REGISTERED NUMBER: SC399501 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Clola Properties Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J P Gibb

Mrs D Gibb

Miss S Gibb

Mr J Gibb

Mrs C Stephen

REGISTERED OFFICE:

Meadow View

Nether Backhill

Ardallie

Peterhead

Aberdeenshire

AB42 5BQ

REGISTERED NUMBER:

SC399501 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

182

330

Investment property

5

380,000

380,000

380,182

380,330

CURRENT ASSETS

Debtors

6

-

74

Cash at bank

2,199

289

2,199

363

CREDITORS

Amounts falling due within one year

7

491,146

500,629

NET CURRENT LIABILITIES

(488,947

)

(500,266

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(108,765

)

(119,936

)

PROVISIONS FOR LIABILITIES

35

-

NET LIABILITIES

(108,800

)

(119,936

)

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

8

(201,576

)

(201,576

)

Retained earnings

8

92,676

81,540

SHAREHOLDERS' FUNDS

(108,800

)

(119,936

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2025 and were signed on its behalf by:

Mr J P Gibb - Director

1.	STATUTORY INFORMATION

Clola Properties Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

At 31 December 2024, the company's liabilities exceeded it's total assets. The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is based upon the continued support of the directors and shareholders.

Turnover

Turnover represents the amounts (excluding value added tax) derived from the rental income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Investment property

Investment property is included at fair value. Losses are recognised in the income statement.

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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

3,654

1,692

5,346

Disposals

(490

)

-

(490

)

At 31 December 2024

3,164

1,692

4,856

DEPRECIATION

At 1 January 2024

3,324

1,692

5,016

Charge for year

45

-

45

Eliminated on disposal

(387

)

-

(387

)

At 31 December 2024

2,982

1,692

4,674

NET BOOK VALUE

At 31 December 2024

182

-

182

At 31 December 2023

330

-

330

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

380,000

NET BOOK VALUE

At 31 December 2024

380,000

At 31 December 2023

380,000

The investment properties were valued at their fair value on 31 December 2024 by the company directors.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2017

(31,576

)

Valuation in 2019

(50,000

)

Valuation in 2020

(55,000

)

Valuation in 2021

(15,000

)

Valuation in 2022

(45,000

)

Valuation in 2023

(5,000

)

Cost

581,576

380,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

-

74

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Taxation and social security

1,163

-

Other creditors

489,983

500,629

491,146

500,629

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2024

81,540

(201,576

)

(120,036

)

Profit for the year

11,136

-

11,136

At 31 December 2024

92,676

(201,576

)

(108,900

)

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J P Gibb & Mrs D Gibb.