Company registration number SC553239 (Scotland)
SCOTT-WEIR ESTATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SCOTT-WEIR ESTATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
SCOTT-WEIR ESTATES LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,163
46,276
Investment properties
4
4,540,000
4,540,000
4,576,163
4,586,276
Current assets
Debtors
5
19,243
Cash at bank and in hand
20,584
75,745
20,584
94,988
Creditors: amounts falling due within one year
6
(3,405,544)
(3,640,461)
Net current liabilities
(3,384,960)
(3,545,473)
Total assets less current liabilities
1,191,203
1,040,803
Provisions for liabilities
(83,997)
(83,633)
Net assets
1,107,206
957,170
Capital and reserves
Called up share capital
7
1
1
Other reserves - Non distributable
8
334,856
334,856
Profit and loss reserves
772,349
622,313
Total equity
1,107,206
957,170
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 March 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.
SCOTT-WEIR ESTATES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 August 2023
S Paterson
Director
Company Registration No. SC553239
SCOTT-WEIR ESTATES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
1
178,196
460,885
639,082
Year ended 31 March 2022:
Profit for the year
-
-
318,088
318,088
Other comprehensive income:
Changes in fair value of investment properties
-
215,000
(215,000)
Deferred tax on revaluation
-
(58,340)
58,340
Total comprehensive income for the year
156,660
161,428
318,088
Balance at 31 March 2022
1
334,856
622,313
957,170
Year ended 31 March 2023:
Profit for the year
-
-
150,036
150,036
Total comprehensive income for the year
-
-
150,036
150,036
Balance at 31 March 2023
1
334,856
772,349
1,107,206
SCOTT-WEIR ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Scott-Weir Estates Ltd is a private company limited by shares incorporated in Scotland. The registered office is Exchange Place 3, Semple Street, Edinburgh, United Kingdom, EH3 8BL.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all information available to them, believe it appropriate to prepare the financial statements on a going concern basis.
The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements. This assessment of going concern takes into account the current inflationary pressures impacting on costs.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for renting out properties and referring properties for rental in the normal course of business, and is shown net of VAT and other sales related taxes.
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:
Fixtures and fittings
25% reducing balance
Computers
33.33% straight line
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.
1.5
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
SCOTT-WEIR ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
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.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SCOTT-WEIR ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
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.
1.11
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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
SCOTT-WEIR ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
172,942
Additions
2,018
At 31 March 2023
174,960
Depreciation and impairment
At 1 April 2022
126,666
Depreciation charged in the year
12,131
At 31 March 2023
138,797
Carrying amount
At 31 March 2023
36,163
At 31 March 2022
46,276
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
4,540,000
Investment properties comprises 10 residential properties. The properties were revalued as at 31 March 2022. The director believes there has been no movement in the valuation as at 31 March 2023.
The 4 residential properties located in Bristol were valued by GB Home Surveys. The 5 residential properties located in Edinburgh and 1 residential property located in Glasgow were valued by Allied Surveyors Scotland PLC.
The fair value of the investment properties has been arrived on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
19,243
SCOTT-WEIR ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
3,363,638
3,592,890
Corporation tax
38,459
42,610
Other creditors
3,447
4,961
3,405,544
3,640,461
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
334,856
178,196
Deferred tax on revaluation of tangible assets
-
(58,340)
Revaluation surplus arising in the year
215,000
At the end of the year
334,856
334,856