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REGISTERED NUMBER: SC186465 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

DRUMORE PROPERTY COMPANY LTD.

DRUMORE PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC186465)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


DRUMORE PROPERTY COMPANY LTD.

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTORS: C P McCusker
T Gallanagh





SECRETARY: C P McCusker





REGISTERED OFFICE: 13 Glasgow Road
Paisley
Renfrewshire
PA1 3QS





REGISTERED NUMBER: SC186465 (Scotland)





ACCOUNTANTS: Profit Counts Limited
13 Glasgow Road
Paisley
Renfrewshire
PA1 3QS

DRUMORE PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC186465)

ABRIDGED BALANCE SHEET
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 140,000 140,000

CURRENT ASSETS
Debtors 18,912 11,650
Cash at bank 5,200 5,172
24,112 16,822
CREDITORS
Amounts falling due within one year 18,883 17,868
NET CURRENT ASSETS/(LIABILITIES) 5,229 (1,046 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

145,229

138,954

PROVISIONS FOR LIABILITIES 10,535 10,535
NET ASSETS 134,694 128,419

CAPITAL AND RESERVES
Called up share capital 5 4 4
Share premium 59,999 59,999
Revaluation reserve 6 12,673 12,673
Retained earnings 62,018 55,743
SHAREHOLDERS' FUNDS 134,694 128,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 March 2024 and were signed on its behalf by:





C P McCusker - Director


DRUMORE PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC186465)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Drumore 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 represents rent receivable from the investment property.

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and 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).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 140,000
NET BOOK VALUE
At 30 June 2023 140,000
At 30 June 2022 140,000

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in market value is transferred to a fair value reserve.

The assets included are used for the purpose of generating rental income.

DRUMORE PROPERTY COMPANY LTD. (REGISTERED NUMBER: SC186465)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary £1 4 4

6. RESERVES
Revaluation
reserve
£   
At 1 July 2022
and 30 June 2023 12,673

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year dividends of £1,000 (2022; £2,000) were paid to the shareholders.

At the year end the balance due by the company to the directors was £14,308 (2022: £13,308).