ALFRED_STEWART_PROPERTY_F - Accounts

ALFRED STEWART PROPERTY FOUNDATION LIMITED - Company Information

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Company Registration No. SC363663 (Scotland)

ALFRED STEWART PROPERTY FOUNDATION LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

ALFRED STEWART PROPERTY FOUNDATION LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

ALFRED STEWART PROPERTY FOUNDATION LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALFRED STEWART PROPERTY FOUNDATION LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2016

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alfred Stewart Property Foundation Limited for the year ended 30 November 2016 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Alfred Stewart Property Foundation Limited, as a body, in accordance with the terms of our engagement letter dated 19 August 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Alfred Stewart Property Foundation Limited and state those matters that we have agreed to state to the Board of Directors of Alfred Stewart Property Foundation Limited, as a body, in this report in accordance with AAF 2/10 as detailed at www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alfred Stewart Property Foundation Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Alfred Stewart Property Foundation 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 Alfred Stewart Property Foundation Limited. You consider that Alfred Stewart Property Foundation 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 Alfred Stewart Property Foundation 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.

Hogg & Thorburn

30 August 2017

Chartered Accountants

Moat House

14 Gala Park

GALASHIELS

Scottish Borders

TD1 1EX

ALFRED STEWART PROPERTY FOUNDATION LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2016

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2016

2015

Notes

Fixed assets

Tangible assets

2,380,280

Current assets

Stocks

1,045,667

1,024,455

Debtors

2,182,228

1,349,827

Cash at bank and in hand

996,936

1,136,000

4,224,831

3,510,282

Creditors: amounts falling due within one year

(684,141)

(600,764)

Net current assets

3,540,690

2,909,518

Total assets less current liabilities

5,920,970

5,289,798

Capital and reserves

Called up share capital

100

Share premium account

51,681

Profit and loss account

5,869,189

5,238,017

Shareholders' funds

5,920,970

5,289,798

For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 29 August 2017

Emma Porter

Director

Company Registration No. SC363663

ALFRED STEWART PROPERTY FOUNDATION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

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Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for property rentals, development and investment net of VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Stock and work in progress

Stocks are valued at the lower of cost and estimated net realisable value. The stock of the company consists of land held for resale which is the accumulation of the cost of the land purchased, professional costs incurred obtaining planning permission on such land and costs incurred in preparing the land for sale.

ALFRED STEWART PROPERTY FOUNDATION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 December 2015 & at 30 November 2016

2,380,280

50,783

2,431,063

Depreciation

At 1 December 2015 & at 30 November 2016

50,783

Net book value

At 30 November 2016

2,380,280

At 30 November 2015

2,380,280

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Alfred Stewart Properties Limited

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Alfred Stewart Properties Limited

Purchase of land

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary Shares of £1 each

100