Scanscot Properties Limited 31/03/2022 iXBRL

Scanscot Properties Limited 31/03/2022 iXBRL

SCANSCOT PROPERTIES LIMITED - Company Information

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0 31/03/2022 2022-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP SC098488 2021-04-01 2022-03-31 SC098488 2022-03-31 SC098488 2021-03-31 SC098488 2021-03-31 SC098488 core:PlantMachinery 2021-04-01 2022-03-31 SC098488 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC098488 bus:Director1 2021-04-01 2022-03-31 SC098488 core:PlantMachinery 2021-03-31 SC098488 core:PlantMachinery 2022-03-31 SC098488 core:WithinOneYear 2022-03-31 SC098488 core:WithinOneYear 2021-03-31 SC098488 core:ShareCapital 2022-03-31 SC098488 core:ShareCapital 2021-03-31 SC098488 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC098488 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC098488 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 SC098488 bus:OrdinaryShareClass1 core:ShareCapital 2021-03-31 SC098488 core:CostValuation core:Non-currentFinancialInstruments 2021-03-31 SC098488 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-03-31 SC098488 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 SC098488 core:Non-currentFinancialInstruments 2022-03-31 SC098488 core:Non-currentFinancialInstruments 2021-03-31 SC098488 core:PlantMachinery 2021-03-31 SC098488 bus:SmallEntities 2021-04-01 2022-03-31 SC098488 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC098488 bus:FullAccounts 2021-04-01 2022-03-31 SC098488 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 SC098488 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31
Company registration number: SC098488
Scanscot Properties Limited
Unaudited filleted financial statements
31 March 2022
Scanscot Properties Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 57 76
Investments 6 250,000 205,445
_______ _______
250,057 205,521
Current assets
Debtors 7 1,263 75
Cash at bank and in hand 4,625 2,569
_______ _______
5,888 2,644
Creditors: amounts falling due
within one year 8 ( 44,946) ( 29,273)
_______ _______
Net current liabilities ( 39,058) ( 26,629)
_______ _______
Total assets less current liabilities 210,999 178,892
Provisions for liabilities ( 26,841) ( 15,966)
_______ _______
Net assets 184,158 162,926
_______ _______
Capital and reserves
Called up share capital 9 99 99
Profit and loss account 184,059 162,827
_______ _______
Shareholders funds 184,158 162,926
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 July 2022 , and are signed on behalf of the board by:
Mr F S Baillie
Director
Company registration number: SC098488
Scanscot Properties Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in Scotland ( SC098488 ). The address of the registered office is Scanscot Properties Limited, 45 Ellens Glen Road, Edinburgh, EH17 7QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents total rent receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2021 and 31 March 2022 760 760
_______ _______
Depreciation
At 1 April 2021 684 684
Charge for the year 19 19
_______ _______
At 31 March 2022 703 703
_______ _______
Carrying amount
At 31 March 2022 57 57
_______ _______
At 31 March 2021 76 76
_______ _______
6. Investments
Investment properties Total
£ £
Cost or valuation
At 1 April 2021 205,445 205,445
Additions 11,886 11,886
Fair value adjustment 32,669 32,669
_______ _______
At 31 March 2022 250,000 250,000
_______ _______
Impairment
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 250,000 250,000
_______ _______
At 31 March 2021 205,445 205,445
_______ _______
In the opinion of the directors the fair value of the company's investment property at 31 March 2022 was £250,000.
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties Total
£ £
At 31 March 2022
Aggregate cost 50,813 50,813
Aggregate depreciation - -
_______ _______
Carrying amount 50,813 50,813
_______ _______
At 31 March 2021
Aggregate cost 38,928 38,928
Aggregate depreciation - -
_______ _______
Carrying amount 38,928 38,928
_______ _______
7. Debtors
2022 2021
£ £
Other debtors 1,263 75
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax - 363
Other creditors 44,946 28,910
_______ _______
44,946 29,273
_______ _______
Other creditors
Accruals 960 924
Director loan accounts 43,986 27,986
_______ | _______ |
44,946 28,910
_______ | _______ |
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares shares of £ 1.00 each 99 99 99 99
_______ _______ _______ _______