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Company registration number: SC424143
ISES Properties Limited
Unaudited financial statements
31 May 2024
ISES Properties Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Notes to the financial statements
ISES Properties Limited
Directors and other information
Directors Ian McCulloch
Stewart McCulloch
Secretary Elaine Boyack
Company number SC424143
Registered office 18 North Street
Glenrothes
Fife
KY7 5NA
Accountants Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
Bankers Bank of Scotland
75 George Street
Edinburgh
EH2 3EW
ISES Properties Limited
Directors report
Year ended 31 May 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2024.
Directors
The directors who served the company during the year were as follows:
Ian McCulloch
Stewart McCulloch
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 18 March 2025 and signed on behalf of the board by:
Ian McCulloch
Director
ISES Properties Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of ISES Properties Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ISES Properties Limited for the year ended 31 May 2024 which comprise the statement of comprehensive income, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of ISES Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of ISES Properties Limited and state those matters that we have agreed to state to the board of directors of ISES Properties Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ISES Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that ISES Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ISES Properties Limited. You consider that ISES Properties 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 financial statements of ISES Properties 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 financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
18 March 2025
ISES Properties Limited
Statement of comprehensive income
Year ended 31 May 2024
2024 2023
Note £ £
Turnover 190,881 183,665
Cost of sales ( 72,015) ( 52,112)
_______ _______
Gross profit 118,866 131,553
Administrative expenses ( 40,098) ( 40,000)
_______ _______
Operating profit 78,768 91,553
Other interest receivable and similar income 366 190
Interest payable and similar expenses ( 67,308) ( 62,934)
Profit before taxation 11,826 28,809
Tax on profit ( 2,400) ( 4,316)
_______ _______
Profit for the financial year 9,426 24,493
_______ _______
Revaluation of intangible assets other than goodwill - ( 7,087)
_______ _______
Total comprehensive income for the year 9,426 17,406
_______ _______
All the activities of the company are from continuing operations.
ISES Properties Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 2,205,034 2,205,034
_______ _______
2,205,034 2,205,034
Current assets
Debtors 6 6,427 5,831
Cash at bank and in hand 13,287 68,402
_______ _______
19,714 74,233
Creditors: amounts falling due
within one year 7 ( 214,595) ( 214,854)
_______ _______
Net current liabilities ( 194,881) ( 140,621)
_______ _______
Total assets less current liabilities 2,010,153 2,064,413
Creditors: amounts falling due
after more than one year 8 ( 1,522,413) ( 1,586,099)
_______ _______
Net assets 487,740 478,314
_______ _______
Capital and reserves
Called up share capital 9 100 100
Revaluation reserve 444,739 444,739
Profit and loss account 42,901 33,475
_______ _______
Shareholders funds 487,740 478,314
_______ _______
For the year ending 31 May 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 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 financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
Ian McCulloch
Director
Company registration number: SC424143
ISES Properties Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 18 North Street, Glenrothes, Fife, KY7 5NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of goods falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Computer equipment - straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially 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.
Impairment
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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property Computer equipment Total
£ £ £
Cost
At 1 June 2023 and 31 May 2024 2,205,034 4,063 2,209,097
_______ _______ _______
Depreciation
At 1 June 2023 and 31 May 2024 - 4,063 4,063
_______ _______ _______
Carrying amount
At 31 May 2024 2,205,034 - 2,205,034
_______ _______ _______
At 31 May 2023 2,205,034 - 2,205,034
_______ _______ _______
Investment property
Investment property has been valued by the director, who does not hold a recognised relevant qualification. The valuation is based on experience of the property locations and is still in line with original cost.
6. Debtors
2024 2023
£ £
Trade debtors 4,357 4,437
Other debtors 2,070 1,394
_______ _______
6,427 5,831
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 64,354 61,404
Trade creditors 2,961 2,259
Corporation tax 2,400 4,375
Other creditors 144,880 146,816
_______ _______
214,595 214,854
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 1,236,739 1,245,029
Other creditors 285,674 341,070
_______ _______
1,522,413 1,586,099
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 988,464 (2023 £ 1,008,551 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors due over five years relate to bank loans secured on the Investment Properties.
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Related party transactions
Included in Other creditors is an amount of £425,675 (2023: £481,070) due to the directors from the company. This loan is interest free and has no fixed terms of repayment.