ACF Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC336681 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

FOR

ACF PROPERTIES LIMITED

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

532,627

532,682

CURRENT ASSETS

Debtors

69,437

46,333

Cash at bank and in hand

5,051

16,405

74,488

62,738

CREDITORS

Amounts falling due within one year

453,493

447,697

NET CURRENT LIABILITIES

(379,005

)

(384,959

)

TOTAL ASSETS LESS CURRENT LIABILITIES

153,622

147,723

PROVISIONS FOR LIABILITIES

19,032

19,042

NET ASSETS

134,590

128,681

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

6

100,000

100,000

Retained earnings

34,589

28,680

SHAREHOLDERS' FUNDS

134,590

128,681

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2020 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 and authorised for issue on 20 November 2020 and were signed by:

A C Forbes - Director

1.	STATUTORY INFORMATION

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

registered number and registered office address are as below:

Registered number:

SC336681

Registered office:

Unit 6 24 Whitehouse Road

Springkerse Industrial Est.

Stirling

FK7 7SP

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 and revenue recognition

Turnover represents rental income. Revenue is recognised when services are provided to the customer.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

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 NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 February 2019

and 31 January 2020

536,413

DEPRECIATION

At 1 February 2019

3,731

Charge for year

55

At 31 January 2020

3,786

NET BOOK VALUE

At 31 January 2020

532,627

At 31 January 2019

532,682

Cost or valuation at 31 January 2020 is represented by:

Totals

£

Valuation in 2017

100,000

Cost

436,413

536,413

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

31.1.20

31.1.19

£

£

Cost

432,459

432,459

Value of land in freehold land and buildings

432,459

432,459

Freehold land and buildings were valued on an open market basis on 31 January 2017 by D.M. Hall .

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.20

31.1.19

£

£

Mortgage

139,666

149,582

The mortgages are secured over the relevant properties.

6.

RESERVES

Fair

value

reserve

£

At 1 February 2019

and 31 January 2020

100,000

7.	RELATED PARTY DISCLOSURES

ACF Cleaning Ltd

A company in which A C Forbes is a Director and shareholder.

Amount due from ACF Cleaning Ltd at the balance sheet date: £69,437 (2019: £46,333).

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A C Forbes.