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Registration number: SC553357

Shian Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Shian Property Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Shian Property Limited

Company Information

Directors

Miss Eilidh Orr

Mrs Sandra Orr

Mr Liam Orr

Mr Kyle Gordon Orr

Mr Liam David Orr

Registered office

Seabank Farmhouse South Shian
Benderloch
Oban
Argyll
PA37 1SB

Accountants

Jack MacDonald & Co Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Shian Property Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Miss Eilidh Orr

Mrs Sandra Orr

Mr Liam Orr

Mr Kyle Gordon Orr

Mr Liam David Orr

Principal activity

The principal activity of the company is property development

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

.........................................
Mr Liam David Orr
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Shian Property Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Shian Property Limited for the year ended 31 December 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Shian Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Shian Property Limited and state those matters that we have agreed to state to the Board of Directors of Shian Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shian Property Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Shian Property Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Shian Property Limited. You consider that Shian Property 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 accounts of Shian Property 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 accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

26 June 2025

 

Shian Property Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

25,000

25,000

Gross profit

 

25,000

25,000

Administrative expenses

 

(1,437)

(4,456)

Operating profit

 

23,563

20,544

Profit before tax

23,563

20,544

Tax on profit

 

(4,546)

(3,903)

Profit for the financial year

 

19,017

16,641

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Shian Property Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Profit for the year

19,017

16,641

Total comprehensive income for the year

19,017

16,641

 

Shian Property Limited

(Registration number: SC553357)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

656,907

261,457

Current assets

 

Cash at bank and in hand

 

11,451

10,242

Creditors: Amounts falling due within one year

4

(437,178)

(54,536)

Net current liabilities

 

(425,727)

(44,294)

Net assets

 

231,180

217,163

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

231,080

217,063

Shareholders' funds

 

231,180

217,163

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

.........................................
Mr Liam David Orr
Director

 

Shian Property Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

100

217,063

217,163

Profit for the year

-

19,017

19,017

Dividends

-

(5,000)

(5,000)

At 31 December 2024

100

231,080

231,180

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

205,422

205,522

Profit for the year

-

16,641

16,641

Dividends

-

(5,000)

(5,000)

At 31 December 2023

100

217,063

217,163

 

Shian Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

in accordance with the property

 

Shian Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Shian Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2024

261,457

261,457

Additions

395,450

395,450

At 31 December 2024

656,907

656,907

Depreciation

Carrying amount

At 31 December 2024

656,907

656,907

At 31 December 2023

261,457

261,457

Included within the net book value of land and buildings above is £656,907 (2023 - £261,457) in respect of freehold land and buildings.
 

 

Shian Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,500

1,500

Taxation and social security

4,477

3,835

Other creditors

431,201

49,201

437,178

54,536

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

6

Dividends

2024

2023

£

£

Interim dividend of £50.00 (2023 - £50.00) per ordinary share

5,000

5,000

 

 

7

Related party transactions

Summary of transactions with other related parties

Mr D Orr & Mrs S Orr (shareholders and directors) Purchase of property (Seabank Farm House)
Purchased for £362,000 as per independent valuation

Loans from related parties

 

Shian Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2024

Other related parties
£

Total
£

At start of period

49,202

49,202

Advanced

382,000

382,000

At end of period

431,202

431,202

2023

Other related parties
£

Total
£

At start of period

204,202

204,202

Repaid

(155,000)

(155,000)

At end of period

49,202

49,202

Terms of loans from related parties

Directors loan accounts - repayable at the discretion of the directors