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REGISTERED NUMBER:
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SOURCE PROPERTY (SCOTLAND) LTD. |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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REGISTERED NUMBER:
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SOURCE PROPERTY (SCOTLAND) LTD. |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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SOURCE PROPERTY (SCOTLAND) LTD. (REGISTERED NUMBER: SC372922) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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SOURCE PROPERTY (SCOTLAND) LTD. (REGISTERED NUMBER: SC372922) |
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BALANCE SHEET |
31 MAY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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PROVISIONS FOR LIABILITIES |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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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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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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SOURCE PROPERTY (SCOTLAND) LTD. (REGISTERED NUMBER: SC372922) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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1. | STATUTORY INFORMATION |
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Source Property (Scotland) Ltd., is a private company, limited by shares, registered in Scotland. The company's |
registered office is 65 Kilbowie Road, Clydebank, Glasgow, G81 1BL. |
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The presentation currency of the financial statements is Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. There were no material departures from that standard. |
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The financial statements have been prepared on a going concern basis. The validity of this is dependent on |
continued support from the directors. If support was to be withdrawn, adjustments may have to be made to |
reduce the value of the assets to their recoverable amount and to provide for any further liabilities that may arise. |
The directors consider however, that it is still appropriate to prepare the financial statements on a going concern |
basis despite this uncertainty. |
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Turnover |
Turnover represents the value of fees receivable and commissions earned during the year. The company's policy |
is to recognise a sale when substantively all the risks and rewards in connection with the services have been |
passed to the buyer. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are included at cost less accumulated depreciation and impairment. |
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Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic |
financial instruments are initially recognised at transaction value and subsequently measured at their settlement |
value. |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in |
the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted |
at the balance sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on |
the transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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Operating lease commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
SOURCE PROPERTY (SCOTLAND) LTD. (REGISTERED NUMBER: SC372922) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2016 |
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Additions |
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Disposals | ( |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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SOURCE PROPERTY (SCOTLAND) LTD. (REGISTERED NUMBER: SC372922) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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8. | RELATED PARTY DISCLOSURES |
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At the balance sheet date, the company owed the directors £15,760 (2016: £20,761). The loan is interest free, |
unsecured and has no fixed terms of repayment. |
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During the year, the company operated from premises rented by Clydebank Financial Services and Mortgage |
Matters Limited, a company in which D R Scott is a director and shareholder. No charge was made for the use |
of the premises (2016: £nil). |
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9. | FIRST YEAR ADOPTION |
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As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of |
transition, 1 June 2015, and the prior year end, 31 May 2016 need to be restated for the changes which have |
occurred on transition to FRS 102. |
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No restatement of the Profit and Loss Account or Balance Sheet and no changes to accounting policies have |
been required on transition. |