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

ESKVALE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

D D Stevenson

SECRETARY:

J Hilditch

REGISTERED OFFICE:

Ashley Bank House

Langholm

Dumfriesshire

DG13 0AN

REGISTERED NUMBER:

SC094787 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

FIXED ASSETS

Tangible assets

4

2,895,626

2,909,846

Investments

5

100

100

2,895,726

2,909,946

CURRENT ASSETS

Debtors

6

193,093

17,473

Cash at bank

322,749

1,012,599

515,842

1,030,072

CREDITORS

Amounts falling due within one year

7

87,221

725,776

NET CURRENT ASSETS

428,621

304,296

TOTAL ASSETS LESS CURRENT LIABILITIES

3,324,347

3,214,242

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

3,324,345

3,214,240

SHAREHOLDERS' FUNDS

3,324,347

3,214,242

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

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 21st September 2021 and were signed by:

D D Stevenson - Director

1.	STATUTORY INFORMATION

Eskvale 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.

Preparation of consolidated financial statements

The financial statements contain information about Eskvale Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ashleybank Investments Limited, .

Turnover

The Company rents out commercial property. Revenue is recognised in the accounting period to which the rent relates.

Amounts received in respect of contributions to dilapidation expenditure are recognised in the same period as the relevant expenditure on dilapidations.

Revenue is measured at the fair value of the transaction excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

FRS102 requires Investment Property to be stated at fair value. As explained in the report of the director, due to Covid-19 this has not been possible therefore the Investment Property is stated at cost less depreciation.

Depreciation is provided at the annual rates below to write off the cost of each asset evenly over its estimated useful life. Depreciation is only provided on freehold buildings where the Directors consider that the remaining useful life is less than fifty years. Provisions for depreciation on long leasehold properties with over fifty years to run and freehold buildings where the estimated life exceeds fifty years is not considered necessary as it is the Company's policy to maintain its properties in good condition which prolongs their useful life and any depreciation involved would not be material. Depreciation is however provided on modernisation costs which enhance their value for a finite period and the costs of repairs and maintenance are charged to profit and loss account in the period in which they are incurred.

Freehold Land and Buildings

- Nil

Leasehold Land and Buildings over 50 years

- 2% over the last 50 years of lease

Modernisation costs of buildings

- 5% or 12.5%

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Going concern

The director has considered the potential impact of the current Covid-19 pandemic on the business and is satisfied that the company has sufficient cash reserves to meet all financial obligations for the foreseeable future. The Accounts have therefore been prepared on the going concern basis.

Direct property outgoings

Direct property outgoings includes ground rents payable, property depreciation and other property outgoings less recoveries.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Development

Investment

property

property

Totals

£

£

£

COST

At 1st January 2020

119,491

3,125,365

3,244,856

Disposals

-

(14,220

)

(14,220

)

At 31st December 2020

119,491

3,111,145

3,230,636

DEPRECIATION

At 1st January 2020

and 31st December 2020

-

335,010

335,010

NET BOOK VALUE

At 31st December 2020

119,491

2,776,135

2,895,626

At 31st December 2019

119,491

2,790,355

2,909,846

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2020

and 31st December 2020

100

NET BOOK VALUE

At 31st December 2020

100

At 31st December 2019

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

2,994

2,994

Rental income debtors

163,644

6,770

VAT

26,455

7,709

193,093

17,473

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

2,378

6,413

Amounts owed to group undertakings

-

521,166

Corporation tax

26,500

106,000

Accrued expenses

4,752

11,903

Rental income received in advance

53,591

80,294

87,221

725,776

8.	CAPITAL COMMITMENTS

2020

2019

£

£

Contracted but not provided for in the

financial statements

-

-

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Eskvale Properties Limited for the year ended 31st December 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Eskvale Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Eskvale Properties Limited and state those matters that we have agreed to state to the director of Eskvale Properties Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Eskvale Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Eskvale Properties Limited. You consider that Eskvale Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Eskvale Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

21st September 2021