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REGISTERED NUMBER: SC124434 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

ABACUS PROPERTY LIMITED

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABACUS PROPERTY LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2017







DIRECTORS: D G Mudie CA
J C MacGregor BA, FCA
G Anderson CA
K F M Oxland CEng, MRINA
Mrs F M McGlynn CA
D Grout ACCA
A G Newiss ACCA
Mrs S Anderson
Mrs C A MacGregor
Mrs E W Mudie
Mrs L C Oxland
C K McGlynn





SECRETARY: K F M Oxland CEng, MRINA





REGISTERED OFFICE: C/o Abacus Services
Abacus Building
8 High Street
Oban
Argyll
PA34 4BG





REGISTERED NUMBER: SC124434 (Scotland)





ACCOUNTANTS: R A Clement Associates
Chartered Accountants
Argyll Square
Oban
Argyll
PA34 4AZ

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

BALANCE SHEET
30 September 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 1,605,000 1,605,000
1,605,000 1,605,000

CURRENT ASSETS
Debtors 5 7,669 19,310
Cash at bank 3,545 21,575
11,214 40,885
CREDITORS
Amounts falling due within one year 6 69,378 80,435
NET CURRENT LIABILITIES (58,164 ) (39,550 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,546,836

1,565,450

CREDITORS
Amounts falling due after more than one
year

7

(457,815

)

(505,632

)

PROVISIONS FOR LIABILITIES (13,475 ) (13,475 )
NET ASSETS 1,075,546 1,046,343

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Revaluation reserve 9 420,937 420,937
Retained earnings 594,609 565,406
SHAREHOLDERS' FUNDS 1,075,546 1,046,343

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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.

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

BALANCE SHEET - continued
30 September 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 8 March 2018 and were signed on its behalf by:





D Grout ACCA - Director


ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2017

1. STATUTORY INFORMATION

Abacus Property 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 10% on cost

Heritable property has not been depreciated since it is the asset of a property investment company.

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.

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2017

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2016
and 30 September 2017 170,000
AMORTISATION
At 1 October 2016
and 30 September 2017 170,000
NET BOOK VALUE
At 30 September 2017 -
At 30 September 2016 -

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 October 2016
and 30 September 2017 1,605,000 131,014 1,736,014
DEPRECIATION
At 1 October 2016
and 30 September 2017 - 131,014 131,014
NET BOOK VALUE
At 30 September 2017 1,605,000 - 1,605,000
At 30 September 2016 1,605,000 - 1,605,000

Cost or valuation at 30 September 2017 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2014 434,412 - 434,412
Cost 1,170,588 131,014 1,301,602
1,605,000 131,014 1,736,014

Heritable property was valued on an open market basis on by D M Hall & Co .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 6,400 19,310
Other debtors 1,269 -
7,669 19,310

ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2017

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts 1,000 -
Taxation and social security 17,246 23,372
Other creditors 51,132 57,063
69,378 80,435

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2017 2016
£    £   
Other creditors 457,815 505,632

Amounts falling due in more than five years:

Repayable by instalments
R A Clement Associates loan over 5 years 277,815 325,632

8. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
R A Clement Associates loan 502,815 550,632

The R A Clement Associates loan, is secured by a standard security over the heritable property and floating
charge over all the assets of the company.

9. RESERVES
Revaluation
reserve
£   
At 1 October 2016
and 30 September 2017 420,937

10. CONTINGENT LIABILITIES

The company has provided a guarantee to The Clydesdale Bank Plc, with regard to all borrowings of R A
Clement Associates with the bank.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

G Anderson , Mrs F M McGlynn, D J Grout and A G Newiss are partners in the firm of R A Clement Associates
which rents premises and trades with the company on a normal commercial basis.

R A Clement Associates advanced a loan of £642,000 to the company with an interest rate of 2.55% over base
per annum in September 2014.

As at the 30th September 2017 there is an outstanding balance of £502,815.