Glen Torrish Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC272760 (Scotland)

Financial Statements for the Year Ended 31 August 2018

for

Glen Torrish Properties Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

F R Gardner

SECRETARY:

R J Gardner

REGISTERED OFFICE:

New Lodge

Swordale hill

Evanton

Highland

IV16 9XA

REGISTERED NUMBER:

SC272760 (Scotland)

ACCOUNTANTS:

Highland Accountancy Practice

Chartered Accountants

Suite 1A, Willow House

Stoneyfield Business Park

Inverness

Highland

IV2 7PA

FIXED ASSETS

Tangible assets

4

73

97

Investment property

5

1,445,000

746,673

1,445,073

746,770

CURRENT ASSETS

Cash at bank

225,809

178,496

CREDITORS

Amounts falling due within one year

214,031

258,677

NET CURRENT ASSETS/(LIABILITIES)

11,778

(80,181

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,456,851

666,589

PROVISIONS FOR LIABILITIES

132,682

-

NET ASSETS

1,324,169

666,589

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

6

565,645

-

Retained earnings

758,523

666,588

SHAREHOLDERS' FUNDS

1,324,169

666,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 20 May 2019 and were signed by:

F R Gardner - Director

1.	STATUTORY INFORMATION

Glen Torrish Properties Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and Machinery

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation,

impairment losses, and reversals of impairment losses (where applicable).

Investment property

Investment property is shown at fair market value. It was valued professionally for inclusion in the accounts as

at 31 August 2018. However it cannot be measured reliably without undue cost and effort, this is due to the fact

that there are several properties held. It has therefore been agreed that all properties will be valued periodically,

or if there are any known factors which would significantly affect the carrying value. There are no external third

parties who rely on the value of the assets as they are not used as security in any way. There are no borrowings

in the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2017

and 31 August 2018

4,106

DEPRECIATION

At 1 September 2017

4,009

Charge for year

24

At 31 August 2018

4,033

NET BOOK VALUE

At 31 August 2018

73

At 31 August 2017

97

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2017

1,011,450

Revaluations

433,550

At 31 August 2018

1,445,000

DEPRECIATION

At 1 September 2017

264,777

Revaluation adjustments

(264,777

)

At 31 August 2018

-

NET BOOK VALUE

At 31 August 2018

1,445,000

At 31 August 2017

746,673

Fair value at 31 August 2018 is represented by:

£

Valuation in 2018

433,550

Cost

1,011,450

1,445,000

If had not been revalued would have been included at the following historical cost:

31.8.18

31.8.17

£

£

Cost

1,011,450

1,011,450

Aggregate depreciation

(264,777

)

(264,777

)

6.

RESERVES

Fair

value

reserve

£

Non Distributable Reserves

565,645

At 31 August 2018

565,645

7.	ULTIMATE CONTROLLING PARTY