Bishop's Servant Properties Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC497087 (Scotland)

BISHOP'S SERVANT PROPERTIES LTD.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Gillespie

R J A Gillespie

REGISTERED OFFICE:

The Paddock

17 Bentinck Crescent

Troon

Ayrshire

KA10 6JN

REGISTERED NUMBER:

SC497087 (Scotland)

ACCOUNTANTS:

JRD Partnership Ltd

Chartered Accountants

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

FIXED ASSETS

Tangible assets

4

11,246

-

Investment property

5

4,083,020

4,000,000

4,094,266

4,000,000

CURRENT ASSETS

Debtors

6

-

12,308

Cash at bank

48,457

21,570

48,457

33,878

CREDITORS

Amounts falling due within one year

7

3,189,933

3,221,856

NET CURRENT LIABILITIES

(3,141,476

)

(3,187,978

)

TOTAL ASSETS LESS CURRENT LIABILITIES

952,790

812,022

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

952,789

812,021

SHAREHOLDERS' FUNDS

952,790

812,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 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 15th December 2021 and were signed on its behalf by:

A J Gillespie - Director

1.	STATUTORY INFORMATION

Bishop's Servant Properties Ltd. 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 each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

14,995

At 31st March 2021

14,995

DEPRECIATION

Charge for year

3,749

At 31st March 2021

3,749

NET BOOK VALUE

At 31st March 2021

11,246

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2020

4,000,000

Additions

243,260

Disposals

(160,240

)

At 31st March 2021

4,083,020

NET BOOK VALUE

At 31st March 2021

4,083,020

At 31st March 2020

4,000,000

Fair value at 31st March 2021 is represented by:

£

Valuation in 2020

(95,912

)

Cost

4,178,932

4,083,020

The directors, taking into consideration advice and data from external sources, valued the properties at £4 million as at 31 March 2020. This is considered to represent a fair value given the impact of the Coronavirus (COVID-19) pandemic on current year rentals.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

12,308

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

350,000

300,000

Taxation and social security

35,223

48,526

Other creditors

2,804,710

2,873,330

3,189,933

3,221,856

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mr A Gillespie, director, was owed £2,586,859 by the company at the balance sheet date. There are no formal payment terms and no interest was charged to the company.

Mr R Gillespie, director, was owed £213,057 by the company at the balance sheet date. There are no formal repayment terms and interest of £18,450 was charged to the company during the year. Fees and commissions totalling £9,741 were also charged to the company during the year by the director. The company charged the director £7,320 rent in respect of use of 8 properties owned by the company. These transactions are all considered by the directors to be at arm's length.