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COMPANY REGISTRATION NUMBER: SC300550
Fairways Investments (Scotland) Limited
Filleted Unaudited Financial Statements
30 September 2024
Fairways Investments (Scotland) Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Fairways Investments (Scotland) Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Fairways Investments (Scotland) Limited
Year ended 30 September 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 Fairways Investments (Scotland) Limited for the year ended 30 September 2024, which comprise the statement of financial position and the 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Fairways Investments (Scotland) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Fairways Investments (Scotland) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fairways Investments (Scotland) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Fairways Investments (Scotland) Limited 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 Fairways Investments (Scotland) Limited. You consider that Fairways Investments (Scotland) Limited 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 Fairways Investments (Scotland) Limited. 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
28 May 2025
Fairways Investments (Scotland) Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
6,480,225
6,249,500
Investments
5
8,334
1
------------
------------
6,488,559
6,249,501
Current assets
Debtors
6
744,758
142,911
Cash at bank and in hand
81,449
32,424
---------
---------
826,207
175,335
Creditors: amounts falling due within one year
7
2,598,568
2,152,592
------------
------------
Net current liabilities
1,772,361
1,977,257
------------
------------
Total assets less current liabilities
4,716,198
4,272,244
Creditors: amounts falling due after more than one year
8
1,829,533
1,809,880
Provisions
Taxation including deferred tax
33,484
19,402
------------
------------
Net assets
2,853,181
2,442,962
------------
------------
Capital and reserves
Called up share capital
48,501
48,501
Share premium account
995,278
995,278
Non-distributable reserve
1,106,753
1,106,753
Profit and loss account
702,649
292,430
------------
------------
Shareholders funds
2,853,181
2,442,962
------------
------------
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.
For the year ending 30 September 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 .
Fairways Investments (Scotland) Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
Mr T M Wallace
Director
Company registration number: SC300550
Fairways Investments (Scotland) Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for property rental, stated net of discounts and of Value Added Tax.
Income 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant & machinery
-
15% reducing balance
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates 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/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities 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/profit or loss. Where it is impracticable to measure fair value reliably 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 joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023
6,150,727
181,317
8,853
82,972
6,423,869
Additions
503,297
17,747
69,500
853
591,397
Disposals
( 286,568)
( 82,972)
( 369,540)
------------
---------
--------
--------
----
------------
At 30 Sep 2024
6,367,456
181,317
26,600
69,500
853
6,645,726
------------
---------
--------
--------
----
------------
Depreciation
At 1 Oct 2023
144,689
5,048
24,632
174,369
Charge for the year
5,494
1,454
15,980
128
23,056
Disposals
( 31,924)
( 31,924)
------------
---------
--------
--------
----
------------
At 30 Sep 2024
150,183
6,502
8,688
128
165,501
------------
---------
--------
--------
----
------------
Carrying amount
At 30 Sep 2024
6,367,456
31,134
20,098
60,812
725
6,480,225
------------
---------
--------
--------
----
------------
At 30 Sep 2023
6,150,727
36,628
3,805
58,340
6,249,500
------------
---------
--------
--------
----
------------
The company's investment properties are valued at £6,367,456. (2023: £6,150,727). If the properties had not been revalued they would have been stated at an historical cost of £4,795,913. (2023: £5,043,975).
5. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 October 2023
1
1
Additions
8,333
8,333
----
-------
-------
At 30 September 2024
1
8,333
8,334
----
-------
-------
Impairment
At 1 October 2023 and 30 September 2024
----
-------
-------
Carrying amount
At 30 September 2024
1
8,333
8,334
----
-------
-------
At 30 September 2023
1
1
----
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
67,794
122,255
Prepayments and accrued income
15,053
13,656
Other debtors
661,911
7,000
---------
---------
744,758
142,911
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
158,391
327,613
Trade creditors
531,213
15,574
Amounts owed to group undertakings
851,001
856,192
Accruals and deferred income
114,058
112,241
Corporation tax
15,029
Social security and other taxes
113,290
21,890
Obligations under finance leases and hire purchase contracts
5,281
8,381
Director loan accounts
157,334
177,731
Other creditors
652,971
632,970
------------
------------
2,598,568
2,152,592
------------
------------
The company has granted a standard security and a bond and floating charge over its assets in favour of its bankers.
Included within Other Creditors are Loan Notes of £300,000 to Thomas Wallace Discretionary Trust and £300,000 to Janice Wallace Discretionary Trust. Interest is charged on these Loan Notes at 5% over base, being 5.5% for the year ended 30th September 2024.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,767,515
1,753,743
Other creditors
62,018
56,137
------------
------------
1,829,533
1,809,880
------------
------------
The company has granted fixed charges in favour of its bankers over its bank loans. These loans are at normal commercial rates.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
33,484
19,402
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
33,484
19,402
--------
--------
10. Directors' advances, credits and guarantees
The company was under the control of Mr T M Wallace throughout the current period. At the year end the company owed Mr Wallace £157,334 (2023: £177,731)
11. Related party transactions
At 30th September 2024 the company owed £300,000 of Loan Notes to Thomas Wallace Discretionary Trust and £300,000 of Loan Notes to Janice Wallace Discretionary Trust. Both of these trusts have an interest in the share capital of the company and are ultimately controlled by the directors, Mr and Mrs Wallace. At the year end Fairways Investments (Scotland) Limited owed £851,001 to its subsidiary, St Mungo Assets Limited. (2023: £856,192). At the year end the company owed Thomas Wallace Car Sales Limited Self Administered Pension Scheme £52,639. (2023: £32,639). Interest is charged on this loan at market rate.