Company registration number SC285997 (Scotland)
FASGADH PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
FASGADH PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FASGADH PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
714,762
706,655
Investment properties
5
574,681
469,059
Investments
6
1
1
1,289,444
1,175,715
Current assets
Stocks
12,673
8,134
Debtors
7
5,616
13,496
Cash at bank and in hand
7,169
5,556
25,458
27,186
Creditors: amounts falling due within one year
8
(356,325)
(361,869)
Net current liabilities
(330,867)
(334,683)
Total assets less current liabilities
958,577
841,032
Creditors: amounts falling due after more than one year
9
(20,630)
(67,119)
Provisions for liabilities
(107,262)
(86,542)
Deferred income
(4,411)
(6,923)
Net assets
826,274
680,448
Capital and reserves
Called up share capital
1
1
Revaluation reserve
10
321,628
299,000
Profit and loss reserves
504,645
381,447
Total equity
826,274
680,448
FASGADH PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2022
30 June 2022
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 March 2023 and are signed on its behalf by:
E J Miller
Director
Company Registration No. SC285997
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Fasgadh Properties Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
111 Southbrae Drive, Jordanhill, Glasgow, G13 1TU.
1.1
Accounting convention
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
Going concern
At 30 June 2022 the company had net liabilities of £330,867 (2021 £334,683) of which £290,279 (2021 £322,729) was due to directors E Miller and H & M MacInnes, £1,587 (2021 £1,423) was due to group undertakings and £15,969 (2021 £20,840) 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 its bank to continue its operations for the foreseeable future. The directors do not intend to withdraw their financial support in the next twelve months.
The company is currently able to meet its day to day working capital needs in accordance with the terms of the overdraft and long term bank loan facilities. The directors have no reason to believe the bank support will be withdrawn in the foreseeable future.
In these circumstances, the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
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.
1.4
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:
Freehold land and buildings
2% on cost. Not provided on land and related costs
Plant and machinery etc.
25% on cost and 15% on reducing balance
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
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.
1.6
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
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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:
2022
2021
Number
Number
Total
11
15
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2021
734,691
96,940
831,631
Additions
1,390
13,190
14,580
Revaluation
(41,081)
(41,081)
At 30 June 2022
695,000
110,130
805,130
Depreciation and impairment
At 1 July 2021
65,580
59,396
124,976
Depreciation charged in the year
13,900
17,072
30,972
Revaluation
(65,580)
(65,580)
At 30 June 2022
13,900
76,468
90,368
Carrying amount
At 30 June 2022
681,100
33,662
714,762
At 30 June 2021
669,111
37,544
706,655
Land and buildings were revalued
on 21 March 2022
by
Torrance Partnership, Chartered Surveyors
, on the basis of market value.
Previously, land and buildings were revalued on 28 April 2015 at £690,000. The Old Post Office, excluded from the 2015 valuation, was revalued on 13 October 2016 at £40,000
The revaluation surplus is disclosed in note 10.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Land and buildings
2022
2021
£
£
Cost
476,559
475,169
Accumulated depreciation
(131,391)
(121,860)
Carrying value
345,168
353,309
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
5
Investment property
2022
£
Fair value
At 1 July 2021
469,059
Additions
18,946
Revaluations
86,676
At 30 June 2022
574,681
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 24 March 2022 by Torrance Partnership, Chartered Surveyors.
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
2,140
10,067
Prepayments and accrued income
3,476
3,429
5,616
13,496
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
15,969
20,840
Trade creditors
5,147
10,816
Amounts owed to group undertakings
1,587
1,423
Corporation tax
13,590
5,593
Other taxation and social security
27,664
Other creditors
292,368
323,197
356,325
361,869
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
20,630
67,119
FASGADH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Bank loans and overdrafts with a carrying value of £36,599 (2021 £87,959) are secured by way of a fixed and floating charge over the company's assets.
10
Revaluation reserve
2022
2021
£
£
At the beginning of the year
299,000
295,460
Revaluation surplus arising in the year
24,499
Deferred tax on revaluation of tangible assets
(1,871)
3,540
At the end of the year
321,628
299,000
11
Related party transactions
Director E Miller introduced £41,187 (2021 £69,380) of funds and was repaid £50,382 (2021 £36,785) in the year to 30 June 2022. The balance due to the director at that date was £207,707 (2021 £216,902).
Directors M MacInnes and H MacInnes introduced £95 (2021 £7,660) and was repaid £23,350 (2021 £22,933) in the year to June 2022. The balance due to the directors at that date was £82,572 (2021 £105,827)
During the year to 30 June 2022 £248 (2021 £nil) was paid to The Gateway (Kyle) Limited, a company owned by the directors E Miller and M MacInnes. The balance due from the company at that date was £2,138 (2021 £1,890).