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No description of principal activity
2021-11-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
SC245540
2021-11-01
2022-10-31
SC245540
2022-10-31
SC245540
2021-10-31
SC245540
bus:OrdinaryShareClass1
2021-11-01
2022-10-31
SC245540
bus:Director1
2021-11-01
2022-10-31
SC245540
core:LandBuildings
core:LongLeaseholdAssets
2022-10-31
SC245540
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-10-31
SC245540
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-10-31
SC245540
core:WithinOneYear
2022-10-31
SC245540
core:WithinOneYear
2021-10-31
SC245540
core:ShareCapital
2022-10-31
SC245540
core:ShareCapital
2021-10-31
SC245540
core:RevaluationReserve
2022-10-31
SC245540
core:RevaluationReserve
2021-10-31
SC245540
core:RetainedEarningsAccumulatedLosses
2022-10-31
SC245540
core:RetainedEarningsAccumulatedLosses
2021-10-31
SC245540
core:RevaluationInvestmentPropertyDeferredTax
2022-10-31
SC245540
core:RevaluationInvestmentPropertyDeferredTax
2021-10-31
SC245540
core:LandBuildings
core:LongLeaseholdAssets
2021-10-31
SC245540
bus:SmallEntities
2021-11-01
2022-10-31
SC245540
bus:AuditExemptWithAccountantsReport
2021-11-01
2022-10-31
SC245540
bus:FullAccounts
2021-11-01
2022-10-31
SC245540
bus:SmallCompaniesRegimeForAccounts
2021-11-01
2022-10-31
SC245540
bus:PrivateLimitedCompanyLtd
2021-11-01
2022-10-31
SC245540
bus:OrdinaryShareClass1
2022-10-31
SC245540
bus:OrdinaryShareClass1
2021-10-31
SC245540
core:OfficeEquipment
2021-11-01
2022-10-31
SC245540
core:OfficeEquipment
2022-10-31
SC245540
core:RevaluationReserve
2021-11-01
2022-10-31
COMPANY REGISTRATION NUMBER:
SC245540
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 October 2022
Fixed assets
Tangible assets
|
4
|
|
563,001
|
563,001
|
|
|
|
|
|
Current assets
Debtors
|
5
|
1,204
|
|
1,638
|
Cash at bank and in hand
|
281
|
|
1,219
|
|
-------
|
|
-------
|
|
1,485
|
|
2,857
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
364,260
|
|
360,285
|
|
---------
|
|
---------
|
Net current liabilities
|
|
362,775
|
357,428
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
200,226
|
205,573
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
7,511
|
5,708
|
|
|
---------
|
---------
|
Net assets
|
|
192,715
|
199,865
|
|
|
---------
|
---------
|
|
|
|
|
Statement of Financial Position (continued)
|
|
31 October 2022
Capital and reserves
Called up share capital
|
8
|
|
100
|
100
|
Revaluation reserve (undistributable)
|
9
|
|
86,588
|
88,391
|
Profit and loss account
|
9
|
|
106,027
|
111,374
|
|
|
---------
|
---------
|
Shareholders funds
|
|
192,715
|
199,865
|
|
|
---------
|
---------
|
|
|
|
|
|
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 Section 1A of 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.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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 directors acknowledge their responsibilities for complying with the requirements of the Act 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
12 January 2023
, and are signed on behalf of the board by:
Company registration number:
SC245540
Notes to the Financial Statements
|
|
Year ended 31 October 2022
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
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.
Going concern
The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
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.
Revenue recognition
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.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Office Equipment
|
-
|
33% straight line
|
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS 102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4.
Tangible assets
|
Investment property
|
Equipment
|
Total
|
|
£
|
£
|
£
|
Cost or valuation
|
|
|
|
At 1 November 2021 and 31 October 2022
|
563,001
|
912
|
563,913
|
|
---------
|
----
|
---------
|
Depreciation
|
|
|
|
At 1 November 2021 and 31 October 2022
|
–
|
912
|
912
|
|
---------
|
----
|
---------
|
Carrying amount
|
|
|
|
At 31 October 2022
|
563,001
|
–
|
563,001
|
|
---------
|
----
|
---------
|
At 31 October 2021
|
563,001
|
–
|
563,001
|
|
---------
|
----
|
---------
|
|
|
|
|
The investment properties were revalued at the year end by the directors, Mr & Mrs T. Smith on an open market value basis.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property
|
|
£
|
At 31 October 2022
|
|
Aggregate cost
|
468,900
|
Aggregate depreciation
|
–
|
|
---------
|
Carrying value
|
468,900
|
|
---------
|
|
|
At 31 October 2021
|
|
Aggregate cost
|
468,900
|
Aggregate depreciation
|
–
|
|
---------
|
Carrying value
|
468,900
|
|
---------
|
|
|
5.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Trade debtors
|
675
|
1,148
|
Other debtors
|
529
|
490
|
|
-------
|
-------
|
|
1,204
|
1,638
|
|
-------
|
-------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Trade creditors
|
–
|
477
|
Corporation tax
|
–
|
4,456
|
Other creditors
|
364,260
|
355,352
|
|
---------
|
---------
|
|
364,260
|
360,285
|
|
---------
|
---------
|
|
|
|
7.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2022
|
2021
|
|
£
|
£
|
Included in provisions
|
7,511
|
5,708
|
|
-------
|
-------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2022
|
2021
|
|
£
|
£
|
Fair value adjustment of investment property
|
7,511
|
5,708
|
|
-------
|
-------
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2022
|
2021
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
9.
Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Fair value reserve records the value of assets revaluations and fair value movements on assets recognised in other comprehensive income. The Fair value reserve is undistributable.
10.
Transactions with directors
The company was under the control of its directors, Mr & Mrs Smith, throughout the current and previous year. At the balance sheet date the company owed £361,699 to the directors (2021 - £354,518).