Company registration number SC414352 (Scotland)
GREIG BRYCE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
GREIG BRYCE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GREIG BRYCE PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,892
4,046
Investment property
4
169,768
169,768
177,660
173,814
Current assets
Debtors
5
2,341
1,551
Cash at bank and in hand
568
2,341
2,119
Creditors: amounts falling due within one year
6
(116,387)
(101,612)
Net current liabilities
(114,046)
(99,493)
Total assets less current liabilities
63,614
74,321
Creditors: amounts falling due after more than one year
7
(42,394)
(52,367)
Provisions for liabilities
(280)
(272)
Net assets
20,940
21,682
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
20,939
21,681
Total equity
20,940
21,682
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
GREIG BRYCE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 August 2023
Mr G A Bryce
Director
Company Registration No. SC414352
GREIG BRYCE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Greig Bryce Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 81 Eglinton Road, Ardrossan, Ayrshire, United Kingdom, KA22 8NG.
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 amounts 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
Turnover
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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:
Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GREIG BRYCE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
GREIG BRYCE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
13,023
2,000
15,023
Additions
715
5,001
5,716
At 31 January 2023
13,738
7,001
20,739
Depreciation and impairment
At 1 February 2022
9,610
1,367
10,977
Depreciation charged in the year
1,017
853
1,870
At 31 January 2023
10,627
2,220
12,847
Carrying amount
At 31 January 2023
3,111
4,781
7,892
At 31 January 2022
3,413
633
4,046
4
Investment property
2023
£
Fair value
At 1 February 2022 and 31 January 2023
169,768
The director considers the valuation to be a fair relection of open market value at the balance sheet date.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
550
Prepayments and accrued income
1,791
1,551
2,341
1,551
GREIG BRYCE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,482
8,732
Trade creditors
222
202
Corporation tax
4,914
Other creditors
105,363
85,844
Accruals and deferred income
1,320
1,920
116,387
101,612
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
42,394
52,367
Standard security is held by the bank over 64 Hamilton Street, Saltcoats.