Company registration number SC285997 (Scotland)
FASGADH PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FASGADH PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FASGADH PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
683,542
705,607
Investment property
5
575,928
575,928
Investments
6
1
1
1,259,471
1,281,536
Current assets
Stocks
14,743
13,169
Debtors
7
28,023
16,861
Cash at bank and in hand
22,027
4,459
64,793
34,489
Creditors: amounts falling due within one year
8
(315,434)
(349,164)
Net current liabilities
(250,641)
(314,675)
Total assets less current liabilities
1,008,830
966,861
Creditors: amounts falling due after more than one year
9
-
0
(13,188)
Provisions for liabilities
(90,609)
(92,998)
Deferred income
(4,646)
(4,538)
Net assets
913,575
856,137
Capital and reserves
Called up share capital
1
1
Revaluation reserve
10
326,955
324,285
Profit and loss reserves
586,619
531,851
Total equity
913,575
856,137

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FASGADH PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 March 2025 and are signed on its behalf by:
E J Miller
Director
Company registration number SC285997 (Scotland)
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Fasgadh Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 111 Southbrae Drive, Jordanhill, Glasgow, G13 1TU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At 30 June 2024 the company had net current liabilities of £250,641 (2023 £314,675) of which £245,115 (2023 £284,139) was due to directors E Miller and H & M MacInnes, £3,123 (2023 £26,171) comprised bank loan capital falling due within one year and overdrawn bank balances.

 

The company is therefore reliant on the continued support of the directors and its bank to continue its operations for the foreseeable future. The directors do not intend to withdraw their financial support in the next twelve months.

 

The company is currently able to meet its day to day working capital needs in accordance with the terms of the overdraft and long term bank loan facilities. The directors have no reason to believe the bank support will be withdrawn in the foreseeable future.

 

In these circumstances, the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is stated net of VAT and is derived from food and drink sales. It is recognised when goods or services are provided to customers.

 

Other income comprises rental receipts from properties held for investment purposes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost. Not provided on land and related costs
Plant and machinery etc.
25% on cost and 15% on reducing balance
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
13
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2023
699,097
128,891
827,988
Additions
3,569
5,798
9,367
At 30 June 2024
702,666
134,689
837,355
Depreciation and impairment
At 1 July 2023
27,882
94,499
122,381
Depreciation charged in the year
14,053
17,379
31,432
At 30 June 2024
41,935
111,878
153,813
Carrying amount
At 30 June 2024
660,731
22,811
683,542
At 30 June 2023
671,215
34,392
705,607

Land and buildings were revalued on 21 March 2022 by Torrance Partnership, Chartered Surveyors, on the basis of market value.

The revaluation surplus is disclosed in note 10.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2024
2023
£
£
Cost
484,223
480,654
Accumulated depreciation
(150,772)
(141,005)
Carrying value
333,451
339,649
5
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
575,928

The fair value of investment properties are calculated with reference to a valuation on 24 March 2022 by Torrance Partnership, Chartered Surveyors, on the basis of market value.

FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
19,259
7,347
Other debtors
3,089
2,716
Prepayments and accrued income
5,675
6,798
28,023
16,861
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,123
26,171
Trade creditors
11,446
3,961
Corporation tax
26,274
8,342
Other taxation and social security
27,850
24,973
Other creditors
246,741
285,717
315,434
349,164
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
13,188

Bank loans and overdrafts with a carrying value of £3,123 (2023 £39,359) are secured by way of a fixed and floating charge over the company's assets.

10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
324,285
321,628
Deferred tax on revaluation of tangible assets
2,670
2,657
At the end of the year
326,955
324,285
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
11
Related party transactions

Director E Miller introduced £6,759 (2023 £32,140) of funds and was repaid £24,841 (2023 £27,686) in the year to 30 June 2024. The balance due to the director at that date was £194,079 (2023 £212,161).

 

Directors M MacInnes and H MacInnes introduced £57 (2023 £407) and was repaid £21,000 (2023 £11,000) in the year to June 2024. The balance due to the directors at that date was £51,036 (2023 £71,979)

 

During the year to 30 June 2024 £230 (2023 £215) was paid to The Gateway (Kyle) Limited, a company owned by the directors E Miller and M MacInnes. The balance due from the company at that date was £2,583 (2023 £2,353).

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