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COMPANY REGISTRATION NUMBER: SC199377
Broxburn Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
Broxburn Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
13,803,273
13,805,678
Current assets
Debtors
6
2,874,199
2,906,936
Cash at bank and in hand
3,328
------------
------------
2,874,199
2,910,264
Creditors: amounts falling due within one year
7
( 798,056)
( 1,297,433)
------------
------------
Net current assets
2,076,143
1,612,831
-------------
-------------
Total assets less current liabilities
15,879,416
15,418,509
Creditors: amounts falling due after more than one year
8
( 3,328,016)
( 3,408,016)
Provisions
Taxation including deferred tax
( 2,069,433)
( 2,069,433)
-------------
-------------
Net assets
10,481,967
9,941,060
-------------
-------------
Capital and reserves
Called up share capital
10
20,001
20,001
Revaluation reserve
7,710,580
7,710,580
Profit and loss account
2,751,386
2,210,479
-------------
------------
Shareholder funds
10,481,967
9,941,060
-------------
------------
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 member has 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 .
Broxburn Properties Limited
Statement of Financial Position (continued)
31 March 2024
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: SC199377
Broxburn Properties Limited
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 56 Torridon Road, Broughty Ferry, Dundee, DD5 3JH.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and 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
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 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.
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:
Fixtures and Fittings
-
15% reducing balance
Computer Equipment
-
33% reducing balance
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.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
169,123
108,481
Adjustments in respect of prior periods
( 42,494)
84,298
---------
---------
Total current tax
126,629
192,779
---------
---------
---------
---------
Tax on profit
126,629
192,779
---------
---------
5. Tangible assets
Leasehold property
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
13,700,000
78,286
71,193
6,912
13,856,391
Additions
2,950
2,950
-------------
--------
--------
-------
-------------
At 31 March 2024
13,700,000
78,286
71,193
9,862
13,859,341
-------------
--------
--------
-------
-------------
Depreciation
At 1 April 2023
45,258
5,455
50,713
Charge for the year
3,890
1,465
5,355
-------------
--------
--------
-------
-------------
At 31 March 2024
49,148
6,920
56,068
-------------
--------
--------
-------
-------------
Carrying amount
At 31 March 2024
13,700,000
78,286
22,045
2,942
13,803,273
-------------
--------
--------
-------
-------------
At 31 March 2023
13,700,000
78,286
25,935
1,457
13,805,678
-------------
--------
--------
-------
-------------
The company's investment properties were valued at the year end by the directors on an open market basis.
6. Debtors
2024
2023
£
£
Trade debtors
214,547
261,796
Other debtors
2,659,652
2,645,140
------------
------------
2,874,199
2,906,936
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
13,665
420,633
Trade creditors
73,177
5,256
Corporation tax
310,413
387,586
Social security and other taxes
45,871
48,418
Retentions
5,851
Other creditors
354,930
429,689
---------
------------
798,056
1,297,433
---------
------------
The bank loans are secured by a Standard Security over the company's Investment Properties.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,618,115
2,618,115
Corporation tax
709,901
789,901
------------
------------
3,328,016
3,408,016
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £2,618,115 (2023: £2,618,115) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
2,069,433
2,069,433
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Revaluation of tangible assets
2,069,433
2,069,433
------------
------------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20,001
20,001
20,001
20,001
--------
--------
--------
--------
11. Charges on assets
The bank loans are secured by a Standard Security over the company's Investment Properties.
12. Directors' advances, credits and guarantees
At the year end the directors were due to be repaid £142,627 (2023 - £86,159).
13. Related party transactions
The company was under the joint control of the directors throughout the current and previous year.