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Abbreviated Unaudited Accounts for the Year Ended 30 June 2015 |
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Fasgadh Properties Limited |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 30 June 2015 |
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for |
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Fasgadh Properties Limited |
Fasgadh Properties Limited (Registered number: SC285997) |
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Contents of the Abbreviated Accounts |
for the Year Ended 30 June 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
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Chartered Accountants' Report | 6 |
Fasgadh Properties Limited |
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Company Information |
for the Year Ended 30 June 2015 |
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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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Chartered Accountants |
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Fasgadh Properties Limited (Registered number: SC285997) |
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Abbreviated Balance Sheet |
30 June 2015 |
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30.6.15 | 30.6.14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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Investment property | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
4 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Revaluation reserve |
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Profit and loss account |
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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. |
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The financial statements were approved by the Board of Directors on
by: |
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Fasgadh Properties Limited (Registered number: SC285997) |
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Notes to the Abbreviated Accounts |
for the Year Ended 30 June 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention as modified by the revaluation |
of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April |
2008). |
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Turnover |
Turnover is stated net of VAT and is derived from food and drink sales. It is recognised when goods or services |
are provided to customers. Other income comprises rental receipts from properties held for investment |
purposes. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
market value is transferred to a revaluation reserve. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Deferred tax |
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods |
different from those in which they are included in the company's accounts. Deferred tax is recognised in respect |
of all timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax |
rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. |
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Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no |
commitment to sell the asset. |
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Deferred tax assets and liabilities are not discounted. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST OR VALUATION |
At 1 July 2014 |
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Additions |
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Revaluations |
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At 30 June 2015 |
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DEPRECIATION |
At 1 July 2014 |
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Charge for year |
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Revaluation adjustments | ( |
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At 30 June 2015 |
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NET BOOK VALUE |
At 30 June 2015 |
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At 30 June 2014 |
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Fasgadh Properties Limited (Registered number: SC285997) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 June 2015 |
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3. | INVESTMENT PROPERTY |
Total |
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COST OR VALUATION |
At 1 July 2014 |
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Revaluations |
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At 30 June 2015 |
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NET BOOK VALUE |
At 30 June 2015 |
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At 30 June 2014 |
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4. | CREDITORS |
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Creditors include an amount of £
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They also include the following debts falling due in more than five years: |
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30.6.15 | 30.6.14 |
£ | £ |
Repayable by instalments |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.15 | 30.6.14 |
value: | £ | £ |
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Ordinary | £1 |
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6. | RELATED PARTY DISCLOSURES |
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Director |
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EJ Miller introduced funds of £14,321 (2014- £81,095) and withdrew £14,131 (2014 - £14,868) in the year to 30 |
June 2015. |
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30.6.15 | 30.6.14 |
£ | £ |
Amount due to related party at the balance sheet date |
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Director |
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M A MacInnes introduced funds of £7,875 (2014 - £nil) and withdrew £6,000 (2013 - nil) in the year to 30 June |
2015. |
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30.6.15 | 30.6.14 |
£ | £ |
Amount due to related party at the balance sheet date |
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The Gateway (Kyle) Ltd |
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A company owned by directors E J Miller and Mrs M A MacInnes |
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Rent of £2,300 (2014 - £1,575) was paid to The Gateway (Kyle) Ltd in the year to 30 June 2015. |
Fasgadh Properties Limited (Registered number: SC285997) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 June 2015 |
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7. | CONTROL |
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Control of the company has been exercised by Euan J Miller, Director. |
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8. | GOING CONCERN |
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At 30 June 2015 the company had net current liabilities of £306,286 (2014 - £315,399) of which £241,095 (2014 |
£239,030) was due to Directors E J Miller and M A MacInnes, and £33,433 (2014 - £35,808) comprised bank |
loan capital falling due within one year and overdrawn bank balances. The company is therefore reliant on the |
continued support of the Directors and it's bank to continue its operations for the foreseeable future. The |
directors do not intend to withdraw their financial support in the next twelve months. |
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The company's bank overdraft facilities were recently renewed and the company is able to meet it's day to day |
working capital needs in accordance with the terms of the overdraft and long term bank loan facilities. The |
Directors consider that this will continue to be the case, and therefore have no reason to believe that bank |
support will be withdrawn in the foreseeable future. |
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In these circumstances, the Directors consider it appropriate to prepare the financial statements on a going |
concern basis. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Fasgadh Properties Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five) |
have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Fasgadh Properties Limited for the year ended 30 June 2015 which comprise the Profit and Loss |
Account, the Balance Sheet, and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Fasgadh Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fasgadh Properties Limited and state those matters that we have agreed to state to the Board of Directors of Fasgadh Properties Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Fasgadh Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fasgadh Properties Limited. You consider that Fasgadh Properties Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Fasgadh Properties Limited. |
For this reason, we have not verified the accuracy or completeness of the accounting records or information and |
explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
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8 December 2015 |