Glen Torrish Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC272760 (Scotland)

Financial Statements for the Year Ended 31 August 2023

for

Glen Torrish Properties Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Gardner

Ms F Gardner

SECRETARY:

R J Gardner

REGISTERED OFFICE:

Tochieneal House

Lintmill

Buckie

Aberdeenshire

AB56 4XQ

REGISTERED NUMBER:

SC272760 (Scotland)

ACCOUNTANTS:

Highland Accountancy Practice

Chartered Accountants

Suite 1A, Willow House

Stoneyfield Business Park

Inverness

Highland

IV2 7PA

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,400,000

1,400,000

1,400,000

1,400,000

CURRENT ASSETS

Cash at bank

653,570

603,271

CREDITORS

Amounts falling due within one year

87,572

89,751

NET CURRENT ASSETS

565,998

513,520

TOTAL ASSETS LESS CURRENT LIABILITIES

1,965,998

1,913,520

PROVISIONS FOR LIABILITIES

192,082

145,982

NET ASSETS

1,773,916

1,767,538

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

6

576,245

622,345

Retained earnings

1,197,670

1,145,192

SHAREHOLDERS' FUNDS

1,773,916

1,767,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 March 2024 and were signed on its behalf by:

R J Gardner - Director

Ms F Gardner - Director

1.	STATUTORY INFORMATION

Glen Torrish Properties 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.

Tangible fixed assets

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

Plant and Machinery

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation, impairment losses, and reversals of impairment losses (where applicable).

Investment property

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 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2022

and 31 August 2023

4,106

DEPRECIATION

At 1 September 2022

and 31 August 2023

4,106

NET BOOK VALUE

At 31 August 2023

-

At 31 August 2022

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2022

and 31 August 2023

1,400,000

NET BOOK VALUE

At 31 August 2023

1,400,000

At 31 August 2022

1,400,000

Fair value at 31 August 2023 is represented by:

£

Valuation in 2018

407,605

Valuation in 2020

35,000

Valuation in 2022

95,000

Cost

862,395

1,400,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.8.23

31.8.22

£

£

Cost

862,395

862,395

Aggregate depreciation

(230,722

)

(230,722

)

6.

RESERVES

Fair

value

reserve

£

At 1 September 2022

622,345

Non Distributable Reserves

(46,100

)

At 31 August 2023

576,245

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23

31.8.22

£

£

F R Gardner

Balance outstanding at start of year

(35,871

)

(50,151

)

Amounts advanced

26,400

26,400

Amounts repaid

(25,800

)

(12,120

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(35,271

)

(35,871

)