Company registration number SC228958 (Scotland)
Strathtay Properties Limited
unaudited financial statements
for the year ended 31 March 2025
Pages for filing with registrar
Strathtay Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Strathtay Properties Limited
Balance sheet
as at 31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
950,000
1,419,465
Investments
5
152,266
28,930
1,102,266
1,448,395
Current assets
Debtors
7
113,166
46,713
Cash at bank and in hand
2,476
506
115,642
47,219
Creditors: amounts falling due within one year
8
(80,526)
(63,142)
Net current assets/(liabilities)
35,116
(15,923)
Total assets less current liabilities
1,137,382
1,432,472
Creditors: amounts falling due after more than one year
9
(28,292)
(241,782)
Provisions for liabilities
(126,730)
(195,708)
Net assets
982,360
994,982
Capital and reserves
Called up share capital
2
2
Revaluation reserve
11
584,297
791,840
Profit and loss reserves
398,061
203,140
Total equity
982,360
994,982
Strathtay Properties Limited
Balance sheet (continued)
as at 31 March 2025
- 2 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 August 2025
Mr BA McLean
Director
Company registration number SC228958 (Scotland)
Strathtay Properties Limited
Notes to the Financial Statements
for the year ended 31 March 2025
- 3 -
1
Accounting policies
Company information
Strathtay Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Hillview, Bankfoot, Perth, PH1 4ED.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Rental income is included in the profit and loss account in the year to which it relates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
over 10 years
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
Strathtay Properties Limited
Notes to the Financial Statements (continued)
for the year ended 31 March 2025
1
Accounting policies (continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Strathtay Properties Limited
Notes to the Financial Statements (continued)
for the year ended 31 March 2025
1
Accounting policies (continued)
- 5 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
1
Strathtay Properties Limited
Notes to the Financial Statements (continued)
for the year ended 31 March 2025
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 March 2025
34,783
Depreciation and impairment
At 1 April 2024 and 31 March 2025
34,783
Carrying amount
At 31 March 2025
At 31 March 2024
4
Investment property
2025
£
Fair value
At 1 April 2024
1,419,465
Disposals
(483,000)
Revaluations
13,535
At 31 March 2025
950,000
Investment properties were valued on 31 March 2016 at open market value by Bidwells Chartered Surveyors, the only change this year is the revaluation of property in Forres.
The comparable values on a historical cost basis at 31 March 2025 were £213,139 (2024 - £357,291 ).
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
152,266
28,930
Strathtay Properties Limited
Notes to the Financial Statements (continued)
for the year ended 31 March 2025
5
Fixed asset investments (continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
28,930
Additions
145,304
Valuation changes
(768)
Disposals
(21,200)
At 31 March 2025
152,266
Carrying amount
At 31 March 2025
152,266
At 31 March 2024
28,930
6
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
152,266
28,930
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
63,166
46,713
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
50,000
Total debtors
113,166
46,713
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
34,755
40,333
Corporation tax
36,827
2,475
Other creditors
8,944
20,334
80,526
63,142
Strathtay Properties Limited
Notes to the Financial Statements (continued)
for the year ended 31 March 2025
- 8 -
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
28,292
241,782
10
Loans and overdrafts
2025
2024
£
£
Bank loans
63,047
282,115
Payable within one year
34,755
40,333
Payable after one year
28,292
241,782
The long-term loans are secured by fixed charges over the investment property.
11
Revaluation reserve
2025
2024
£
£
At the beginning of the year
791,840
823,840
Transfer to retained earnings
(209,077)
Fair value adjustment to investments
13,535
(32,000)
Tax on fair value adjustment to investments
(12,001)
-
At the end of the year
584,297
791,840
12
Profit and loss reserves
Profit and loss reserves include all the current and prior period retained distributable profit and losses.
13
Directors' transactions
Net payments of £16,337 (2024 - £23,008) were made to director B McLean resulting in a balance due from him of £63,050 (2024 - £46,713). The loan is repayable on demand and therefore there is no discounting required under FRS102.
During the year the company paid the director £4,500 (2024 - £4,500) for motor expenses.
14
Control
The company is controlled by the sole director Brian A McLean.