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REGISTERED NUMBER: SC625814 (Scotland)




















Coyne Property Development Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






Coyne Property Development Limited (Registered number: SC625814)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Coyne Property Development Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs P Coyne
Mr D Coyne



REGISTERED OFFICE: 8 Clufflat Brae
South Queensferry
West Lothian
EH30 9YQ



REGISTERED NUMBER: SC625814 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
PO BOX 1000
BX2 1LB

Coyne Property Development Limited (Registered number: SC625814)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 356 712
Investment property 5 190,000 190,000
190,356 190,712

CURRENT ASSETS
Cash at bank 86 3,559

CREDITORS
Amounts falling due within one year 6 163,685 162,939
NET CURRENT LIABILITIES (163,599 ) (159,380 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,757

31,332

PROVISIONS FOR LIABILITIES 4,777 6,441
NET ASSETS 21,980 24,891

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 7 26,886 26,886
Retained earnings (5,006 ) (2,095 )
21,980 24,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Coyne Property Development Limited (Registered number: SC625814)

Balance Sheet - continued
31 March 2023


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 29 September 2023 and were signed on its behalf by:





Mrs P Coyne - Director


Coyne Property Development Limited (Registered number: SC625814)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Coyne Property Development 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 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 and revenue recognition
Turnover represents rental income which is recognised in accordance with lease agreements.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

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.

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.


Coyne Property Development Limited (Registered number: SC625814)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 1,781
DEPRECIATION
At 1 April 2022 1,069
Charge for year 356
At 31 March 2023 1,425
NET BOOK VALUE
At 31 March 2023 356
At 31 March 2022 712

Coyne Property Development Limited (Registered number: SC625814)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 190,000
NET BOOK VALUE
At 31 March 2023 190,000
At 31 March 2022 190,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2021 33,192
Cost 156,808
190,000

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

2023 2022
£    £   
Cost 156,808 156,808

Investment property was valued on an open market basis on 31 March 2021 by the directors .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 163,685 162,939

The directors loan is unsecured, interest free and there are no fixed terms of repayment.

7. RESERVES
Fair
value
reserve
£   
At 1 April 2022
and 31 March 2023 26,886

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.