Company registration number SC073165 (Scotland)
NGRA (JAMES MORRISON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
NGRA (JAMES MORRISON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NGRA (JAMES MORRISON) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
270,000
210,000
Current assets
Debtors
5
65,804
71,742
Cash at bank and in hand
23,113
6,985
88,917
78,727
Creditors: amounts falling due within one year
6
(8,104)
(12,690)
Net current assets
80,813
66,037
Net assets
350,813
276,037
Capital and reserves
Called up share capital
25,000
25,000
Other reserves
7
(4,843)
(64,843)
Distributable profit and loss reserves
8
330,656
315,880
Total equity
350,813
276,037

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 31 August 2021 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 29 August 2022 and are signed on its behalf by:
N R P Groves-Raines
Director
Company Registration No. SC073165
NGRA (JAMES MORRISON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 2 -
1
Accounting policies
Company information

NGRA (James Morrison) Limited is a private company limited by shares incorporated in Scotland. The registered office is 1 Customs Wharf, Leith, Edinburgh, Scotland, EH6 6AL.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

1.6
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Leases
NGRA (JAMES MORRISON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 3 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Exceptional item
2021
2020
£
£
Loans forgiven
-
(492,028)
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
-
0
-
0
4
Investment property
2021
£
Fair value
At 1 September 2020
210,000
Revaluations
60,000
At 31 August 2021
270,000

The directors have considered the values included above and believe that these are a true reflection of current market values. No independent valuation has been carried out.

 

5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
6,852
13,220
Other debtors
58,952
58,522
65,804
71,742
NGRA (JAMES MORRISON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 4 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
385
2,111
Taxation and social security
677
1,751
Other creditors
7,042
8,828
8,104
12,690
7
Non-distributable profits reserve
2021
2020
£
£
At the beginning of the year
(64,843)
(64,843)
Non distributable profits in the year
60,000
-
At the end of the year
(4,843)
(64,843)
8
Reserves
Other reserves

The other reserve arises on the transfer of the revaluation reserve on transition to FRS102 and the changes in fair value of the investment property. Distributions from this reserve are not permitted as the balance sheet does not represent a realised profit.

Profit and loss account

The profit and loss account includes current and prior year retained profits.

9
Related party transactions

The following amounts were outstanding at the reporting end date:

2021
2020
Amounts due from related parties
£
£
Other related parties
84
-

The above loan is interest free and repayable on demand.

Other information

The company has granted a standard security over its investment property in favour of Santander UK plc in respect of bank borrowings in the name of Groves-Raines Properties Limited.

2021-08-312020-09-01false29 August 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityN R P Groves-RainesK H HannesdottirAS Company Services LimitedSC0731652020-09-012021-08-31SC0731652021-08-31SC0731652020-08-31SC073165core:CurrentFinancialInstrumentscore:WithinOneYear2021-08-31SC073165core:CurrentFinancialInstrumentscore:WithinOneYear2020-08-31SC073165core:CurrentFinancialInstruments2021-08-31SC073165core:CurrentFinancialInstruments2020-08-31SC073165core:ShareCapital2021-08-31SC073165core:ShareCapital2020-08-31SC073165core:FurtherSpecificReserve1ComponentTotalEquity2021-08-31SC073165core:FurtherSpecificReserve1ComponentTotalEquity2020-08-31SC073165core:RetainedEarningsAccumulatedLosses2021-08-31SC073165core:RetainedEarningsAccumulatedLosses2020-08-31SC073165bus:Director12020-09-012021-08-31SC0731652019-09-012020-08-31SC0731652020-08-31SC073165core:WithinOneYear2021-08-31SC073165core:WithinOneYear2020-08-31SC073165core:OtherRelatedParties2021-08-31SC073165bus:PrivateLimitedCompanyLtd2020-09-012021-08-31SC073165bus:SmallCompaniesRegimeForAccounts2020-09-012021-08-31SC073165bus:FRS1022020-09-012021-08-31SC073165bus:AuditExemptWithAccountantsReport2020-09-012021-08-31SC073165bus:Director22020-09-012021-08-31SC073165bus:CompanySecretary12020-09-012021-08-31SC073165bus:FullAccounts2020-09-012021-08-31xbrli:purexbrli:sharesiso4217:GBP