REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
LAR PROPERTIES (SCOTLAND) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
LAR PROPERTIES (SCOTLAND) LIMITED |
LAR PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC672735) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LAR PROPERTIES (SCOTLAND) LIMITED |
COMPANY INFORMATION |
for the year ended 30 September 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors and Accountants |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
LAR PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC672735) |
BALANCE SHEET |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve |
Retained earnings |
LAR PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC672735) |
BALANCE SHEET - continued |
30 September 2024 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
LAR PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC672735) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2024 |
1. | STATUTORY INFORMATION |
LAR Properties (Scotland) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable in relation to property income, excluding rebates. |
TANGIBLE FIXED ASSETS |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are reviewed for impairment annually. |
INVESTMENT PROPERTY |
Investment property is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss. |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
LAR PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC672735) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
LAR PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC672735) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Disposals | ( |
) |
Revaluations | 10,000 |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Investment property with a fair value of £420,000 (2023 - £1,240,000) are secured for the company's borrowings. |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2024 | 392,790 |
Cost | 27,210 |
420,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 27,210 | 737,007 |
Investment property was valued on an open market basis on 30 September 2024 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
LAR PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC672735) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans due after more than five years and repayable by instalments |
304,500 |
820,840 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Bank loans are secured by fixed charges over the company's investment property. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Revalued assets | 7,500 | 26,640 |
20,546 | 26,825 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 30 September 2024 |
LAR PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC672735) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
The director's loan attracts interest at 2.25% on balances over £10,000 and is repayable on demand. |