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REGISTERED NUMBER: SC284333















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

NEW CITY LETTING LIMITED

NEW CITY LETTING LIMITED (REGISTERED NUMBER: SC284333)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


NEW CITY LETTING LIMITED (REGISTERED NUMBER: SC284333)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 370,000 246,344

CURRENT ASSETS
Debtors 5 15,516 15,516
Cash at bank - 6
15,516 15,522
CREDITORS
Amounts falling due within one year 6 29,987 18,643
NET CURRENT LIABILITIES (14,471 ) (3,121 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

355,529

243,223

CREDITORS
Amounts falling due after more than one year 7 (15,864 ) (26,865 )

PROVISIONS FOR LIABILITIES (23,494 ) -
NET ASSETS 316,171 216,358

CAPITAL AND RESERVES
Called up share capital 2 2
Capital redemption reserve 1 1
Retained earnings 316,168 216,355
316,171 216,358

NEW CITY LETTING LIMITED (REGISTERED NUMBER: SC284333)

BALANCE SHEET - continued
31 OCTOBER 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 February 2024 and were signed by:





Mr T K Mackey - Director


NEW CITY LETTING LIMITED (REGISTERED NUMBER: SC284333)

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

1. STATUTORY INFORMATION

New City Letting Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is 36 Washington Street, Glasgow, Scotland, G3 8AZ.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statement.The director considers there to be no such significant judgements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Investment properties
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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.


NEW CITY LETTING LIMITED (REGISTERED NUMBER: SC284333)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 246,344
Revaluations 123,656
At 31 October 2023 370,000
NET BOOK VALUE
At 31 October 2023 370,000
At 31 October 2022 246,344

Investment property comprises a portfolio of rental properties. The properties have not been formally valued, however the director is satisfied that the current carrying value represents the fair value of the properties having regard to recent sales of similar properties in the local marketplace.

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2023 123,656
Cost 246,344
370,000

NEW CITY LETTING LIMITED (REGISTERED NUMBER: SC284333)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 15,516 15,516

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,055
Other creditors 19,987 8,588
29,987 18,643

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 15,864 26,865

8. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:

Other debtors include:

Amounts advanced to Money Puzzle Limited - £15,516 (2022 - £15,516).

Other creditors include:

Amounts due to Culmore Investments Limited, the parent of the company, of £19,987 (2022 - £8,588).

The above amounts are interest free, unsecured and carry no fixed repayment terms.