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COMPANY REGISTRATION NUMBER: SC332506
Lochvale Limited
Filleted Unaudited Financial Statements
30 June 2024
Lochvale Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3 to 4
Lochvale Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lochvale Limited
Year ended 30 June 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 Lochvale Limited for the year ended 30 June 2024, which comprise the statement of financial position and the 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Lochvale Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Lochvale Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lochvale Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Lochvale 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 Lochvale Limited. You consider that Lochvale 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 Lochvale 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
24 March 2025
Lochvale Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
230,000
230,000
Current assets
Cash at bank and in hand
15,101
1,406
Creditors: amounts falling due within one year
5
51,274
49,715
--------
--------
Net current liabilities
36,173
48,309
---------
---------
Total assets less current liabilities
193,827
181,691
---------
---------
Net assets
193,827
181,691
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
53,470
53,470
Profit and loss account
140,257
128,121
---------
---------
Shareholders funds
193,827
181,691
---------
---------
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 comprehensive income has not been delivered.
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.
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 24 March 2025 , and are signed on behalf of the board by:
Mr A Irvine
Mr S Irvine
Director
Director
Company registration number: SC332506
Lochvale Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 9 Islay Drive, Newton Mearns, Glasgow, G77 6UD, Scotland.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Income 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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
4. Tangible assets
Land and buildings
£
Cost
At 1 July 2023 and 30 June 2024
230,000
---------
Depreciation
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
230,000
---------
At 30 June 2023
230,000
---------
The directors have reviewed the value of the investment properties at the year end and consider that they reflect fair value.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,111
2,552
Other creditors
47,163
47,163
--------
--------
51,274
49,715
--------
--------
6. Directors' advances, credits and guarantees
The company rents a property to Newlands Home Bakery Limited, in which both Directors have an interest. Rent was paid of £12,000 for the year on an open market value basis (2023: £12,000). As at 30 June 2024 £22,083 was owed to Newlands Home Bakery Limited from the company, (2023: £22,083). This amount is included within other creditors. As at 30 June 2024 £24,126 was owed by the company to the directors, (2023: £24,126). This loan is interest free and has no fixed date for repayment.
7. Controlling party
The company was under the control of Mr A Irvine and Mr S Irvine throughout the current and previous year. Mr A Irvine and Mr S Irvine are the managing directors and majority shareholders.