Southburn Property Company Limited - Period Ending 2019-05-31

Registration number: SC031097

Southburn Property Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2019

Lines & Company Ltd
1 Rock Cottages
Causeway
Beer
Seaton
Devon
EX12 3LQ

 

Southburn Property Company Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Southburn Property Company Limited

Company Information

Director

Mr F Keltie

Company secretary

Mrs K J Keltie

Registered office

Suite 9 Birchmount Court Forrest Street Airdrie Lanarkshire ML6 7BQ

Accountants

Lines & Company Ltd 1 Rock Cottages Causeway Beer Seaton Devon EX12 3LQ

Page 1

Southburn Property Company Limited

(Registration number: SC031097)
Balance Sheet as at 31 May 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	-	200
Investment property	4	147,500	157,143
		147,500	157,343
Current assets
Cash at bank and in hand		18,135	-
Creditors: Amounts falling due within one year	5	(354,555)	(327,187)
Net current liabilities		(336,420)	(327,187)
Net liabilities		(188,920)	(169,844)
Capital and reserves
Called up share capital	6	500	500
Capital redemption reserve		16	16
Other reserves		(9,643)	-
Profit and loss account		(179,793)	(170,360)
Total equity		(188,920)	(169,844)

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Southburn Property Company Limited

(Registration number: SC031097)
Balance Sheet as at 31 May 2019

For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 February 2020
 

Mr F Keltie
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Suite 9
Birchmount Court
Forrest Street
Airdrie
Lanarkshire
ML6 7BQ
Scotland

These financial statements were authorised for issue by the director on 18 February 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rents and services charges. Turnover is shown net of Value Added Tax.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.

Asset class	Depreciation method and rate
Furniture, fittings and equipment	20% straight line

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 dated. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 5

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Trade and other debtors (including accrued income) which are receivable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Financial instruments are classified as liabilities and equity instruments 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.

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Trade and other creditors (including accruals) payable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

 
 

Page 6

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2018	35,238	35,238
At 31 May 2019	35,238	35,238
Depreciation
At 1 June 2018	35,038	35,038
Charge for the year	200	200
At 31 May 2019	35,238	35,238
Carrying amount
At 31 May 2019	-	-
At 31 May 2018	200	200

4	Investment properties

	2019 £
At 1 June	157,143
Fair value adjustments	(9,643)
At 31 May	147,500

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2019 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

There has been no valuation of investment property by an independent valuer.

Page 7

Southburn Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019

5

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	7	-	28,276
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	353,399	298,899
Taxation and social security		6	12
Accruals and deferred income		1,150	-
		354,555	327,187

6	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	500	500	500	500

7	Loans and borrowings

8	Related party transactions

The company is controlled by its parent company, Abaco Estates Limited, which wholly owns the issued share capital.

Mr and Mrs FJ Keltie own Abaco Estates Limited and, together with their family, Pentland Property Partnership.

At the balance sheet date the company owed Abaco Estates Limited £344,619 (2018: £298,899) and Pentland Property Partnership £8,780 (2018: £nil).

9	Parent and ultimate parent undertaking

The company's immediate parent is Abaco Estates Limited, incorporated in England and Wales.

 

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