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Company registration number:
SC152309
Fulton Properties Limited
Unaudited Filleted Financial Statements for the year ended
31 August 2024
Fulton Properties Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Fulton Properties Limited
Year ended
31 August 2024
As described on the statement of financial position, the Board of Directors of
Fulton Properties Limited
are responsible for the preparation of the
financial statements
for the year ended
31 August 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
ASG Business Services
8 School Lane
Cruden Bay
Peterhead
Aberdeenshire
AB42 0LU
United Kingdom
Date:
12 May 2025
Fulton Properties Limited
Statement of Financial Position
31 August 2024

|  | 2024 | 2023
--- | --- | --- | ---
| Note | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 5 | 95,168 |  | 95,168 |
Investments | 6 | 2,031,870 |  | 1,891,870 |
|  | 2,127,038 |  | 1,987,038 |
Current assets |  |  |  |  |
Stocks |  | (119,695 | ) | (157,208 | )
Debtors | 7 | 139,021 |  | 279,468 |
Cash at bank and in hand |  | 240,917 |  | 291,556 |
|  | 260,243 |  | 413,816 |
Creditors: amounts falling due within one year | 8 | (24,242 | ) | (24,241 | )
Net current assets |  | 236,001 |  | 389,575 |
Total assets less current liabilities |  | 2,363,039 |  | 2,376,613 |
Capital and reserves |  |  |  |  |
Called up share capital |  | 10,030 |  | 10,030 |
Profit and loss account |  | 2,353,009 |  | 2,366,583 |
Shareholders funds |  | 2,363,039 |  | 2,376,613 |

For the year ending
31 August 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
12 May 2025
, and are signed on behalf of the board by:

E Fulton
Director

Company registration number:
SC152309
Fulton Properties Limited
Notes to the Financial Statements
Year ended
31 August 2024

## 1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
Ravenscraig
,
Inverugie
,
Peterhead
,
Aberdeenshire
,
AB42 3DS
, United Kingdom.

## 2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

## Turnover

Turnover represents amounts receivable for property rental net of VAT and trade discounts. Turnover is recognised at point of invoice.

## Tangible assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .
Although not depreciating land and buildings freehold is in accordance with the applicable standard, FRS102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors depreciation is one of the many factors reflected in the annual valuation.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings | Nil
Plant and machinery | 25% reducing balance

## Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

## 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.

## Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

## 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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

## Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

## 4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

## 5 Tangible assets

| Land and buildings | Plant and machinery etc. | Total
--- | --- | --- | ---
| £ | £ | £
Cost |  |  |  |  |  |
At 1 September 2023 and 31 August 2024 | 95,168 |  | 2,408 |  | 97,576 |
Depreciation |  |  |  |  |  |
At 1 September 2023 and 31 August 2024 | - |  | 2,408 |  | 2,408 |
Carrying amount |  |  |  |  |  |
At 31 August 2024 | 95,168 |  | - |  | 95,168 |
At 31 August 2023 | 95,168 |  | - |  | 95,168 |

## 6 Investments

| Other investments other than loans
--- | ---
| £
Cost |  |
At 1 September 2023 | 1,891,870 |
Additions | 140,000 |
At 31 August 2024 | 2,031,870 |
Impairment |  |
At 1 September 2023 and 31 August 2024 | - |
Carrying amount |  |
At 31 August 2024 | 2,031,870 |
At 31 August 2023 | 1,891,870 |

## 7 Debtors

| 2024 | 2023
--- | --- | ---
| £ | £
Other debtors | 139,021 |  | 279,468 |

## 8 Creditors: amounts falling due within one year

| 2024 | 2023
--- | --- | ---
| £ | £
Trade creditors | - |  | 1,948 |
Taxation and social security | 1,850 |  | 741 |
Other creditors | 22,392 |  | 21,552 |
| 24,242 |  | 24,241 |

## 9 Directors' advances, credit and guarantees

During the year the directors operated a current account with the company. At 31 August 2019 the balance due to the directors by the company amounted to £209360 (2019 - £263,623). These loans are interest free and have no set repayment terms.