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Registration number: SC486299

Netherlea Properties Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023
 

 

Netherlea Properties Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Netherlea Properties Limited

(Registration number: SC486299)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

835

1,245

Investment property

5

1,488,408

1,488,408

 

1,489,243

1,489,653

Current assets

 

Debtors

6

798

1,213

Cash at bank and in hand

 

1,936

24,486

 

2,734

25,699

Creditors: Amounts falling due within one year

7

(675,569)

(705,000)

Net current liabilities

 

(672,835)

(679,301)

Total assets less current liabilities

 

816,408

810,352

Creditors: Amounts falling due after more than one year

7

(552,211)

(590,862)

Net assets

 

264,197

219,490

Capital and reserves

 

Called up share capital

100

100

Retained earnings

264,097

219,390

Shareholders' funds

 

264,197

219,490

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

 

Netherlea Properties Limited

(Registration number: SC486299)
Statement of Financial Position as at 30 September 2023

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 

D Healy
Director

 

Netherlea Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
Royston
Hill Street
Broughty Ferry
DUNDEE
DD5 2JN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Netherlea Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

33% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 1 (2022 - 1).

 

Netherlea Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

2,387

2,387

At 30 September 2023

2,387

2,387

Depreciation

At 1 October 2022

1,142

1,142

Charge for the year

410

410

At 30 September 2023

1,552

1,552

Carrying amount

At 30 September 2023

835

835

At 30 September 2022

1,245

1,245

5

Investment properties

2023
£

At 1 October 2022

1,488,408

Additions

-

Disposals

-

At 30 September 2023

1,488,408

The last valuation of the properties was at 30 September 2023 by the directors and they are of the opinion that they are stated at fair value in these accounts.

6

Debtors

2023
£

2022
£

Other debtors

1

277

Prepayments

797

936

798

1,213

 

Netherlea Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

36,995

35,271

Taxation and social security

 

13,063

20,028

Accruals and deferred income

 

1,301

1,009

Other creditors

 

624,210

648,692

 

675,569

705,000

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

552,211

590,862

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £2,493.97 (2022 - £24,535.62) per each Ordinary B

 

2,494

 

24,536

Interim dividend of £4,858.17 (2022 - £2,000.00) per each Ordinary A

 

4,858

 

2,000

   

7,352

 

26,536