Alexander David & Co (Scotland) Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC663224 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

ALEXANDER DAVID & CO (SCOTLAND) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

B Woods

REGISTERED OFFICE:

49 Marywood Square

Glasgow

G41 2BN

REGISTERED NUMBER:

SC663224 (Scotland)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

586

389

Investment property

6

385,000

-

385,586

389

CURRENT ASSETS

Debtors

7

70,000

375

Cash at bank

22,669

1,574

92,669

1,949

CREDITORS

Amounts falling due within one year

8

579,129

2,412

NET CURRENT LIABILITIES

(486,460

)

(463

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(100,874

)

(74

)

RESERVES

Undistributable reserves

(20,069

)

-

Retained earnings

(80,805

)

(74

)

SHAREHOLDERS' FUNDS

(100,874

)

(74

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 17 November 2023 and were signed by:

B Woods - Director

1.	STATUTORY INFORMATION

Alexander David & Co (Scotland) Ltd 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

The accounts are prepared on a going concern basis on the understanding that the director Brian Woods will ensure that liabilities are paid when they fall due.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the rendering of services.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costless any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been amortised down to a nil value.

Tangible fixed assets

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

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit and loss over the estimated useful economic lives, as follows:

Computer equipment - 33% Straight line.

All the properties held by the company are investment properties and are therefore not depreciated.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. if such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit and loss.

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.

Fair value is arrived at by considering the amount that the property could be sold for between knowledgeable, willing parties at arms length.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.

Provisions

A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2022

and 30 June 2023

312

AMORTISATION

At 1 July 2022

and 30 June 2023

312

NET BOOK VALUE

At 30 June 2023

-

At 30 June 2022

-

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 July 2022

1,166

Additions

879

At 30 June 2023

2,045

DEPRECIATION

At 1 July 2022

777

Charge for year

682

At 30 June 2023

1,459

NET BOOK VALUE

At 30 June 2023

586

At 30 June 2022

389

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

405,069

Impairments

(20,069

)

At 30 June 2023

385,000

NET BOOK VALUE

At 30 June 2023

385,000

Fair value at 30 June 2023 is represented by:

£

Valuation in 2023

(20,069

)

Cost

405,069

385,000

If investment property had not been revalued it would have been included at the following historical cost:

30.6.23

30.6.22

£

£

Cost

405,069

-

Investment property was valued on an open market basis on 25 October 2023 by DM Hall and Allied Surveyors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

-

375

Other debtors

70,000

-

70,000

375

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Tax

-

202

Other creditors

576,646

1,646

Directors' current accounts

564

564

Accrued expenses

1,919

-

579,129

2,412

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.23

30.6.22

value:

£

£

1

Ordinary

£0.00

1

-

-

10.	ULTIMATE CONTROLLING PARTY

Brian Woods is the sole director and owns 100% of the share capital, therefore is the ultimate controlling party.

The following reproduces the text of the report prepared for the director 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 Director 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 Alexander David & Co (Scotland) Ltd for the year ended 30 June 2023 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 director of Alexander David & Co (Scotland) Ltd in accordance with the terms of our engagement letter dated 8 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Alexander David & Co (Scotland) Ltd and state those matters that we have agreed to state to the director of Alexander David & Co (Scotland) Ltd 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 director for our work or for this report.

It is your duty to ensure that Alexander David & Co (Scotland) Ltd 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 loss of Alexander David & Co (Scotland) Ltd. You consider that Alexander David & Co (Scotland) Ltd 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 Alexander David & Co (Scotland) Ltd. 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.

17 November 2023