0 false false false false false false false false false false true false false false false false true No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,701 5,701 5,701 xbrli:pure xbrli:shares iso4217:GBP SC126408 2023-04-01 2024-03-31 SC126408 2024-03-31 SC126408 2023-03-31 SC126408 2022-04-01 2023-03-31 SC126408 2023-03-31 SC126408 2022-03-31 SC126408 core:PlantMachinery 2023-04-01 2024-03-31 SC126408 core:FurnitureFittings 2023-04-01 2024-03-31 SC126408 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC126408 bus:Director1 2023-04-01 2024-03-31 SC126408 core:PlantMachinery 2023-03-31 SC126408 core:FurnitureFittings 2023-03-31 SC126408 core:LandBuildings 2024-03-31 SC126408 core:PlantMachinery 2024-03-31 SC126408 core:FurnitureFittings 2024-03-31 SC126408 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 SC126408 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 SC126408 core:WithinOneYear 2024-03-31 SC126408 core:WithinOneYear 2023-03-31 SC126408 bus:AllOrdinaryShares 2023-04-01 2024-03-31 SC126408 bus:AllOrdinaryShares 2022-04-01 2023-03-31 SC126408 core:ShareCapital 2024-03-31 SC126408 core:ShareCapital 2023-03-31 SC126408 core:RevaluationReserve 2024-03-31 SC126408 core:RevaluationReserve 2023-03-31 SC126408 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC126408 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC126408 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 SC126408 core:Non-currentFinancialInstruments 2024-03-31 SC126408 core:Non-currentFinancialInstruments 2023-03-31 SC126408 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 SC126408 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 SC126408 core:LandBuildings 2023-03-31 SC126408 core:PlantMachinery 2023-03-31 SC126408 core:FurnitureFittings 2023-03-31 SC126408 bus:SmallEntities 2023-04-01 2024-03-31 SC126408 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC126408 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC126408 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC126408 bus:FullAccounts 2023-04-01 2024-03-31 SC126408 bus:OrdinaryShareClass1 2024-03-31 SC126408 bus:OrdinaryShareClass1 2023-03-31 SC126408 bus:Chairman 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: SC126408
Sangobeg Investments Ltd
Filleted Unaudited Financial Statements
31 March 2024
Sangobeg Investments Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,483,393
1,485,030
Investments
6
5,701
5,701
------------
------------
1,489,094
1,490,731
Current assets
Debtors
7
1,248,276
582,112
Cash at bank and in hand
274,098
550,731
------------
------------
1,522,374
1,132,843
Creditors: amounts falling due within one year
8
( 767,801)
( 328,040)
------------
------------
Net current assets
754,573
804,803
------------
------------
Total assets less current liabilities
2,243,667
2,295,534
Provisions
Taxation including deferred tax
( 136,165)
( 136,165)
Accruals and deferred income
( 2,905)
( 9,216)
------------
------------
Net assets
2,104,597
2,150,153
------------
------------
Sangobeg Investments Ltd
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
10
2
2
Revaluation reserve
273,611
273,611
Profit and loss account
1,830,984
1,876,540
------------
------------
Shareholders funds
2,104,597
2,150,153
------------
------------
These 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 statement of income and retained earnings 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.
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 were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr D Morrison
Director
Company registration number: SC126408
Sangobeg Investments Ltd
Notes to the 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 Roseneath Panmure Road, Monikie, Dundee, Angus, DD5 3QA.
2. Statement of compliance
These 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 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.
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 profit and loss account represents property rental amounts charged during the year, exclusive of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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
Fixed assets, which comprise investment properties for commercial rent, are initially recorded at cost and then subject to revaluation annually by the directors.
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:
Plant and Machinery
-
15% straight line
Fixtures and Equipment
-
15% straight line
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 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. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
90,500
36,000
--------
--------
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,479,033
5,050
22,609
1,506,692
------------
-------
--------
------------
Depreciation
At 1 April 2023
1,433
20,229
21,662
Charge for the year
757
880
1,637
------------
-------
--------
------------
At 31 March 2024
2,190
21,109
23,299
------------
-------
--------
------------
Carrying amount
At 31 March 2024
1,479,033
2,860
1,500
1,483,393
------------
-------
--------
------------
At 31 March 2023
1,479,033
3,617
2,380
1,485,030
------------
-------
--------
------------
The company's investment properties were revalued on an open market basis at 31 March 2024 by Mr D. Morrison, the company director.
Tangible assets held at valuation
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:
Long leasehold property
£
At 31 March 2024
Aggregate cost
1,069,257
Aggregate depreciation
------------
Carrying value
1,069,257
------------
At 31 March 2023
Aggregate cost
1,069,257
Aggregate depreciation
------------
Carrying value
1,069,257
------------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
5,701
-------
Impairment
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
5,701
-------
At 31 March 2023
5,701
-------
7. Debtors
2024
2023
£
£
Trade debtors
44
Other debtors
1,248,232
582,112
------------
---------
1,248,276
582,112
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
540
Corporation tax
92,802
24,756
Social security and other taxes
5,703
Other creditors
669,296
302,744
---------
---------
767,801
328,040
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
136,165
136,165
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
136,165
136,165
---------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. Directors' advances, credits and guarantees
The company was under the control of the directors throughout the current and previous year. At the year end the directors owed the company £239,524 (2023 - £65,815 owed to the directors).