditors due more than 1 year is £50,000 (2023: £50,000) due to the company director. The loan is subject to 5% interest per annum and a 3 year lending period.
10
Average number of employees
During the year the average number of employees was 1 (2023: 0).