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REGISTERED NUMBER: SC374355 (Scotland)












UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

NSBAA PROPERTY COMPANY LTD.

NSBAA PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC374355)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


NSBAA PROPERTY COMPANY LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mrs N Bali





REGISTERED OFFICE: 20 Boclair Road
Bearsden
Glasgow
G61 2AF





REGISTERED NUMBER: SC374355 (Scotland)





ACCOUNTANTS: Donachie Chartered Accountants
2nd Floor
Templeton House
62 Templeton Street
Glasgow
G40 1DA

NSBAA PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC374355)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 2,166
Investment property 5 1,192,802 1,192,802
1,192,802 1,194,968

CURRENT ASSETS
Debtors 6 78,000 78,000
Cash at bank 1,992 5,707
79,992 83,707
CREDITORS
Amounts falling due within one year 7 30,694 32,537
NET CURRENT ASSETS 49,298 51,170
TOTAL ASSETS LESS CURRENT LIABILITIES 1,242,100 1,246,138

CREDITORS
Amounts falling due after more than one year 8 (923,494 ) (944,807 )

PROVISIONS FOR LIABILITIES 11 - (411 )
NET ASSETS 318,606 300,920

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings 13 318,605 300,919
SHAREHOLDERS' FUNDS 318,606 300,920

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 director acknowledges her 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 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 director and authorised for issue on 14 November 2023 and were signed by:



Mrs N Bali - Director


NSBAA PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC374355)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 1 286,614 286,615

Changes in equity
Total comprehensive income - 14,305 14,305
Balance at 31 March 2022 1 300,919 300,920

Changes in equity
Total comprehensive income - 17,686 17,686
Balance at 31 March 2023 1 318,605 318,606

NSBAA PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC374355)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

NSBAA Property Company Ltd. 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.

Turnover
Turnover is measured at the fair value of the consideration received.

Rental income is recognised when the company is entitled to receive income based on the contractual agreement in force.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% Straight line

Investment property
Investment property is measured at fair value. The surplus or deficit arising from changes in fair value are recognised in the income statement for the year.

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

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.

Debtors and creditors that fall due within one year
Debtors and creditors that fall due within one year are recorded in the financial statements at undiscounted transaction (invoice) price. Debtors are reviewed for impairment at each reporting date and any impairments are recorded within the profit and loss and shown within administrative expenses.

NSBAA PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC374355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 8,666
DEPRECIATION
At 1 April 2022 6,500
Charge for year 2,166
At 31 March 2023 8,666
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 2,166

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,192,802
NET BOOK VALUE
At 31 March 2023 1,192,802
At 31 March 2022 1,192,802

The director is of the opinion that the fair value of the investment property at the balance sheet date is not materially different from the cost.

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed by related parties 78,000 78,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 19,375 23,210
Corporation Tax 8,503 4,345
Accruals and deferred income 2,816 4,982
30,694 32,537

NSBAA PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC374355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 500,263 515,718
Amounts owed to related parties 247,072 244,359
Directors' loan accounts 176,159 184,730
923,494 944,807

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years 422,763 424,731

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 19,375 23,210

Amounts falling due between one and two years:
Bank loans - 1-2 years 19,375 22,451

Amounts falling due between two and five years:
Bank loans - 2-5 years 58,125 68,536

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years 422,763 424,731

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 519,638 538,928

Bank loans totalling £519,638 (2021 - £538,928) are secured by a fixed and floating charge over the Company's investment properties.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances - 411

NSBAA PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC374355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 411
Credit to Income Statement during year (411 )
Balance at 31 March 2023 -

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary 1 1 1

13. RESERVES
Retained
earnings
£   

At 1 April 2022 300,919
Profit for the year 17,686
At 31 March 2023 318,605

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mrs N Bali
Balance outstanding at start of year (184,730 ) (190,936 )
Amounts advanced 8,571 6,206
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (176,159 ) (184,730 )

During the year, the director provided TSB Bank Plc with a personal guarantee and indemnity totalling £600,000 (2022 - £600,000) in respect of Company's term term loans.

NSBAA PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC374355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


15. RELATED PARTY DISCLOSURES

Gildeas Limited
A company controlled by Mrs N Bali's Spouse

During the year, the company leased premises to Gildeas Limited. Rent charged during the year was £20,000 (2022 - £20,000).

During the year Gildeas Limited paid expenses totalling £2,713 (2022 - £2,713) on behalf of the company. The amounts due to Gildeas Limited at the balance sheet date is £247,072 (2022 - £244,359). No interest is charged on the loan and no fixed repayment date has been set.

Port Real Limited
A company controlled by Mrs N Bali

The company operates a loan account with Port Real Limited, the amount due from Port Real Limited at the balance sheet date is £78,000 (2022 - £78,000). No interest is charged on the loan and no fixed repayment date has been set.

16. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs N Bali.