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Company registration number: SC666786
CG Property Developments (Fife) Ltd
Unaudited filleted financial statements
31 July 2024
CG Property Developments (Fife) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
CG Property Developments (Fife) Ltd
Directors and other information
Directors Colin Grandison
Connor Grandison
Company number SC666786
Registered office 24 Asquith Street
Kirkcaldy
Fife
KY1 1PW
Business address 24 Asquith Street
Kirkcaldy
Fife
KY1 1PW
Accountants Paterson Boyd & Co
18 North Street
Glenrothes
Fife
KY7 5NA
CG Property Developments (Fife) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of CG Property Developments (Fife) Ltd
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CG Property Developments (Fife) Ltd for the year ended 31 July 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of CG Property Developments (Fife) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of CG Property Developments (Fife) Ltd and state those matters that we have agreed to state to the board of directors of CG Property Developments (Fife) Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CG Property Developments (Fife) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that CG Property Developments (Fife) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CG Property Developments (Fife) Ltd. You consider that CG Property Developments (Fife) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CG Property Developments (Fife) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
29 April 2025
CG Property Developments (Fife) Ltd
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 1,246,427 1,047,952
_______ _______
1,246,427 1,047,952
Current assets
Debtors 5 5,413 5,413
Cash at bank and in hand 7,739 13,036
_______ _______
13,152 18,449
Creditors: amounts falling due
within one year 6 ( 412,541) ( 333,948)
_______ _______
Net current liabilities ( 399,389) ( 315,499)
_______ _______
Total assets less current liabilities 847,038 732,453
Creditors: amounts falling due
after more than one year 7 ( 800,799) ( 697,412)
_______ _______
Net assets 46,239 35,041
_______ _______
Capital and reserves
Called up share capital 2 -
Profit and loss account 46,237 35,041
_______ _______
Shareholders funds 46,239 35,041
_______ _______
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
Colin Grandison
Director
Company registration number: SC666786
CG Property Developments (Fife) Ltd
Statement of changes in equity
Year ended 31 July 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2022 - 15,697 15,697
Profit for the year 19,344 19,344
_______ _______ _______
Total comprehensive income for the year - 19,344 19,344
_______ _______ _______
At 31 July 2023 and 1 August 2023 - 35,041 35,041
Profit for the year 11,196 11,196
_______ _______ _______
Total comprehensive income for the year - 11,196 11,196
Issue of shares 2 2
_______ _______ _______
Total investments by and distributions to owners 2 - 2
_______ _______ _______
At 31 July 2024 2 46,237 46,239
_______ _______ _______
CG Property Developments (Fife) Ltd
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 24 Asquith Street, Kirkcaldy, Fife, KY1 1PW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 August 2023 1,047,952 1,047,952
Additions 198,475 198,475
_______ _______
At 31 July 2024 1,246,427 1,246,427
_______ _______
Depreciation
At 1 August 2023 and 31 July 2024 - -
_______ _______
Carrying amount
At 31 July 2024 1,246,427 1,246,427
_______ _______
At 31 July 2023 1,047,952 1,047,952
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 August 2023 1,047,952
Additions 198,475
_______
At 31 July 2024 1,246,427
_______
Investment property has been valued by the directors, who do not hold a recognised investment qualification. The valuation is based on knowledge of the property market and local area.
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:
Freehold property Total
£ £
At 31 July 2024
Aggregate cost 1,246,427 1,246,427
Aggregate depreciation - -
_______ _______
Carrying amount 1,246,427 1,246,427
_______ _______
At 31 July 2023
Aggregate cost 1,047,952 1,047,952
Aggregate depreciation - -
_______ _______
Carrying amount 1,047,952 1,047,952
_______ _______
5. Debtors
2024 2023
£ £
Other debtors 5,413 5,413
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 140,941 120,891
Corporation tax 2,626 4,538
Other creditors 268,974 208,519
_______ _______
412,541 333,948
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 800,799 697,412
_______ _______