Stewart's (Sighthill) Holdings Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC080442 (Scotland)

Unaudited Financial Statements for the Year Ended 28 November 2022

for

Stewart's (Sighthill) Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J I Barr

L I Niven

SECRETARY:

P J I Barr

REGISTERED OFFICE:

29 Hillpark Crescent

Edinburgh

EH4 7BG

REGISTERED NUMBER:

SC080442 (Scotland)

ACCOUNTANTS:

Jeffrey Crawford & Co

Chartered Accountants

25 Castle Terrace

Edinburgh

EH1 2ER

FIXED ASSETS

Tangible assets

4

7,627

5,810

Investment property

5

2,450,000

2,198,000

2,457,627

2,203,810

CURRENT ASSETS

Debtors

6

152,886

137,136

Cash at bank

816,145

845,320

969,031

982,456

CREDITORS

Amounts falling due within one year

7

52,171

47,678

NET CURRENT ASSETS

916,860

934,778

TOTAL ASSETS LESS CURRENT LIABILITIES

3,374,487

3,138,588

PROVISIONS FOR LIABILITIES

343,924

213,502

NET ASSETS

3,030,563

2,925,086

CAPITAL AND RESERVES

Called up share capital

32,500

32,500

Capital redemption reserve

51,804

51,804

Fair value reserve

8

1,605,508

1,483,930

Retained earnings

1,340,751

1,356,852

3,030,563

2,925,086

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 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 25 August 2023 and were signed on its behalf by:

P J I Barr - Director

1.	STATUTORY INFORMATION

Stewart's (Sighthill) Holdings 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The directors have made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

Turnover

Turnover comprises rents receivable by the company recognised on an accruals basis during the year. Rental income is exempt from Value Added Tax and all expenses are stated gross of Value Added Tax where applicable.

Tangible fixed assets

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

Tangible assets are initially recorded at cost, and 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.

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:

Fixtures & Fittings - 25% straight line

Office Equipment - 25% straight line

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.

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently investment properties whose fair value can be measured reliably on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

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 NIL (2021 - 2 ).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 29 November 2021

51,386

Additions

6,285

At 28 November 2022

57,671

DEPRECIATION

At 29 November 2021

45,576

Charge for year

4,468

At 28 November 2022

50,044

NET BOOK VALUE

At 28 November 2022

7,627

At 28 November 2021

5,810

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 29 November 2021

2,198,000

Revaluations

252,000

At 28 November 2022

2,450,000

NET BOOK VALUE

At 28 November 2022

2,450,000

At 28 November 2021

2,198,000

The directors have reviewed the fair value of the investment properties as at 28 November 2022 having taken into account the state of the property market in the location where the property is situated, changes in lease terms and in respect of the range of reasonable fair value estimates of the asset. The valuation reflects the professional valuation carried out during the period by Graham and Sibbald LLP.

The valuation uplift is reflected in the income statement and movement in revaluation reserve, net of the tax provision on the revalued amount. The fair value of £2,450,000 (2021: £2,198,000) is the accumulation of historic cost of £500,567 (2021: £500,567) and revaluations totalling £1,949,433 (2021: £1,697,433).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

14,125

12,738

Amounts owed by group undertakings

134,876

120,255

Other debtors

3,885

4,143

152,886

137,136

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

1,011

3,308

Taxation and social security

23,209

19,233

Other creditors

27,951

25,137

52,171

47,678

8.

RESERVES

Fair

value

reserve

£

At 29 November 2021

1,483,930

Revaluation net of tax provn

121,578

At 28 November 2022

1,605,508