Company registration number SC617505 (Scotland)
DEERDYKES PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
DEERDYKES PROPERTIES LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DEERDYKES PROPERTIES LTD
COMPANY INFORMATION
- 1 -
Directors
Mr D Leckie
Mrs E Dunbar
Company number
SC617505
Registered office
15 Deerdykes View
Cumbernauld
Glasgow
Scotland
G68 9HN
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
DEERDYKES PROPERTIES LTD
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
81,398
108,530
Investment property
4
1,138,212
923,000
1,219,610
1,031,530
Current assets
Debtors
728
528
Cash at bank and in hand
5,004
5,507
5,732
6,035
Creditors: amounts falling due within one year
5
(475,100)
(311,793)
Net current liabilities
(469,368)
(305,758)
Total assets less current liabilities
750,242
725,772
Creditors: amounts falling due after more than one year
6
(589,110)
(535,963)
Provisions for liabilities
7
(36,518)
(37,278)
Net assets
124,614
152,531
Capital and reserves
Called up share capital
9
100
100
Fair value reserve
155,680
158,920
Profit and loss reserves
(31,166)
(6,489)
Total equity
124,614
152,531

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

DEERDYKES PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 March 2024 and are signed on its behalf by:
Mr D Leckie
Director
Company Registration No. SC617505
DEERDYKES PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Deerdykes Properties Ltd is a private company limited by shares incorporated in Scotland. The registered office is 15 Deerdykes View, Cumbernauld, Glasgow, Scotland, G68 9HN. The company's registration number is SC617505.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for the rental of property. Turnover is recognised at the point at which the company has fulfilled its contractual obligations to its customers.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Investment property

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in the statement of comprehensive income.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

DEERDYKES PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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 profit and loss account 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.

DEERDYKES PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
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 asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
-
0
-
0
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 July 2022 and 30 June 2023
115,765
Depreciation and impairment
At 1 July 2022
7,235
Depreciation charged in the year
27,132
At 30 June 2023
34,367
Carrying amount
At 30 June 2023
81,398
At 30 June 2022
108,530
DEERDYKES PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
4
Investment property
2023
£
Fair value
At 1 July 2022
923,000
Additions
219,212
Revaluations
(4,000)
At 30 June 2023
1,138,212

The investment properties were valued by the directors on 30 June 2023 and are included in the financial statements at a value which represents their opinion of the open market value.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
475,100
311,793
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
589,110
535,963

The bank loans are secured over the assets to which they relate.

7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
36,518
37,278
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
On revaluation of investment properties
36,518
37,278
DEERDYKES PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Deferred taxation
(Continued)
- 8 -
2023
Movements in the year:
£
Liability at 1 July 2022
37,278
Credit to profit or loss
(760)
Liability at 30 June 2023
36,518
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1
100
100
10
Related party transactions

Included within other creditors is an interest free loan from the directors. At 30 June 2023 the balance due to the directors was £473,350 (2022: £310,043).

 

No other transactions with related parties were undertaken that are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

2023-06-302022-07-01false14 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr D LeckieMrs E DunbarfalseSC6175052022-07-012023-06-30SC617505bus:Director12022-07-012023-06-30SC617505bus:Director22022-07-012023-06-30SC617505bus:RegisteredOffice2022-07-012023-06-30SC6175052023-06-30SC6175052022-06-30SC617505core:MotorVehicles2023-06-30SC617505core:MotorVehicles2022-06-30SC617505core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30SC617505core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-30SC617505core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-30SC617505core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-30SC617505core:ShareCapital2023-06-30SC617505core:ShareCapital2022-06-30SC617505core:RevaluationReserve2023-06-30SC617505core:RevaluationReserve2022-06-30SC617505core:RetainedEarningsAccumulatedLosses2023-06-30SC617505core:RetainedEarningsAccumulatedLosses2022-06-30SC617505core:MotorVehicles2022-07-012023-06-30SC6175052021-07-012022-06-30SC617505core:MotorVehicles2022-06-30SC6175052022-06-30SC617505core:CurrentFinancialInstruments2023-06-30SC617505core:CurrentFinancialInstruments2022-06-30SC617505core:Non-currentFinancialInstruments2023-06-30SC617505core:Non-currentFinancialInstruments2022-06-30SC617505bus:PrivateLimitedCompanyLtd2022-07-012023-06-30SC617505bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-30SC617505bus:FRS1022022-07-012023-06-30SC617505bus:AuditExemptWithAccountantsReport2022-07-012023-06-30SC617505bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP