Ebel (Edinburgh) Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC161580 (Scotland)

Ebel (Edinburgh) Properties Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Y W Tsang

Mrs F K Tsang

SECRETARY:

Mr Y W Tsang

REGISTERED OFFICE:

8 Foulis Crescent

Juniper Green

Edinburgh

EH14 5BN

REGISTERED NUMBER:

SC161580 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland

Edinburgh West End Office

142 - 144 Princes Street

Edinburgh

EH2 4EQ

FIXED ASSETS

Tangible assets

4

186

1,513

Investment property

5

2,078,000

2,086,000

2,078,186

2,087,513

CURRENT ASSETS

Debtors

6

2,621

1,711

Cash at bank

73,406

60,363

76,027

62,074

CREDITORS

Amounts falling due within one year

7

148,506

132,581

NET CURRENT LIABILITIES

(72,479

)

(70,507

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,005,707

2,017,006

PROVISIONS FOR LIABILITIES

290,078

294,171

NET ASSETS

1,715,629

1,722,835

CAPITAL AND RESERVES

Called up share capital

4

4

Fair value reserve

9

1,251,212

1,255,212

Retained earnings

464,413

467,619

SHAREHOLDERS' FUNDS

1,715,629

1,722,835

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 27 May 2024 and were signed on its behalf by:

Mr Y W Tsang - Director

1.	STATUTORY INFORMATION

Ebel (Edinburgh) 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 and revenue recognition

Turnover shown in the profit and loss account represents rent receivable during the period, recognised based on rent due in accordance with rent agreement.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on cost and 10% on cost

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value is recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

Provision for liabilities

Provisions are recognised where the company has a present obligation as a result of a past event, it is probably the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2022

56,595

Disposals

(13,094

)

At 30 November 2023

43,501

DEPRECIATION

At 1 December 2022

55,082

Charge for year

1,327

Eliminated on disposal

(13,094

)

At 30 November 2023

43,315

NET BOOK VALUE

At 30 November 2023

186

At 30 November 2022

1,513

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2022

2,086,000

Revaluations

(8,000

)

At 30 November 2023

2,078,000

NET BOOK VALUE

At 30 November 2023

2,078,000

At 30 November 2022

2,086,000

Fair value at 30 November 2023 is represented by:

£

Valuation in 2003

672,131

Valuation in 2007

580,000

Valuation in 2009

(140,000

)

Valuation in 2017

318,112

Valuation in 2018

29,000

Valuation in 2019

(116,000

)

Valuation in 2020

160,000

Valuation in 2021

46,000

Valuation in 2023

(8,000

)

Cost

536,757

2,078,000

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

2023

2022

£

£

Cost

536,757

536,757

The investment property was valued on an open market basis on 30 November 2023 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

2,621

1,711

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

14,101

9,668

Other creditors

134,405

122,913

148,506

132,581

The directors' current accounts are unsecured, interest free and have no fixed terms of repayment.

8.	SECURED DEBTS

On 1 March 1999, a standard security was created in favour of The Royal Bank of Scotland plc over the property 6 Lady Lawson Street, Edinburgh. The standard security was satisfied on 1 February 2023.

On 5 August 2002, a bond and floating charge was created in favour of The Royal Bank of Scotland plc that covers all the property or undertaking of the company. The bond and floating charge was satisfied on 23 January 2023.

On 8 October 2002, a standard security was created in favour of The Royal Bank of Scotland plc over the property 14/8 Bread Street, Edinburgh. The standard security was satisfied on 1 February 2023.

9.

RESERVES

Fair

value

reserve

£

At 1 December 2022

1,255,212

Transfer in year

(4,000

)

At 30 November 2023

1,251,212

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.