Sellaress Property Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC070788 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

SELLARESS PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Bilsland

Ms L G Jameson

SECRETARY:

J D Bilsland

REGISTERED OFFICE:

Kilfinan

Bungalow Road

Lamlash

Isle of Arran

KA27 8JU

REGISTERED NUMBER:

SC070788 (Scotland)

ACCOUNTANTS:

Cornerstone Accountants

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

47

52

Investment property

6

150,007

150,007

150,054

150,059

CURRENT ASSETS

Cash at bank

27,249

24,048

CREDITORS

Amounts falling due within one year

7

60,608

40,481

NET CURRENT LIABILITIES

(33,359

)

(16,433

)

TOTAL ASSETS LESS CURRENT LIABILITIES

116,695

133,626

PROVISIONS FOR LIABILITIES

14,361

12,402

NET ASSETS

102,334

121,224

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

102,234

121,124

SHAREHOLDERS' FUNDS

102,334

121,224

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 2 August 2023 and were signed on its behalf by:

J D Bilsland - Director

1.	STATUTORY INFORMATION

Sellaress Property 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is now fully amortised.

Tangible fixed assets

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

Computer equipment

-

10% on a reducing balance basis

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2021

and 30 November 2022

37,234

AMORTISATION

At 1 December 2021

and 30 November 2022

37,234

NET BOOK VALUE

At 30 November 2022

-

At 30 November 2021

-

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 December 2021

and 30 November 2022

658

DEPRECIATION

At 1 December 2021

606

Charge for year

5

At 30 November 2022

611

NET BOOK VALUE

At 30 November 2022

47

At 30 November 2021

52

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2021

and 30 November 2022

150,007

NET BOOK VALUE

At 30 November 2022

150,007

At 30 November 2021

150,007

Fair value at 30 November 2022 is represented by:

£

Valuation in 2022

150,007

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

2,431

2,580

Other creditors

58,177

37,901

60,608

40,481