Springfield Properties (Scotland) Limited 31/12/2022 iXBRL

Springfield Properties (Scotland) Limited 31/12/2022 iXBRL

SPRINGFIELD PROPERTIES (SCOTLAND) LIMITED - Company Information

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4 31/12/2022 2022-12-31 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 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC029583 2022-01-01 2022-12-31 SC029583 2022-12-31 SC029583 2021-12-31 SC029583 2021-01-01 2021-12-31 SC029583 2021-12-31 SC029583 core:PlantMachinery 2022-01-01 2022-12-31 SC029583 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 SC029583 core:MotorVehicles 2022-01-01 2022-12-31 SC029583 bus:RegisteredOffice 2022-01-01 2022-12-31 SC029583 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 SC029583 bus:Director1 2022-01-01 2022-12-31 SC029583 bus:CompanySecretary1 2022-01-01 2022-12-31 SC029583 core:PlantMachinery 2021-12-31 SC029583 core:FurnitureFittingsToolsEquipment 2021-12-31 SC029583 core:MotorVehicles 2021-12-31 SC029583 core:PlantMachinery 2022-12-31 SC029583 core:FurnitureFittingsToolsEquipment 2022-12-31 SC029583 core:MotorVehicles 2022-12-31 SC029583 core:WithinOneYear 2022-12-31 SC029583 core:WithinOneYear 2021-12-31 SC029583 core:AfterOneYear 2022-12-31 SC029583 core:AfterOneYear 2021-12-31 SC029583 core:ShareCapital 2022-12-31 SC029583 core:ShareCapital 2021-12-31 SC029583 core:RevaluationReserve 2022-12-31 SC029583 core:RevaluationReserve 2021-12-31 SC029583 core:HedgingReserve 2022-12-31 SC029583 core:HedgingReserve 2021-12-31 SC029583 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC029583 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC029583 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 SC029583 core:Non-currentFinancialInstruments 2022-12-31 SC029583 core:Non-currentFinancialInstruments 2021-12-31 SC029583 core:PlantMachinery 2021-12-31 SC029583 core:MotorVehicles 2021-12-31 SC029583 bus:SmallEntities 2022-01-01 2022-12-31 SC029583 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC029583 bus:FullAccounts 2022-01-01 2022-12-31 SC029583 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 SC029583 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC029583 core:CapitalReserve 2022-12-31 SC029583 core:CapitalReserve 2021-12-31
Company registration number: SC029583
Springfield Properties (Scotland) Limited
Unaudited filleted financial statements
31 December 2022
Springfield Properties (Scotland) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Springfield Properties (Scotland) Limited
Directors and other information
Director C W Robertson
Secretary C W Robertson
Company number SC029583
Registered office 3 Braefoot Terrace
Edinburgh
EH16 6AA
Business address 3 Braefoot Terrace
Edinburgh
EH16 6AA
Accountants Barrie Scott & Co.
16-18 Weir Street
Falkirk
FK1 1RA
Springfield Properties (Scotland) Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Springfield Properties (Scotland) Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Springfield Properties (Scotland) Limited for the year ended 31 December 2022 which comprise the statement of financial position, statement of changes in equity and 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 Springfield Properties (Scotland) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Springfield Properties (Scotland) Limited and state those matters that we have agreed to state to them, as a body, 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 Springfield Properties (Scotland) Limited and its director as a body for our work or for this report.
It is your duty to ensure that Springfield Properties (Scotland) 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 Springfield Properties (Scotland) Limited. You consider that Springfield Properties (Scotland) 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 Springfield Properties (Scotland) 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.
Barrie Scott & Co.
Accountants & Tax Advisers
16-18 Weir Street
Falkirk
FK1 1RA
17 August 2023
Springfield Properties (Scotland) Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 8,566 11,421
Investments 6 10,678,175 10,678,175
_______ _______
10,686,741 10,689,596
Current assets
Debtors 7 135,777 55,777
Cash at bank and in hand 70,426 116,054
_______ _______
206,203 171,831
Creditors: amounts falling due
within one year 8 ( 400,995) ( 429,260)
_______ _______
Net current liabilities ( 194,792) ( 257,429)
_______ _______
Total assets less current liabilities 10,491,949 10,432,167
Creditors: amounts falling due
after more than one year 9 ( 1,252,047) ( 1,525,229)
Provisions for liabilities ( 532,685) ( 533,227)
_______ _______
Net assets 8,707,217 8,373,711
_______ _______
Capital and reserves
Called up share capital 2,250,000 2,250,000
Revaluation reserve 4,935,017 4,935,017
Special reserve 9,893 9,893
Fair value reserve 49,120 49,120
Profit and loss account 1,463,187 1,129,681
_______ _______
Shareholders funds 8,707,217 8,373,711
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 August 2023 , and are signed on behalf of the board by:
C W Robertson
Director
Company registration number: SC029583
Springfield Properties (Scotland) Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 Braefoot Terrace, Edinburgh, EH16 6AA.
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.
Going concern
These accounts are prepared on a Going Concern basis. The director has reviewed the situation regarding the Coronavirus pandemic and is of the opinion that the company has adequate resources to continue for the foreseeable future.
Revenue recognition
Revenue comprises the fair value, excluding value added tax, of rents charged during the year. Revenue is recognised at sales invoice date when the rents become due.
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 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.
Fixed asset investments
Investment properties are measured at fair value with changes in fair value being recognised in profit and loss. Other investments are measured at fair value with changes in fair value being recognised in profit and 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless an 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 instrumemt.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 and 31 December 2022 18,354 30,909 17,995 67,258
_______ _______ _______ _______
Depreciation
At 1 January 2022 17,055 30,909 7,873 55,837
Charge for the year 325 - 2,530 2,855
_______ _______ _______ _______
At 31 December 2022 17,380 30,909 10,403 58,692
_______ _______ _______ _______
Carrying amount
At 31 December 2022 974 - 7,592 8,566
_______ _______ _______ _______
At 31 December 2021 1,299 - 10,122 11,421
_______ _______ _______ _______
6. Investments
Shares in associated companies Investment properties Investments Total
£ £ £ £
Cost
At 1 January 2022 and 31 December 2022 60,675 10,592,500 25,000 10,678,175
_______ _______ _______ _______
Impairment
At 1 January 2022 and 31 December 2022 - - - -
_______ _______ _______ _______
Carrying amount
At 31 December 2022 60,675 10,592,500 25,000 10,678,175
_______ _______ _______ _______
At 31 December 2021 60,675 10,592,500 25,000 10,678,175
_______ _______ _______ _______
7. Debtors
2022 2021
£ £
Amounts owed by associated company 75,000 25,000
Other debtors 60,777 30,777
_______ _______
135,777 55,777
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans 72,500 71,900
Amounts owed to group undertakings and undertakings in which the company has a participating interest 314 314
Corporation tax 9,408 24,021
Social security and other taxes 12,220 5,170
Other creditors 306,553 327,855
_______ _______
400,995 429,260
_______ _______
In respect of the bank loans, Bank of Scotland PLC has Standard Securities over various properties. The registration of these charges are detailed at Companies House.
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans 1,252,047 1,525,229
_______ _______
In respect of the bank loans, Bank of Scotland PLC has Standard Securities over various properties. The registration of these charges are detailed at Companies House.
10. Controlling party
The company is controlled by the Trustees of the C W Robertson Trust through their control of Callson Limited, the ultimate parent undertaking.