COMPANY REGISTRATION NUMBER:
08496859
Scotco Eastern Properties Limited
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Filleted Financial Statements
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Scotco Eastern Properties Limited
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Period from 1 December 2017 to 23 December 2018
Officers and professional advisers
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1
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Statement of financial position
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2
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Notes to the financial statements
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3
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Scotco Eastern Properties Limited
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Statement of Financial Position
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23 December 2018
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23 Dec 18
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30 Nov 17
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Note
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£
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£
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Current assets
Stocks
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80,000
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80,000
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Debtors
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4
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32
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32
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--------
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--------
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80,032
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80,032
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--------
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--------
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Net current assets
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80,032
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80,032
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--------
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Total assets less current liabilities
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80,032
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80,032
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Creditors: amounts falling due after more than one year
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5
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2,194
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–
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--------
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--------
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Net assets
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77,838
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80,032
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--------
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--------
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Capital and reserves
Called up share capital
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2
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2
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Profit and loss account
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77,836
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80,030
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--------
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--------
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Shareholders funds
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77,838
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80,032
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--------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges her 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 were approved by the
board of directors
and authorised for issue on
26 June 2019
, and are signed on behalf of the board by:
Company registration number:
08496859
Scotco Eastern Properties Limited
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Notes to the Financial Statements
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Period from 1 December 2017 to 23 December 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Dwf Llp, 1 Scott Place, 2 Hardman Street, Manchester, M3 3AA, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Stocks
Development property stock Development property stock is stated at the lower of cost and net present value. Cost includes all costs incurred in bringing each property to its present location and condition. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
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23 Dec 18
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30 Nov 17
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£
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£
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Other debtors
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32
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32
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----
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----
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5.
Creditors:
amounts falling due after more than one year
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23 Dec 18
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30 Nov 17
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£
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£
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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2,194
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–
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-------
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----
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6.
Summary audit opinion
The auditor's report for the period dated 26 June 2019 was qualified on the following basis:
With respect to the company's stock of trading property having a carrying value of £80,000, the evidence available to us was limited. The director of the company has complied fully with the requirements of accounting standards in respect of this property and has valued it to the best of her ability, at open market value. However, in the current market conditions, we are unable to make an assessment of the accuracy of this valuation. Owing to the unstable nature of the current property environment, although the director has valued this property to the best of her ability, there is no active market from which we could make an assessment of its fair value and we were unable to obtain sufficient appropriate audit evidence regarding the valuation of trading property by using other audit procedures.
The senior statutory auditor was
Cathal Maneely
, for and on behalf of
Maneely Mc Cann
.
7.
Related party transactions
Control The company is a wholly owned subsidiary of Scotco (Eastern) Limited, a company incorporated in Scotland. Scotco (Eastern) Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales which is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland.
Mrs L E Herbert
is the sole shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.
8.
Controlling party
Herbert Corporate Holdings Limited
is the company's ultimate parent company. Copies of consolidated financial statements may be obtained from Lesley House, 605 Lisburn Road, Belfast, BT9 7GS
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