Company Registration No. SC454001 (Scotland)
Donnelly Property Developments Limited
Unaudited accounts
for the year ended 31 July 2023
Donnelly Property Developments Limited
Unaudited accounts
Contents
Donnelly Property Developments Limited
Company Information
for the year ended 31 July 2023
Company Number
SC454001 (Scotland)
Registered Office
GREENWOOD LOCH
FISHERIE
TURRIFF
AB53 5SS
SCOTLAND
Donnelly Property Developments Limited
Statement of financial position
as at 31 July 2023
Investment property
210,000
210,000
Cash at bank and in hand
1,374
2,506
Creditors: amounts falling due within one year
(105,708)
(100,505)
Net current assets
22,546
29,831
Total assets less current liabilities
232,546
239,831
Creditors: amounts falling due after more than one year
(198,443)
(198,460)
Provisions for liabilities
Deferred tax
(13,478)
(13,478)
Called up share capital
1
1
Revaluation reserve
68,472
68,472
Profit and loss account
(47,848)
(40,580)
Shareholders' funds
20,625
27,893
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 April 2024 and were signed on its behalf by
Stephen Donnelly
Director
Company Registration No. SC454001
Donnelly Property Developments Limited
Notes to the Accounts
for the year ended 31 July 2023
Donnelly Property Developments Limited is a private company, limited by shares, registered in Scotland, registration number SC454001. The registered office is GREENWOOD LOCH, FISHERIE, TURRIFF, AB53 5SS, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss
Donnelly Property Developments Limited
Notes to the Accounts
for the year ended 31 July 2023
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Fair value at 1 August 2022
210,000
The historic cost of the above investment properties totals £128,050. The fair value of the properties has been arrived at by the director of the company on 31 July 2023 on a market value basis.
Amounts falling due within one year
Amounts due from group undertakings etc.
126,880
126,880
Accrued income and prepayments
-
950
6
Creditors: amounts falling due within one year
2023
2022
Amounts owed to group undertakings and other participating interests
33,488
29,673
Loans from directors
70,920
68,582
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
198,443
198,460
8
Transactions with related parties
At the balance sheet date, £70,920 (2022 - £68,582) was due to the company director. The loan is unsecured, interest free and payable on demand.
At the balance sheet date £126,880 (2022 - £126,880) was owed from related parties. The loan is unsecured, interest free and payable on demand.
At the balance sheet date £33,488 (2022 - £29,673) was due to a related parties. The loan is unsecured, interest free and payable on demand.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).