Company registration number SC530169 (Scotland)
A&G POLLOCKSHAWS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
A&G POLLOCKSHAWS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
A&G POLLOCKSHAWS LTD
BALANCE SHEET
AS AT
30 MARCH 2023
30 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
224,380
224,380
Current assets
Debtors
4
100
100
Creditors: amounts falling due within one year
5
(80,318)
(112,195)
Net current liabilities
(80,218)
(112,095)
Net assets
144,162
112,285
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
144,062
112,185
Total equity
144,162
112,285
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 March 2023 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.
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.
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 13 December 2023 and are signed on its behalf by:
Ali Najafian
Director
Company registration number SC530169 (Scotland)
A&G POLLOCKSHAWS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
- 2 -
1
Accounting policies
Company information
A&G Pollockshaws Ltd is a private company limited by shares incorporated in Scotland. The registered office is 13 Royal Crescent, Glasgow, G3 7SL.
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
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Investment property
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.
1.4
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
A&G POLLOCKSHAWS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 31 March 2022 and 30 March 2023
224,380
Investment property comprises of a number of properties. The directors believe this to be a true and fair value of the properties by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
100
100
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
14,075
6,200
Other creditors
66,243
105,995
80,318
112,195
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
A&G POLLOCKSHAWS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
6
Related party transactions
(Continued)
- 4 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
64,503
102,975