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COMPANY REGISTRATION NUMBER: SC735760
South Road Developments (Dundee) Limited
Filleted Unaudited Financial Statements
30 June 2023
South Road Developments (Dundee) Limited
Statement of Financial Position
30 June 2023
30 Jun 23
Note
£
£
Current assets
Stocks
1,325,002
Debtors
4
2,218
Cash at bank and in hand
28,908
------------
1,356,128
Creditors: amounts falling due within one year
5
1,361,076
------------
Net current liabilities
4,948
-------
Total assets less current liabilities
( 4,948)
-------
Net liabilities
( 4,948)
-------
Capital and reserves
Called up share capital
80
Profit and loss account
( 5,028)
-------
Shareholders deficit
( 4,948)
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 June 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
South Road Developments (Dundee) Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Mr J. Gibson
Director
Company registration number: SC735760
South Road Developments (Dundee) Limited
Notes to the Financial Statements
Period from 16 June 2022 to 30 June 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Debtors
30 Jun 23
£
Other debtors
2,218
-------
5. Creditors: amounts falling due within one year
30 Jun 23
£
Trade creditors
102,484
Loan - GMC Ventures Limited
1,128,696
Loan - Green Pads Limited
50,000
Other creditors
79,896
------------
1,361,076
------------
At 30 June 2023 the company had creditors of £1,178,696 secured over the land and buildings being developed by the company.
6. Related party transactions
The company directors and shareholders, Mr J. Gibson and Mr G. Hutchison, are involved in other companies, with which South Road Developments (Dundee) Limited have entered into transactions during the period. The company received services of £834,275 from Hutchison Building Services Limited. All transactions are conducted on an arm's length basis. A balance of £100,000 was due to Hutchison Building Services Ltd at 30 June 2023. At 30 June 2023, the company owed £1,128,696 to GMC Ventures Limited. The loan is interest free and secured over the land and buildings being developed by the company.