REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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ARGYLL ARCADE PROPERTIES (GLASGOW) LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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ARGYLL ARCADE PROPERTIES (GLASGOW) LTD |
ARGYLL ARCADE PROPERTIES (GLASGOW) LTD (REGISTERED NUMBER: SC130437) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ARGYLL ARCADE PROPERTIES (GLASGOW) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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25 St Thomas Street |
Winchester |
Hampshire |
SO23 9HJ |
ARGYLL ARCADE PROPERTIES (GLASGOW) LTD (REGISTERED NUMBER: SC130437) |
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BALANCE SHEET |
31 MARCH 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Fair value reserve | 5 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ARGYLL ARCADE PROPERTIES (GLASGOW) LTD (REGISTERED NUMBER: SC130437) |
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BALANCE SHEET - continued |
31 MARCH 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ARGYLL ARCADE PROPERTIES (GLASGOW) LTD (REGISTERED NUMBER: SC130437) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Government grants |
Government grants receivable in respect of revenue items are credited to the profit and loss account in the period in which they become receivable. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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2. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ARGYLL ARCADE PROPERTIES (GLASGOW) LTD (REGISTERED NUMBER: SC130437) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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The directors have considered the valuation of the investment property and consider it to be an accurate valuation as at the balance sheet date and no further revaluation is considered necessary. |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Taxation and social security |
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Other creditors |
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5. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2020 |
and 31 March 2021 |
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6. | RELATED PARTY DISCLOSURES |
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Included within other creditors are directors loans of £122,152 (2020: £161). |
ARGYLL ARCADE PROPERTIES (GLASGOW) LTD (REGISTERED NUMBER: SC130437) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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7. | FIRST YEAR ADOPTION |
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Investment Properties |
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Argyll Arcade Properties (Glasgow) Ltd previously held investment properties on the balance sheet at cost less depreciation. Under FRS102, investment properties are held at fair value at the date of transition and revalued at the end of each subsequent accounting period. |
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Any change in fair value is taken to the profit and loss account as non-distributable profit. A separate fair value reserve has been established to distinguish between distributable and non-distributable profits. |
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On the adoption of FRS102, investment property has been reinstated at cost, removing the accumulated depreciation charge of £23,100. The investment property was subsequently restated at fair value at the transition date of 1st April 2019. The property was valued at £320,000 as provided by the directors. This resulted in a revaluation gain of £155,000. |
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At 31st March 2020 the directors confirmed there was no significant change in the value of the investment property. As a result no gain or loss on revaluation was provided for.The depreciation charge for the year of £825 has been written back against the cost of the investment property. |