Silverfin false 31/03/2023 01/04/2022 31/03/2023 J M Garvie 01/03/2022 J G Garvie 01/03/2022 J W Garvie 15/02/2007 05 October 2023 The principal activity of the Company during the financial year was that of property letting. SC316570 2023-03-31 SC316570 bus:Director1 2023-03-31 SC316570 bus:Director2 2023-03-31 SC316570 bus:Director3 2023-03-31 SC316570 2022-03-31 SC316570 core:CurrentFinancialInstruments 2023-03-31 SC316570 core:CurrentFinancialInstruments 2022-03-31 SC316570 core:Non-currentFinancialInstruments 2023-03-31 SC316570 core:Non-currentFinancialInstruments 2022-03-31 SC316570 core:ShareCapital 2023-03-31 SC316570 core:ShareCapital 2022-03-31 SC316570 core:RevaluationReserve 2023-03-31 SC316570 core:RevaluationReserve 2022-03-31 SC316570 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC316570 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC316570 bus:OrdinaryShareClass1 2023-03-31 SC316570 2022-04-01 2023-03-31 SC316570 bus:FullAccounts 2022-04-01 2023-03-31 SC316570 bus:SmallEntities 2022-04-01 2023-03-31 SC316570 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC316570 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC316570 bus:Director1 2022-04-01 2023-03-31 SC316570 bus:Director2 2022-04-01 2023-03-31 SC316570 bus:Director3 2022-04-01 2023-03-31 SC316570 2021-04-01 2022-03-31 SC316570 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC316570 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC316570 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC316570 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC316570 (Scotland)

NETHERBY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

NETHERBY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

NETHERBY PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
NETHERBY PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 751,660 485,000
751,660 485,000
Current assets
Debtors 4 48 545
Cash at bank and in hand 5 5,040 6,481
5,088 7,026
Creditors: amounts falling due within one year 6 ( 272,842) ( 162,761)
Net current liabilities (267,754) (155,735)
Total assets less current liabilities 483,906 329,265
Creditors: amounts falling due after more than one year 7 ( 475,452) ( 327,712)
Net assets 8,454 1,553
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 59,521 59,521
Profit and loss account ( 51,167 ) ( 58,068 )
Total shareholders' funds 8,454 1,553

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Netherby Properties Limited (registered number: SC316570) were approved and authorised for issue by the Director on 05 October 2023. They were signed on its behalf by:

J W Garvie
Director
NETHERBY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
NETHERBY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Netherby Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 66 Tay Street, Perth, PH2 8RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis as the director believes that it is appropriate to do so. In coming to this conclusion the director confirms that his loan account will not be repaid until all other creditors have been met and that he will continue to support the company for at least twelve months from the date of approval of these financial statements.

Turnover

Turnover represents rents receivable.

Rental income is recognised on a straight line basis over the term of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 April 2022 485,000
Additions 266,660
As at 31 March 2023 751,660

Valuation

The fair value of the investment properties held by the business at 1 April 2021 has been arrived at on the basis of a valuation carried out by Graham Sibbald, Chartered Surveyors and Bank of Scotland. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and the directors consider this to remain a true reflection of the fair value of these properties at 31 March 2023.

In addition to this, the company acquired new properties in this period for £266,660 with this representing the purchase price. The directors consider this to remain a true reflection of the fair value of this property at 31 March 2023.

4. Debtors

2023 2022
£ £
Other debtors 48 545

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 5,040 6,481

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 146,335 14,312
Other creditors 126,507 148,449
272,842 162,761

Bank loans are secured by a fixed charge over the property of the company and a floating charge over the assets of the company.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 7,445 153,705
Other creditors 468,007 174,007
475,452 327,712

Bank loans are secured by a fixed charge over the property of the company and a floating charge over the assets of the company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Directors loan 85,007 74,007
Directors loan 383,000 100,000

Other related party transactions

2023 2022
£ £
Other related parties 123,601 120,008

The loans are interest free and have no fixed terms of repayment. Repayment of the loan from directors will not be sought within 12 months of the balance sheet date.