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COMPANY REGISTRATION NUMBER: SC678323
SRT Properties Ltd
Filleted Unaudited Financial Statements
31 October 2024
SRT Properties Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
493,905
290,394
Current assets
Debtors
6
465
146
Cash at bank and in hand
26,677
52,052
--------
--------
27,142
52,198
Creditors: amounts falling due within one year
7
102,110
87,469
---------
--------
Net current liabilities
74,968
35,271
---------
---------
Total assets less current liabilities
418,937
255,123
Creditors: amounts falling due after more than one year
8
396,299
230,965
Provisions
5,455
5,455
---------
---------
Net assets
17,183
18,703
---------
---------
Capital and reserves
Called up share capital
10
1
1
Fair Value Reserve (Undistributable)
16,364
16,364
Profit and loss account
818
2,338
--------
--------
Shareholders funds
17,183
18,703
--------
--------
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 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SRT Properties Ltd
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr S. R. Turnbull
Director
Company registration number: SC678323
SRT Properties Ltd
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
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.
Going concern
The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
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
The turnover shown in the statement of income and retained earnings represents property rental amounts charged during the year.
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.
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
-
25% reducing balance
Investment property
Tangible fixed assets include 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. This is in accordance with the FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provision of the Companies Act 2006 is required in order to give a true and fair view.
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 (loss)/profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
404
----
----
Tax on (loss)/profit
404
----
----
5. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 November 2023
289,780
1,455
291,235
Additions
203,553
149
203,702
---------
-------
---------
At 31 October 2024
493,333
1,604
494,937
---------
-------
---------
Depreciation
At 1 November 2023
841
841
Charge for the year
191
191
---------
-------
---------
At 31 October 2024
1,032
1,032
---------
-------
---------
Carrying amount
At 31 October 2024
493,333
572
493,905
---------
-------
---------
At 31 October 2023
289,780
614
290,394
---------
-------
---------
During the year, the directors revalued the company's investment properties on the open market basis.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 October 2024
Aggregate cost
471,515
Aggregate depreciation
---------
Carrying value
471,515
---------
At 31 October 2023
Aggregate cost
267,962
Aggregate depreciation
---------
Carrying value
267,962
---------
6. Debtors
2024
2023
£
£
Other debtors
465
146
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
404
Other creditors
102,110
87,065
---------
--------
102,110
87,469
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
396,299
230,965
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £396,299 (2023: £230,965) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The mortgage provider holds security over the company property.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
5,455
5,455
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
5,455
5,455
-------
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Transactions with directors
The company was under the control of Mr S. Turnbull throughout the current and previous period. Mr S. Turnbull is the managing director and majority shareholder. At the balance sheet date the amount of £99,799 was owed to Mr S. Turnbull (2023 - £84,875). This loan is interest free and is repayable on demand.