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REGISTERED NUMBER: SC512775 (Scotland)















Nordman Property Ltd

Financial Statements For The Year Ended 31 August 2023






Nordman Property Ltd (Registered number: SC512775)






Contents of the Financial Statements
For The Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Nordman Property Ltd

Company Information
For The Year Ended 31 August 2023







DIRECTORS: Mr M P Dearman
Mr A M Norrie



REGISTERED OFFICE: Unit 7 Dalfaber Industrial Estate
Aviemore
Inverness-shire
PH22 1ST



REGISTERED NUMBER: SC512775 (Scotland)



ACCOUNTANTS: Cathedral Accountancy
4 North Guildry Street
Elgin
Moray
IV30 1JR



BANKERS: The Royal Bank of Scotland
Elgin Branch
Cartsdyke Avenue
Cartsburn East
Greenock
PA15 1EF

Nordman Property Ltd (Registered number: SC512775)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,289 48,359
Investment property 5 750,000 750,000
794,289 798,359

CURRENT ASSETS
Cash at bank 71,077 8,745

CREDITORS
Amounts falling due within one year 6 356,194 354,464
NET CURRENT LIABILITIES (285,117 ) (345,719 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

509,172

452,640

PROVISIONS FOR LIABILITIES 7 67,730 64,925
NET ASSETS 441,442 387,715

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 441,342 387,615
SHAREHOLDERS' FUNDS 441,442 387,715

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

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

Nordman Property Ltd (Registered number: SC512775)

Balance Sheet - continued
31 August 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 8 March 2024 and were signed on its behalf by:





Mr M P Dearman - Director


Nordman Property Ltd (Registered number: SC512775)

Notes to the Financial Statements
For The Year Ended 31 August 2023

1. STATUTORY INFORMATION

Nordman Property 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 or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - Straight line over 15 years

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.

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.

3. EMPLOYEES AND DIRECTORS

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

Nordman Property Ltd (Registered number: SC512775)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 September 2022
and 31 August 2023 61,058
DEPRECIATION
At 1 September 2022 12,699
Charge for year 4,070
At 31 August 2023 16,769
NET BOOK VALUE
At 31 August 2023 44,289
At 31 August 2022 48,359

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 750,000
NET BOOK VALUE
At 31 August 2023 750,000
At 31 August 2022 750,000

The investment properties valuations are carried out periodically by a firm of independent chartered surveyors. All the company's investment properties are used in operating leases..

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors - 4,000
Taxation and social security 16,511 10,929
Other creditors 339,683 339,535
356,194 354,464

7. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 67,730 64,925

Nordman Property Ltd (Registered number: SC512775)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2022 64,925
Provided during year 2,805
Balance at 31 August 2023 67,730

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
70 A Ordinary 1 70 70
30 B Ordinary 1 30 30
100 100

9. RESERVES
Retained
earnings
£   

At 1 September 2022 387,615
Profit for the year 53,727
At 31 August 2023 441,342

10. RELATED PARTY DISCLOSURES

At 31 August 2022 and 31 August 2023 the company owed one of the directors £236,769. This loan is interest free and has no fixed terms of repayment.

At 31 August 2022 and 31 August 2023 the company owed one of the directors £101,473. This loan is interest free and has no fixed terms of repayment.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr M P Dearman.