Fulton_Properties_Limited_31_Aug_2022_companies_house_set_of_accounts.html
Fulton_Properties_Limited_31_Aug_2022_companies_house_set_of_accounts.html
Company registration number:
Report to the board of directors on the preparation of the unaudited statutory financial statements of Fulton Properties Limited
Year ended 31 August 2022
As described on the statement of financial position, the Board of Directors of Fulton Properties Limited are responsible for the preparation of the financial statements for the year ended 31 August 2022 , which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
8 School LaneCruden BayPeterheadAberdeenshireAB42 0LUUnited Kingdom
Date:
16 May 2023
Statement of Financial Position
2022 | 2021 | ||||
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Note | £ | £ | |||
Fixed assets | |||||
Tangible assets | 5 |
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Investments | 6 |
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Current assets | |||||
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 8 |
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Net current assets |
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Total assets less current liabilities | 2,402,096 | 2,401,168 | |||
Creditors: amounts falling due after more than one year | 9 | - |
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Net assets |
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Capital and reserves | |||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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For the year ending 31 August 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 May 2023 , and are signed on behalf of the board by:
Director |
Company registration number:
SC152309
Notes to the Financial Statements
Year ended 31 August 2022
1 General information
The company is a private company limited by shares and is registered in Scotland. The address of the registered office is Ravenscraig , Inverugie , Peterhead , Aberdeenshire , AB42 3DS , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Current tax
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.
Tangible assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss . Although not depreciating land and buildings freehold is in accordance with the applicable standard, FRS102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors depreciation is one of the many factors reflected in the annual valuation.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings | Nil |
Plant and machinery |
Fixed asset investments
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Defined contribution pension plan
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4 Average number of employees
The average number of persons employed by the company during the year was Nil (2021: Nil).
5 Tangible assets
Land and buildings | Plant and machinery etc. | Total | ||||
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£ | £ | £ | ||||
Cost | ||||||
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Depreciation | ||||||
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Charge | - |
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- |
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Carrying amount | ||||||
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At 31 August 2021 |
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6 Investments
Other investments other than loans | ||
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£ | ||
Cost | ||
At |
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Impairment | ||
At |
- | |
Carrying amount | ||
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At 31 August 2021 |
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7 Debtors
2022 | 2021 | |||
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£ | £ | |||
Other debtors |
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8 Creditors: amounts falling due within one year
2022 | 2021 | |||
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£ | £ | |||
Trade creditors |
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Taxation and social security |
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Other creditors |
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9 Creditors: amounts falling due after more than one year
2022 | 2021 | |||
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£ | £ | |||
Bank loans and overdrafts | - |
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10 Directors' advances, credit and guarantees
During the year the directors operated a current account with the company. At 31 August 2019 the balance due to the directors by the company amounted to £209360 (2019 - £263,623). These loans are interest free and have no set repayment terms.