Bonsquare 508 Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC166832 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

BONSQUARE 508 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

Chartered Accountants' Report

6

DIRECTORS:

Mr D Flin

Mr G Truscott

SECRETARY:

Peterkins

REGISTERED OFFICE:

100 Union Street

ABERDEEN

AB10 1QR

REGISTERED NUMBER:

SC166832 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon-Accord Square

ABERDEEN

AB11 6YL

FIXED ASSETS

Tangible assets

4

1,332,602

1,304,560

CURRENT ASSETS

Stocks

17,718

14,104

Debtors

5

14,102

19,100

Cash at bank and in hand

44,259

34,063

76,079

67,267

CREDITORS

Amounts falling due within one year

6

351,562

313,009

NET CURRENT LIABILITIES

(275,483

)

(245,742

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,057,119

1,058,818

CREDITORS

Amounts falling due after more than one year

7

830,753

895,357

NET ASSETS

226,366

163,461

CAPITAL AND RESERVES

Called up share capital

140,000

140,000

Non-distributable reserves

221,576

229,761

Retained earnings

(135,210

)

(206,300

)

226,366

163,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 30 October 2023 and were signed on its behalf by:

Mr D Flin - Director

1.	STATUTORY INFORMATION

Bonsquare 508 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. Turnover includes revenue earned from the rendering of services.

Rendering of Services

Revenue is recognised in the accounting period in which the services are rendered when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off cost or valuation of assets less their residual values over their estimated useful lives on the following bases:

Land

Nil

Buildings

2% straight line

Furnishings & equipment

15% straight line

No depreciation has been charged for freehold property in the year as the directors are of the opinion that residual value is not materially lower than cost.

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2021 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2022

1,250,000

264,212

1,514,212

Additions

36,227

-

36,227

At 31 December 2022

1,286,227

264,212

1,550,439

DEPRECIATION

At 1 January 2022

-

209,652

209,652

Charge for year

-

8,185

8,185

At 31 December 2022

-

217,837

217,837

NET BOOK VALUE

At 31 December 2022

1,286,227

46,375

1,332,602

At 31 December 2021

1,250,000

54,560

1,304,560

Cost or valuation at 31 December 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2012

585,517

(90,886

)

494,631

Valuation in 2018

(550,000

)

-

(550,000

)

Cost

1,250,710

355,098

1,605,808

1,286,227

264,212

1,550,439

Land and buildings were valued on an open market basis on 25 October 2018 by Ryden LLP .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

9,453

8,331

Other debtors

4,649

10,769

14,102

19,100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

61,422

60,677

Trade creditors

44,813

26,299

Taxation and social security

23,949

15,492

Other creditors

221,378

210,541

351,562

313,009

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

830,753

895,357

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

892,175

956,034

The bank loan is secured by standard security over 239 Great Western Road, Aberdeen and a bond and floating charge over the assets of the company.

9.	OTHER FINANCIAL COMMITMENTS

Amounts outstanding at the year end relating to defined contribution pension schemes totalled £445 (2021: £572) and these are included within Other Creditors.

10.	RELATED PARTY DISCLOSURES

Included within other creditors is a loan amounting to £126,000 (2021: £126,000) received from Riveroak Properties Ltd, a company who hold a participating interest in Bonsquare 508 Ltd. The loan has no set repayment terms and no interest is chargeable.

The following reproduces the text of the report prepared for the directors 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 Directors 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 Bonsquare 508 Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Bonsquare 508 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bonsquare 508 Limited and state those matters that we have agreed to state to the Board of Directors of Bonsquare 508 Limited, 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bonsquare 508 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 Bonsquare 508 Limited. You consider that Bonsquare 508 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 Bonsquare 508 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.

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon-Accord Square

ABERDEEN

AB11 6YL

30 October 2023