Argyll Properties Scotland Limited SC209521 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is property development & investment Digita Accounts Production Advanced 6.30.9574.0 true SC209521 2023-08-01 2024-07-31 SC209521 2024-07-31 SC209521 bus:OrdinaryShareClass1 2024-07-31 SC209521 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC209521 core:ShareCapital 2024-07-31 SC209521 core:CurrentFinancialInstruments 2024-07-31 SC209521 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 SC209521 core:Non-currentFinancialInstruments 2024-07-31 SC209521 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 SC209521 core:FurnitureFittingsToolsEquipment 2024-07-31 SC209521 core:LandBuildings 2024-07-31 SC209521 core:MotorVehicles 2024-07-31 SC209521 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-07-31 SC209521 bus:SmallEntities 2023-08-01 2024-07-31 SC209521 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC209521 bus:FullAccounts 2023-08-01 2024-07-31 SC209521 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC209521 bus:RegisteredOffice 2023-08-01 2024-07-31 SC209521 bus:CompanySecretary1 2023-08-01 2024-07-31 SC209521 bus:Director1 2023-08-01 2024-07-31 SC209521 bus:Director3 2023-08-01 2024-07-31 SC209521 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 SC209521 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC209521 bus:Agent1 2023-08-01 2024-07-31 SC209521 core:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 SC209521 core:ShareCapital 2023-08-01 2024-07-31 SC209521 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 SC209521 core:LandBuildings 2023-08-01 2024-07-31 SC209521 core:MotorVehicles 2023-08-01 2024-07-31 SC209521 core:PlantMachinery 2023-08-01 2024-07-31 SC209521 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-08-01 2024-07-31 SC209521 countries:AllCountries 2023-08-01 2024-07-31 SC209521 2023-07-31 SC209521 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC209521 core:ShareCapital 2023-07-31 SC209521 core:FurnitureFittingsToolsEquipment 2023-07-31 SC209521 core:LandBuildings 2023-07-31 SC209521 core:MotorVehicles 2023-07-31 SC209521 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-07-31 SC209521 2022-08-01 2023-07-31 SC209521 2023-07-31 SC209521 bus:OrdinaryShareClass1 2023-07-31 SC209521 core:CurrentFinancialInstruments 2023-07-31 SC209521 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 SC209521 core:Non-currentFinancialInstruments 2023-07-31 SC209521 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 SC209521 core:FurnitureFittingsToolsEquipment 2023-07-31 SC209521 core:LandBuildings 2023-07-31 SC209521 core:MotorVehicles 2023-07-31 SC209521 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-07-31 SC209521 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 SC209521 core:ShareCapital 2022-08-01 2023-07-31 SC209521 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-08-01 2023-07-31 SC209521 2022-07-31 SC209521 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC209521 core:ShareCapital 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC209521

Argyll Properties Scotland Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Argyll Properties Scotland Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

 

Argyll Properties Scotland Limited

Company Information

Directors

Mr Calum Maclachlainn

Mr Allan MacLean

Company secretary

Mr Derwyn Hewitt

Registered office

8A Baliscate
Tobermory
Isle Of Mull
Argyll
PA75 6QA

Accountants

Jack MacDonald & Co
Chartered Accountant
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Argyll Properties Scotland Limited

Directors' Report for the Year Ended 31 July 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Calum Maclachlainn

Mr Allan MacLean

Principal activity

The principal activity of the company is property development & investment

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr Calum Maclachlainn
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Argyll Properties Scotland Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Argyll Properties Scotland Limited for the year ended 31 July 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Argyll Properties Scotland Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2000. Our work has been undertaken solely to prepare for your approval the accounts of Argyll Properties Scotland Limited and state those matters that we have agreed to state to the Board of Directors of Argyll Properties Scotland Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Argyll Properties Scotland Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Argyll Properties Scotland Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Argyll Properties Scotland Limited. You consider that Argyll Properties Scotland 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 accounts of Argyll Properties Scotland 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 accounts.

......................................

Jack MacDonald & Co
Chartered Accountant
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

11 March 2025

 

Argyll Properties Scotland Limited

Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

 

236,060

59,422

Cost of sales

 

(121,643)

(15,233)

Gross profit

 

114,417

44,189

Administrative expenses

 

(80,145)

(60,787)

Other operating income

 

1,353

-

Operating profit/(loss)

 

35,625

(16,598)

Other interest receivable and similar income

 

775

663

Interest payable and similar expenses

 

(20,799)

(1,648)

   

(20,024)

(985)

Profit/(loss) before tax

3

15,601

(17,583)

Profit/(loss) for the financial year

 

15,601

(17,583)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Argyll Properties Scotland Limited

Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Profit/(loss) for the year

15,601

(17,583)

Total comprehensive income for the year

15,601

(17,583)

 

Argyll Properties Scotland Limited

(Registration number: SC209521)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

399,066

427,488

Current assets

 

Stocks

5

56,000

85,903

Debtors

6

652,258

544,105

Cash at bank and in hand

 

11,529

76,028

 

719,787

706,036

Creditors: Amounts falling due within one year

7

(190,249)

(212,428)

Net current assets

 

529,538

493,608

Total assets less current liabilities

 

928,604

921,096

Creditors: Amounts falling due after more than one year

7

(240,519)

(248,612)

Net assets

 

688,085

672,484

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

688,083

672,482

Shareholders' funds

 

688,085

672,484

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

 

Argyll Properties Scotland Limited

(Registration number: SC209521)
Balance Sheet as at 31 July 2024

.........................................
Mr Calum Maclachlainn
Director

 

Argyll Properties Scotland Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

2

672,482

672,484

Profit for the year

-

15,601

15,601

At 31 July 2024

2

688,083

688,085

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

2

690,065

690,067

Loss for the year

-

(17,583)

(17,583)

At 31 July 2023

2

672,482

672,484

 

Argyll Properties Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

Investments

Investment properties are stated at cost less depreciation. The fair value of these properties are disclosed in the notes to the financial statements

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Argyll Properties Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Argyll Properties Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,422

3,787

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

412,587

30,000

32,785

475,372

Disposals

(25,000)

-

-

(25,000)

At 31 July 2024

387,587

30,000

32,785

450,372

Depreciation

At 1 August 2023

-

29,448

18,436

47,884

Charge for the year

-

552

2,870

3,422

At 31 July 2024

-

30,000

21,306

51,306

Carrying amount

At 31 July 2024

387,587

-

11,479

399,066

At 31 July 2023

412,587

552

14,349

427,488

Included within the net book value of land and buildings above is £387,587 (2023 - £412,587) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 31 July 2024. An independent valuer was not involved.
Freehold land and buildings are composed entirely of investment properties and are stated at cost less depreciation. These were valued by Mr Calum Maclachlainn (director) who is internal to the company. The basis of the valuation was market value which was estimated to be around £1,010,000 (2023 - £980,000).
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £387,587 (2023 - £412,587).

 

Argyll Properties Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Stocks

2024
£

2023
£

Work in progress

56,000

85,903

6

Debtors

Current

2024
£

2023
£

Trade debtors

77,673

110,520

Other debtors

574,585

433,585

 

652,258

544,105

 

Argyll Properties Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,968

6,199

Taxation and social security

20,908

12,855

Other creditors

159,373

193,374

190,249

212,428

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

240,519

248,612

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

240,519

248,612

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

Dunaros Ltd
 Loan
 Repayable on demand
 

 

Argyll Properties Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

388,000

388,000

Advanced

130,000

130,000

At end of period

518,000

518,000

2023

Entities with joint control or significant influence
£

Total
£

Advanced

388,000

388,000

At end of period

388,000

388,000