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THE FRIEL ESTATE COMPANY LIMITED - Company Information

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The Friel Estate Company Limited

Registered Number:SC293076

For the year ended 31 March 2023

Scotland

Unaudited Financial Statements

For the year ended 31 March 2023

The Friel Estate Company Limited

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

Registered Number :

SC293076

As at 31 March 2023

The Friel Estate Company Limited

Statement of Financial Position

31/3/2022

31/3/2023

Notes

Fixed assets

Property, plant and equipment

637,340

639,427

190,291

Investment property

827,631

829,718

Current assets

Trade and other receivables

274

7,877

15,944

Cash and cash equivalents

4,204

12,081

16,218

Trade and other payables: amounts falling due within one year

(7,630)

(4,069)

8,588

8,012

Net current assets

Total assets less current liabilities

835,643

838,306

Trade and other payables: amounts falling due after more than

one year

(512,999)

(506,266)

(36,155)

Provisions for liabilities

293,222

Net assets

289,152

Capital and reserves

Called up share capital

Fair value reserve

154,136

Retained earnings

139,084

135,014

293,222

289,152

Shareholders' funds

For the year ended 31 March 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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Registered Number :

SC293076

For the year ended 31 March 2023

The Friel Estate Company Limited

Statement of Financial Position Continued

Mr Brian Anthony Friel Director

These financial statements were approved and authorised for issue by the Board on 16 November 2023 and were signed by:

The notes form part of these financial statements

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For the year ended 31 March 2023

The Friel Estate Company Limited

Notes to the Financial Statements

Statutory Information

The Friel Estate Company Limited is a private limited company, limited by shares, domiciled in Scotland, registration number

SC293076.

Registered address:

Fernlea

74 St Ninians Road

Linlithgow

West Lothian

EH49 7BW

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical costs convention as modified by the revaluation of certain

assets to fair value where required.

The financial statements are prepared in Pounds Sterling, being the functional currency of the company.

Revenue recognition

Turnover represents Letting Agency Commissions and rents receivable.

Property, plant and equipment

Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Investment properties

33% Reducing balance

Computer equipment

20% Reducing balance

Motor vehicles

25% Reducing balance

Fixtures and fittings

Investment property

Investment property is shown at most recent valuation. The property was revalued by the directors on 31st March 2023. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Financial Instruments

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial

Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to

the contractual provisions of a financial instrument.

Basic financial instruments, including trade and other receivables, cash and bank balances, trade and other payables, bank

and other loans are initially measured at transaction price and subsequently carried at amortised cost. Financial assets and

liabilities classified as receivable/payable within one year are not amortised.

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For the year ended 31 March 2023

The Friel Estate Company Limited

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Computer

equipment

Fixtures and

fittings

Motor vehicles

Investment

properties

Cost or valuation

At 01 April 2022

654,918

4,147

3,062

18,000

629,709

At 31 March 2023

18,000

3,062

4,147

654,918

629,709

Provision for depreciation and impairment

At 01 April 2022

15,491

3,069

3,062

9,360

Charge for year

2,087

359

1,728

At 31 March 2023

17,578

3,428

3,062

11,088

At 31 March 2023

Net book value

629,709

6,912

719

637,340

At 31 March 2022

629,709

8,640

1,078

639,427

3. Investment property

Total

Fair value

At 01 April 2022

190,291

At 31 March 2023

190,291

Net book value

At 31 March 2023

190,291

At 31 March 2022

190,291

4. Trade and other receivables

31/3/2022

31/3/2023

Trade debtors

7,877

274

5. Trade and other payables: amounts falling due within one year

31/3/2022

31/3/2023

Taxation and social security

2,383

4,443

Other creditors

1,686

3,187

4,069

7,630

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For the year ended 31 March 2023

The Friel Estate Company Limited

Notes to the Financial Statements Continued

6. Trade and other payables: amounts falling due after more than one year

31/3/2022

31/3/2023

Bank loans and overdraft (secured)

203,574

225,342

Other creditors

302,692

287,657

506,266

512,999

The directors are owed £302692 from the Company at 31st March 2023. This is a non-interest bearing loan and there are no fixed repayment terms.

7. Directors advances and guarantees

Control:

Mr Brian Friel and Mrs Susan Friel are the Company's controlling parties.

During the year both were paid dividends of £2000 each.

8. Average number of persons employed

During the year the average number of employees was 2 (2022 : 2)

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