Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31true3false68209 - Other letting and operating of own or leased real estate2024-01-013trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC241098 2024-01-01 2024-12-31 SC241098 2023-01-01 2023-12-31 SC241098 2024-12-31 SC241098 2023-12-31 SC241098 2023-01-01 SC241098 c:Director4 2024-01-01 2024-12-31 SC241098 d:FreeholdInvestmentProperty 2024-12-31 SC241098 d:FreeholdInvestmentProperty 2023-12-31 SC241098 d:CurrentFinancialInstruments 2024-12-31 SC241098 d:CurrentFinancialInstruments 2023-12-31 SC241098 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC241098 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC241098 d:ShareCapital 2024-12-31 SC241098 d:ShareCapital 2023-12-31 SC241098 d:SharePremium 2024-12-31 SC241098 d:SharePremium 2023-12-31 SC241098 d:RevaluationReserve 2024-12-31 SC241098 d:RevaluationReserve 2023-12-31 SC241098 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC241098 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC241098 c:OrdinaryShareClass1 2024-01-01 2024-12-31 SC241098 c:OrdinaryShareClass1 2024-12-31 SC241098 c:OrdinaryShareClass1 2023-12-31 SC241098 c:FRS102 2024-01-01 2024-12-31 SC241098 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 SC241098 c:FullAccounts 2024-01-01 2024-12-31 SC241098 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC241098 2 2024-01-01 2024-12-31 SC241098 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC241098 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC241098 d:OtherDeferredTax 2024-12-31 SC241098 d:OtherDeferredTax 2023-12-31 SC241098 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC241098










SNOWBIRD PROPERTY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SNOWBIRD PROPERTY LIMITED
REGISTERED NUMBER: SC241098

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Investment property
 4 
23,700,000
23,700,000

  
23,700,000
23,700,000

Current assets
  

Debtors: amounts falling due within one year
 5 
3,553,080
3,763,507

Cash at bank and in hand
 6 
4,780,229
4,117,130

  
8,333,309
7,880,637

Creditors: amounts falling due within one year
 7 
(753,240)
(702,854)

Net current assets
  
 
 
7,580,069
 
 
7,177,783

Total assets less current liabilities
  
31,280,069
30,877,783

Provisions for liabilities
  

Deferred tax
 8 
(2,004,332)
(2,016,832)

  
 
 
(2,004,332)
 
 
(2,016,832)

Net assets
  
29,275,737
28,860,951


Capital and reserves
  

Called up share capital 
 9 
491,652
491,652

Share premium account
  
4,424,868
4,424,868

Revaluation reserve
  
10,262,416
10,262,416

Profit and loss account
  
14,096,801
13,682,015

  
29,275,737
28,860,951


Page 1

 
SNOWBIRD PROPERTY LIMITED
REGISTERED NUMBER: SC241098

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to Companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D G Moodie
Director

Date: 10 June 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Snowbird Property Limited is a private Company, limited by share capital and incorporated in Scotland. 
The Company's registered office is C/O Neill, Clerk & Murray, 3 Ardgowan Square, Greenock, PA16 8NW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue, comprised of rental income, is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 3

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 4

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
23,700,000



At 31 December 2024
23,700,000

The 2024 valuations were made by the Directors, on an open market value for existing use basis.

On a historic cost basis, these would have been included at an original cost of £11,420,752 (2023: £11,420,752).





5.


Debtors

2024
2023
£
£

Trade debtors
2,750
13,192

Other debtors
3,550,000
3,750,000

Prepayments and accrued income
330
315

3,553,080
3,763,507



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,780,229
4,117,130

4,780,229
4,117,130


Page 5

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
259,788
264,652

Other taxation and social security
68,997
69,453

Other creditors
368,805
319,782

Accruals and deferred income
55,650
48,967

753,240
702,854



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(2,016,832)
(2,440,444)


Movement in year
12,500
423,612



At end of year
(2,004,332)
(2,016,832)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Short term timing differences
12,500
-

Capital gains on revalued assets
(2,016,832)
(2,016,832)

(2,004,332)
(2,016,832)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,966,610 (2023 - 1,966,610) Ordinary shares of £0.25 each
491,652
491,652


Page 6

 
SNOWBIRD PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Related party transactions

During the year the Company made donations of £50,000 (2023: £44,000) to The Moodie Charitable Trust which is registered with the Office of the Scottish Charity Regulator. Three of the four Trustees of the Trust are also Directors of the Company.
At 31 December 2024 the Company was owed £3,550,000 (2023: £3,750,000) by Snowbird Assets Ltd, a Company controlled by one of the directors. This is included in other debtors.


11.


Controlling party

The Company's immediate and ultimate parent Company is Snowbird Investments Limited. Snowbird Investments Limited is controlled by P A Moodie and related family trusts.


Page 7