Company registration number SC436452 (Scotland)
EVERGREEN PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
EVERGREEN PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
EVERGREEN PROPERTY LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,793
14,376
Tangible assets
5
2,449
2,319
Investments
6
33,500
936
40,742
17,631
Current assets
Debtors
7
38,844
96,963
Cash at bank and in hand
381,292
356,960
420,136
453,923
Creditors: amounts falling due within one year
8
(321,322)
(319,882)
Net current assets
98,814
134,041
Total assets less current liabilities
139,556
151,672
Creditors: amounts falling due after more than one year
9
(8,073)
(18,377)
Net assets
131,483
133,295
Capital and reserves
Called up share capital
20
20
Revaluation reserve
933
Profit and loss reserves
131,463
132,342
Total equity
131,483
133,295
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EVERGREEN PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 March 2025
Mr Barry Burton
Director
Company registration number SC436452 (Scotland)
EVERGREEN PROPERTY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
20
48,718
48,738
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
174,057
174,057
Dividends
-
-
(89,500)
(89,500)
Other movements
-
933
(933)
-
Balance at 31 August 2023
20
933
132,342
133,295
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
70,688
70,688
Dividends
-
-
(72,500)
(72,500)
Other movements
-
(933)
933
-
Balance at 31 August 2024
20
131,463
131,483
EVERGREEN PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Evergreen Property Ltd is a private company limited by shares incorporated in Scotland. The registered office is The Castleview Suite Fettes Park, 496 Ferry Road, Edinburgh, EH5 2DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% straight line
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
EVERGREEN PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
EVERGREEN PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
47,917
Amortisation and impairment
At 1 September 2023
33,541
Amortisation charged for the year
9,583
At 31 August 2024
43,124
Carrying amount
At 31 August 2024
4,793
At 31 August 2023
14,376
5
Tangible fixed assets
Computers
£
Cost
At 1 September 2023
6,215
Additions
1,172
At 31 August 2024
7,387
Depreciation and impairment
At 1 September 2023
3,896
Depreciation charged in the year
1,042
At 31 August 2024
4,938
Carrying amount
At 31 August 2024
2,449
At 31 August 2023
2,319
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
33,500
936
EVERGREEN PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2023
936
Additions
33,500
Disposals
(936)
At 31 August 2024
33,500
Carrying amount
At 31 August 2024
33,500
At 31 August 2023
936
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
36,499
95,509
Other debtors
2,345
1,454
38,844
96,963
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,057
9,810
Corporation tax
23,792
50,806
Other taxation and social security
50,723
62,028
Other creditors
236,750
197,238
321,322
319,882
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,073
18,377