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Registration number: SC208033

Integra Real Estate Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Integra Real Estate Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Integra Real Estate Ltd

(Registration number: SC208033)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,769

9,843

Investment property

5

355,001

340,001

 

364,770

349,844

Current assets

 

Debtors

6

850

895

Cash at bank and in hand

 

1,500

255

 

2,350

1,150

Creditors: Amounts falling due within one year

7

(173,013)

(186,174)

Net current liabilities

 

(170,663)

(185,024)

Total assets less current liabilities

 

194,107

164,820

Creditors: Amounts falling due after more than one year

7

(150,988)

(151,341)

Provisions for liabilities

(2,850)

(2,629)

Net assets

 

40,269

10,850

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

39,269

9,850

Shareholders' funds

 

40,269

10,850

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

 

Integra Real Estate Ltd

(Registration number: SC208033)
Statement of Financial Position as at 30 June 2023

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 



 

Mr Vincent Guz
Company secretary and director

 

Integra Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
DD1 3DG
Scotland

The principal place of business is:
124 William Fitzgerald Way
Dundee
DD4 9FB
Scotland

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Integra Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

15% reducing balance

Equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

 

Integra Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 1 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

2,599

9,439

1,190

13,228

At 30 June 2023

2,599

9,439

1,190

13,228

Depreciation

At 1 July 2022

2,327

-

1,058

3,385

Charge for the year

41

-

33

74

At 30 June 2023

2,368

-

1,091

3,459

Carrying amount

At 30 June 2023

231

9,439

99

9,769

At 30 June 2022

272

9,439

132

9,843

5

Investment properties

2023
£

At 1 July

340,001

Additions

-

Disposals

-

Fair value adjustments

15,000

At 30 June

355,001

The last valuation of the properties was carried out in May 2023 and the Directors are of the opinion that they are stated at fair value in these accounts.

 

Integra Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Other debtors

850

895

 

850

895

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

599

844

Accruals and deferred income

 

18,368

18,498

Other creditors

 

154,046

166,832

 

173,013

186,174

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

150,988

151,341

8

Reserves

2023

2022

£

£

Profit and loss account - Distributable

(11,325)

(25,965)

Revaluation of investment properties - Undistributable

53,444

38,444

Deferred tax on investment properties - Undistributable

(2,850)

(2,629)

39,269

9,850