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NITHSDALE PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2023






NITHSDALE PROPERTIES LTD (REGISTERED NUMBER: SC656045)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

NITHSDALE PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







DIRECTORS: Mr D I Hastings
Mr P F Hastings
Mr A T Padkin





SECRETARY: Mr A T Padkin





REGISTERED OFFICE: c/o Nithsdale Farm Vets Ltd
Waterside Farm
Thornhill
Dumfriesshire
DG3 5AR





REGISTERED NUMBER: SC656045 (Scotland)





ACCOUNTANTS: JRW Hogg & Thorburn LLP
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT

NITHSDALE PROPERTIES LTD (REGISTERED NUMBER: SC656045)

ABRIDGED BALANCE SHEET
31ST AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 617,764 634,079
Investments 5 27,799 27,799
645,563 661,878

CURRENT ASSETS
Debtors 1,920,650 2,082,573
Cash at bank 100,119 73,170
2,020,769 2,155,743
CREDITORS
Amounts falling due within one year 2,180,635 2,328,020
NET CURRENT LIABILITIES (159,866 ) (172,277 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

485,697

489,601

PROVISIONS FOR LIABILITIES 275 256
NET ASSETS 485,422 489,345

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 485,122 489,045
485,422 489,345

NITHSDALE PROPERTIES LTD (REGISTERED NUMBER: SC656045)

ABRIDGED BALANCE SHEET - continued
31ST AUGUST 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th March 2024 and were signed on its behalf by:




Mr D I Hastings - Director Mr P F Hastings - Director




Mr A T Padkin - Director


NITHSDALE PROPERTIES LTD (REGISTERED NUMBER: SC656045)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023

1. STATUTORY INFORMATION

Nithsdale Properties Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The accounts have been prepared on the going concern basis as a result of the continuing support from the directors in the form of directors' loans.

The directors have considered the potential impact of ongoing worldwide events on the business and are satisfied that the Company has sufficient cash reserves to meet all financial obligations for the foreseeable future. The accounts have therefore been prepared on the going concern basis.

Significant judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect 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 directors are of the opinion there are no matters of significant judgements, estimates or assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
The company operates as a holding company. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised in the accounting period in which the services are rendered and when the outcome of the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on reducing balance
Leasehold improvements - 5% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

NITHSDALE PROPERTIES LTD (REGISTERED NUMBER: SC656045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income and Expenditure Account.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

NITHSDALE PROPERTIES LTD (REGISTERED NUMBER: SC656045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st September 2022 672,683
Additions 450
At 31st August 2023 673,133
DEPRECIATION
At 1st September 2022 38,604
Charge for year 16,765
At 31st August 2023 55,369
NET BOOK VALUE
At 31st August 2023 617,764
At 31st August 2022 634,079

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1st September 2022
and 31st August 2023 27,799
NET BOOK VALUE
At 31st August 2023 27,799
At 31st August 2022 27,799

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors' loan accounts were not in debit at any time during the year.

7. RELATED PARTY DISCLOSURES

At 31st August 2023, the company was due a balance of £1,918,571 (2022 - £2,080,571) from Nithsdale Farm Vets Ltd, a subsidiary company in which I Hastings, P Hastings and A Padkin are directors.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NITHSDALE PROPERTIES LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nithsdale Properties Ltd for the year ended 31st August 2023 which comprise the Statement of Income and Retained Earnings, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Nithsdale Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nithsdale Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Nithsdale Properties Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Nithsdale Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nithsdale Properties Ltd. You consider that Nithsdale Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nithsdale Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JRW Hogg & Thorburn LLP
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT


25th March 2024