REGISTERED NUMBER: SC253363 (Scotland)

Aberdeen Properties Limited

Unaudited Financial Statements

for the Year Ended 28 February 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G M Rawlinson

SECRETARY:

Whitelaw Wells

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 6AS

REGISTERED NUMBER:

SC253363 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AS

BANKERS:

The Royal Bank of Scotland

43 Comely Bank

Edinburgh

EH4 1AF

SOLICITORS:

HBJ Gateley

Exchange Tower

19 Canning Street

Edinburgh

EH3 8EH

FIXED ASSETS

Investment property

3

100,000

115,000

CURRENT ASSETS

Cash at bank

1,625

2,302

CREDITORS

Amounts falling due within one year

4

43,084

41,462

NET CURRENT LIABILITIES

(41,459

)

(39,160

)

TOTAL ASSETS LESS CURRENT LIABILITIES

58,541

75,840

CREDITORS

Amounts falling due after more than one year

5

310

10,133

NET ASSETS

58,231

65,707

CAPITAL AND RESERVES

Called up share capital

6

6

Fair value reserve

7

(17,743

)

(2,743

)

Retained earnings

75,968

68,444

SHAREHOLDERS' FUNDS

58,231

65,707

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director on 22 November 2017 and were signed by:

G M Rawlinson - Director

1.	STATUTORY INFORMATION

Aberdeen 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 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.

Turnover & revenue recognition

Turnover represents rental income. Rent is recognised in accordance with the lease agreement.

Where there are lease incentives such as rent free periods the rent relating to these incentives is

accrued and subsequently released of the full period of the lease agreement. Property sales are

recognised with reference to completion date.

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in

fair value are 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.

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.

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.

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 repayable on demand.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2016

115,000

Revaluations

(15,000

)

At 28 February 2017

100,000

NET BOOK VALUE

At 28 February 2017

100,000

At 29 February 2016

115,000

Fair value at 28 February 2017 is represented by:

£

Valuation in 2007

42,257

Valuation in 2008

(33,000

)

Valuation in 2010

3,000

Valuation in 2011

(15,000

)

Valuation in 2017

(15,000

)

Cost

117,743

100,000

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

historical cost:

2017

2016

£

£

Cost

117,743

117,743

investment property was valued on an open market basis on 28 February 2017 by the shareholders .

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

9,837

9,643

Taxation and social security

3,712

3,690

Other creditors

29,535

28,129

43,084

41,462

The director's current account is unsecured, interest free, and has no fixed terms of repayment.

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

310

10,133

6.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

10,147

19,776

The Royal Bank of Scotland Plc holds a bond and floating charge over the assets of Aberdeen

Properties Limited. They also have a standard security over the ground and basement floors of

Ten/Sixteen Exchequer Row, Aberdeen, the property owned by Aberdeen Properties Limited.

7.

RESERVES

Fair

value

reserve

£

At 1 March 2016

(2,743

)

Transfer in the year

(15,000

)

At 28 February 2017

(17,743

)

The fair value reserve represents the net revaluation surplus on investment properties that is not

readily distributable as realised earnings.

8.	RELATED PARTY DISCLOSURES

LOANS

During the year SSPC Investments Limited, a company which has a shareholding in Aberdeen

Properties Limited, lent £Nil (2016: £600) to company. At the year end £16,228 (2016: £16,228)

was owed by the company to SSPC investments Limited.

During the year the director lent £600 (2016: £Nil) to company. At the year end £10,449 (2016:

£9,849) was owed by the company to the director.