Acorah Software Products - Accounts Production 16.5.460 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 SC626512 James Gregg David Acton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC626512 2023-12-31 SC626512 2024-12-31 SC626512 2024-01-01 2024-12-31 SC626512 frs-core:CurrentFinancialInstruments 2024-12-31 SC626512 frs-core:Non-currentFinancialInstruments 2024-12-31 SC626512 frs-core:ShareCapital 2024-12-31 SC626512 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 SC626512 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC626512 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 SC626512 frs-bus:SmallEntities 2024-01-01 2024-12-31 SC626512 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 SC626512 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC626512 frs-bus:Director1 2024-01-01 2024-12-31 SC626512 frs-bus:Director2 2024-01-01 2024-12-31 SC626512 frs-countries:Scotland 2024-01-01 2024-12-31 SC626512 2022-12-31 SC626512 2023-12-31 SC626512 2023-01-01 2023-12-31 SC626512 frs-core:CurrentFinancialInstruments 2023-12-31 SC626512 frs-core:Non-currentFinancialInstruments 2023-12-31 SC626512 frs-core:ShareCapital 2023-12-31 SC626512 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: SC626512
Grampian Commercial Property Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Grampian Commercial Property Ltd
Contents
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Grampian Commercial Property Ltd
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: SC626512
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 575,000 575,000
575,000 575,000
CURRENT ASSETS
Debtors 5 1,762 1,632
Cash at bank and in hand 45,969 25,689
47,731 27,321
Creditors: Amounts Falling Due Within One Year 6 (296,786 ) (283,513 )
NET CURRENT ASSETS (LIABILITIES) (249,055 ) (256,192 )
TOTAL ASSETS LESS CURRENT LIABILITIES 325,945 318,808
Creditors: Amounts Falling Due After More Than One Year 7 (265,000 ) (289,444 )
NET ASSETS 60,945 29,364
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 60,845 29,264
SHAREHOLDERS' FUNDS 60,945 29,364
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Grampian Commercial Property Ltd
Balance Sheet (continued)
As At 31 December 2024
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
James Gregg
Director
David Acton
Director
13 October 2025
The notes on pages 3 to 5 form part of these financial statements.
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Grampian Commercial Property Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Grampian Commercial Property Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC626512 . The registered office is Fourmanlea, Cobairdy, Huntly, Aberdeenshire, AB54 7YB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
2.2. Turnover
Turnover represents amounts receivable in respect of property rental.
Revenue from property rental is recognised on the accruals basis over the term of the relevant lease.
2.3. Investment Properties
Investment property is intially recognised at cost, which includes the purchase cost and any directly attributable expeniture. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.  Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
2.4. 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 part to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic 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, including creditors are recognised at transaction price.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
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Grampian Commercial Property Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Investment Property
2024
£
Fair Value
As at 1 January 2024 and 31 December 2024 575,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 726,710 726,710
Investment property comprises of a commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 27 July 2023 by FG Burnett, Chartered Surveyors. This valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider this valuation to remain appropriate as at 31 December 2024.
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 1,762 1,632
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Grampian Commercial Property Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,688 -
Bank loans and overdrafts 24,444 24,444
Other creditors 243,637 250,737
Taxation and social security 18,017 8,332
296,786 283,513
The bank loans are secured by a fixed charge over the property at Craigearn Business Park, Morrison Way, Kintore, AB51 0TH and a floating charge over the property and undertakings of the company.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 265,000 289,444
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
As at 31 December 2024, the company was due the directors £240,446 (2023 - £240,446). These loans are interest free with no set repayment terms.
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