Company registration number SC263905 (Scotland)
CHERRYFIELD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
CHERRYFIELD PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CHERRYFIELD PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
604
3,472
Investment property
5
170,000
253,912
Investments
3,000
3,000
173,604
260,384
Current assets
Debtors
6
382
475
Cash at bank and in hand
94,148
37,253
94,530
37,728
Creditors: amounts falling due within one year
7
(42,252)
(37,683)
Net current assets
52,278
45
Total assets less current liabilities
225,882
260,429
Creditors: amounts falling due after more than one year
8
(4,890)
(34,890)
Provisions for liabilities
(115)
(5,812)
Net assets
220,877
219,727
Capital and reserves
Called up share capital
2
2
Revaluation reserve
1,088
22,160
Profit and loss reserves
219,787
197,565
Total equity
220,877
219,727
CHERRYFIELD PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 31 October 2025
James Watson
Director
Company registration number SC263905 (Scotland)
CHERRYFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information

Cherryfield Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Cherryfield House, Kingsmuir, Forfar, Angus, Scotland, DD8 2LH.

1.1
Basis of preparation

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 a mounts 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

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

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 and fittings
25% reducing balance
Equipment
25% reducing balance

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CHERRYFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.7
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.

1.8
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 paymen ts 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. A m ounts 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.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CHERRYFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
CHERRYFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2024
9,080
7,669
16,749
Disposals
(4,994)
-
0
(4,994)
At 28 February 2025
4,086
7,669
11,755
Depreciation and impairment
At 1 March 2024
6,412
6,865
13,277
Depreciation charged in the year
-
0
201
201
Eliminated in respect of disposals
(2,327)
-
0
(2,327)
At 28 February 2025
4,085
7,066
11,151
Carrying amount
At 28 February 2025
1
603
604
At 28 February 2024
2,668
804
3,472

5
Investment property
2025
£
Fair value
At 1 March 2024
253,912
Disposals
(85,000)
Revaluations
1,088
At 28 February 2025
170,000

The properties were valued by the director at 28 February 2025.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
168,912
227,462
Accumulated depreciation
-
-
Carrying amount
168,912
227,462
CHERRYFIELD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
382
475
7
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
6,246
623
Other creditors
36,006
37,060
42,252
37,683
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
4,890
34,890
2025-02-28 2024-03-01 false false false 31 October 2025 CCH Software CCH Accounts Production 2025.200 No description of principal activity James Watson SC263905 2024-03-01 2025-02-28 SC263905 2025-02-28 SC263905 2024-02-28 SC263905 core:FurnitureFittings 2025-02-28 SC263905 core:ComputerEquipment 2025-02-28 SC263905 core:FurnitureFittings 2024-02-28 SC263905 core:ComputerEquipment 2024-02-28 SC263905 core:WithinOneYear 2025-02-28 SC263905 core:WithinOneYear 2024-02-28 SC263905 core:AfterOneYear 2025-02-28 SC263905 core:AfterOneYear 2024-02-28 SC263905 core:CurrentFinancialInstruments 2025-02-28 SC263905 core:CurrentFinancialInstruments 2024-02-28 SC263905 core:ShareCapital 2025-02-28 SC263905 core:ShareCapital 2024-02-28 SC263905 core:RevaluationReserve 2025-02-28 SC263905 core:RevaluationReserve 2024-02-28 SC263905 core:RetainedEarningsAccumulatedLosses 2025-02-28 SC263905 core:RetainedEarningsAccumulatedLosses 2024-02-28 SC263905 bus:Director1 2024-03-01 2025-02-28 SC263905 core:FurnitureFittings 2024-03-01 2025-02-28 SC263905 core:ComputerEquipment 2024-03-01 2025-02-28 SC263905 2023-03-01 2024-02-28 SC263905 core:FurnitureFittings 2024-02-29 SC263905 core:ComputerEquipment 2024-02-29 SC263905 2024-02-29 SC263905 core:Non-currentFinancialInstruments 2025-02-28 SC263905 core:Non-currentFinancialInstruments 2024-02-28 SC263905 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 SC263905 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 SC263905 bus:FRS102 2024-03-01 2025-02-28 SC263905 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 SC263905 bus:FullAccounts 2024-03-01 2025-02-28 xbrli:pure xbrli:shares iso4217:GBP