Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseproperty rental44truetrue SC377062 2022-05-01 2023-04-30 SC377062 2021-05-01 2022-04-30 SC377062 2023-04-30 SC377062 2022-04-30 SC377062 2021-05-01 SC377062 c:CompanySecretary1 2022-05-01 2023-04-30 SC377062 c:Director1 2022-05-01 2023-04-30 SC377062 c:Director2 2022-05-01 2023-04-30 SC377062 c:Director3 2022-05-01 2023-04-30 SC377062 c:Director4 2022-05-01 2023-04-30 SC377062 c:RegisteredOffice 2022-05-01 2023-04-30 SC377062 d:FreeholdInvestmentProperty 2022-05-01 2023-04-30 SC377062 d:FreeholdInvestmentProperty 2023-04-30 SC377062 d:FreeholdInvestmentProperty 2022-04-30 SC377062 d:CurrentFinancialInstruments 2023-04-30 SC377062 d:CurrentFinancialInstruments 2022-04-30 SC377062 d:Non-currentFinancialInstruments 2023-04-30 SC377062 d:Non-currentFinancialInstruments 2022-04-30 SC377062 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 SC377062 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 SC377062 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 SC377062 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 SC377062 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 SC377062 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-04-30 SC377062 d:ShareCapital 2023-04-30 SC377062 d:ShareCapital 2022-04-30 SC377062 d:RevaluationReserve 2023-04-30 SC377062 d:RevaluationReserve 2022-04-30 SC377062 d:RetainedEarningsAccumulatedLosses 2023-04-30 SC377062 d:RetainedEarningsAccumulatedLosses 2022-04-30 SC377062 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 SC377062 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 SC377062 c:FRS102 2022-05-01 2023-04-30 SC377062 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 SC377062 c:FullAccounts 2022-05-01 2023-04-30 SC377062 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: SC377062










DINGWALL PROPERTY LIMITED








UNAUDITED


INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
DINGWALL PROPERTY LIMITED
 

COMPANY INFORMATION


Directors
D A Curry-Dingwall 
G A Dingwall 
J A Dingwall 
S J Dingwall 




Company secretary
Stronachs Secretaries Limited



Registered number
SC377062



Registered office
Unit 7/8 Whitemyres Avenue
Mastrick Industrial Estate

Aberdeen

AB16 6HQ





 
DINGWALL PROPERTY LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8


 
DINGWALL PROPERTY LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
DINGWALL PROPERTY LIMITED
REGISTERED NUMBER:SC377062

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
13,455,432
13,544,897

  
13,455,432
13,544,897

Current assets
  

Debtors: amounts falling due within one year
 5 
1,820
31,685

Cash at bank and in hand
 6 
483,705
51,384

  
485,525
83,069

Creditors: amounts falling due within one year
 7 
(274,420)
(173,679)

Net current assets/(liabilities)
  
 
 
211,105
 
 
(90,610)

Total assets less current liabilities
  
13,666,537
13,454,287

Creditors: amounts falling due after more than one year
 8 
(9,725,000)
(10,549,620)

Provisions for liabilities
  

Deferred tax
 10 
(59,280)
(59,245)

  
 
 
(59,280)
 
 
(59,245)

Net assets
  
3,882,257
2,845,422


Capital and reserves
  

Called up share capital 
  
60
60

Revaluation reserve
  
521,753
521,753

Profit and loss account
  
3,360,444
2,323,609

  
3,882,257
2,845,422


Page 2

 
DINGWALL PROPERTY LIMITED
REGISTERED NUMBER:SC377062

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G A Dingwall
D A Curry-Dingwall
Director
Director


Date: 12 January 2024
Date:12 January 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
DINGWALL PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Dingwall Property Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 7/8 Whitemyres Avenue, Mastrick Industrial Estate, Aberdeen, AB16 6HQ.
The principal activity of the company is property rental.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have adopted the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Turnover

Turnover consists of rental income receivable from commercial and residential properties.

 
2.4

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

 
2.5

Cash and cash equivalents

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

 
2.6

Provisions

Provisions are recognised when the Company has a legal or constructive present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Page 4

 
DINGWALL PROPERTY LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

  
2.8

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the the asset is realised. Deferred tax is charged or credited in the Income Statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 5

 
DINGWALL PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
13,544,897


Additions at cost
675


Disposals
(90,140)



At 30 April 2023
13,455,432

Investment property comprises commercial and residential properties. The fair value of the commercial properties have been arrived at on the basis of valuations carried out at 30 April 2020 by F G Burnett Chartered Surveyors, who are not connected with the Company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. 
Updated external valuations have not been carried out, however the directors will monitor the position and obtain appropriate valuations for future periods.
 The residential properties were valued by the directors.





5.


Debtors

2023
2022
£
£


Trade debtors
588
-

Other debtors
1,232
31,685

1,820
31,685



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
483,705
51,384


Page 6

 
DINGWALL PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
165,276
138,950

Other taxation and social security
103,102
-

Other creditors
6,042
34,729

274,420
173,679



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
9,725,000
10,549,620



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Other loans
9,725,000
10,549,620


The other loan of £9,725,000 (2022 - £10,549,620) is unsecured. This loan is repayable within 13 months after demand served by the lender.
Page 7

 
DINGWALL PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
59,245
45,026


Charged to profit or loss
35
14,219



At end of year
59,280
59,245

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Timing differences
59,280
59,245

59,280
59,245


11.


Related party transactions

During the year the Company made repayments of £NIL (2022: £1,289,747) towards a loan due to a director. The balance outstanding at 30 April 2023 was £NIL (2022: £NIL).
The Company made drawdowns on a loan with a Company with common shareholders totaling £NIL during the year (2022: £7,700,000) and repayments of £824,620 (2022: £NIL). The balance outstanding at 30 April 2023 was £9,725,000 (2022: £10,549,620).


Page 8