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REGISTERED NUMBER: SC466348 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

North Ventures Property Limited

North Ventures Property Limited (Registered number: SC466348)






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


North Ventures Property Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs D S Dalgarno
L J Dalgarno
R A Dalgarno
Mrs S L Dalgarno





REGISTERED OFFICE: 40 Redwood Avenue
Milton Of Leys
Inverness
IV2 6HA





REGISTERED NUMBER: SC466348 (Scotland)






North Ventures Property Limited (Registered number: SC466348)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 400,000 400,000

CURRENT ASSETS
Debtors 5 85,593 235,979
Cash at bank 13,136 96,182
98,729 332,161
CREDITORS
Amounts falling due within one year 6 327,304 580,691
NET CURRENT LIABILITIES (228,575 ) (248,530 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

171,425

151,470

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 171,325 151,370
SHAREHOLDERS' FUNDS 171,425 151,470

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.

North Ventures Property Limited (Registered number: SC466348)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:




L J Dalgarno - Director Mrs S L Dalgarno - Director




Mrs D S Dalgarno - Director R A Dalgarno - Director


North Ventures Property Limited (Registered number: SC466348)

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

1. STATUTORY INFORMATION

North Ventures 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the companies Act 2006.
The financial statements have been prepared under historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rent receivable in the period. Income is recognised in the period to which it relates.

Investment property
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. The surplus or deficit on revaluation is recognised in profit and loss account.

North Ventures Property Limited (Registered number: SC466348)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortized.

Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors, loans from fellow group companies are initially 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 amortized.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


North Ventures Property Limited (Registered number: SC466348)

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 4 (2022 - 4 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 400,000
NET BOOK VALUE
At 31 March 2023 400,000
At 31 March 2022 400,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 85,593 235,979

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Tax 4,681 6,110
Other creditors 313,945 566,285
Directors' current accounts 6,879 8,296
Deferred income 1,417 -
Accrued expenses 382 -
327,304 580,691

North Ventures Property Limited (Registered number: SC466348)

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

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary 1 100 100

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is an amount of £6,879 (2022 : £8,296) owed to the directors of the company.

9. RELATED PARTY DISCLOSURES

Included in current liability is an amount of £285,925 (2022 : £285,925) owed to Dalgarno Subshops Ltd, £28,020 (2022 : Nil) to Ness Holdings Ltd, companies related to the directors.

Included in other debtors is an amount of £55,000 (2022: £225,000) owed by CBHS Ventures Ltd, £20,000 (2022 : Nil) to Ness Ventures Partners Ltd and £6,218 (2022 : £3,188) to Ness Ventures LLP, companies related to the directors.