Company registration number SC228773 (Scotland)
ARRANBAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ARRANBAY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ARRANBAY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
259,393
259,393
Current assets
Debtors
4
1,246
1,324
Cash at bank and in hand
101,305
145,931
102,551
147,255
Creditors: amounts falling due within one year
5
(346,057)
(349,064)
Net current liabilities
(243,506)
(201,809)
Net assets
15,887
57,584
Capital and reserves
Called up share capital
7
2
2
Fair Value Reserve
8
85,097
85,097
Distributable profit and loss reserves
(69,212)
(27,515)
Total equity
15,887
57,584
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
Mr J Beresford
Director
Company Registration No. SC228773
ARRANBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Arranbay Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Carment Drive, Shawlands, Glasgow, United Kingdom, G41 3PP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable by the company from rents of properties.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
ARRANBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
3
Investment property
2023
£
Fair value
At 1 October 2022 and 30 September 2023
259,393
The investment property portfolio was valued at fair value on 30 September 2023.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,246
1,324
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
346,057
349,064
6
Security
Glasgow Central Tenancies Ltd hold a floating charge over the whole assets of the company.
William Beresford and John Beresford hold a floating charge over the whole assets of the company.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Fair Value Reserve
2023
2022
£
£
At the beginning of the year
85,097
84,785
Change in fair value of property
-
312
At the end of the year
85,097
85,097
ARRANBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
344,113
347,264
Other information
The loans are unsecured, interest free and repayable on demand.
10
Parent company
The parent company is Glasgow Central Tenancies Limited registered at 2 Carment Drive, Glasgow, G41 3PR.