Company registration number SC114023 (Scotland)
DICKSON TENANCIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DICKSON TENANCIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
DICKSON TENANCIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M H Citron
Mr R B Clapham
Secretary
Mr N A Livingstone
Company number
SC114023
Registered office
3 Fitzroy Place
Sauchiehall Street
Glasgow
Scotland
G3 7RH
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
DICKSON TENANCIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,900,000
1,900,000
Current assets
Debtors
4
401,517
3,930
Cash at bank and in hand
33,174
401,517
37,104
Creditors: amounts falling due within one year
5
(443,758)
(124,443)
Net current liabilities
(42,241)
(87,339)
Total assets less current liabilities
1,857,759
1,812,661
Capital and reserves
Called up share capital
6
232,000
232,000
Fair value reserve
42,652
42,652
Profit and loss reserves
1,583,107
1,538,009
Total equity
1,857,759
1,812,661
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 31 December 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.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
Mr M H Citron
Director
Company Registration No. SC114023
DICKSON TENANCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Dickson Tenancies Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Fitzroy Place, Sauchiehall Street, Glasgow, Scotland, G3 7RH. The company's registration number is SC114023.
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 investment properties at fair value.
1.2
Turnover
The turnover shown in the profit and loss account represents the value of all amounts receivable in respect of property rental and sale and the provision of administration services during the year exclusive of Value Added Tax. Income is recognised when invoiced, adjusted for rental income in advance. Income from the sale of properties is recognised on legal completion of the sale.
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.
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 are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.
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.
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.
DICKSON TENANCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
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 profit and loss account, 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
DICKSON TENANCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Investment properties
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,900,000
Investment properties were valued on an open market basis on 31 December 2023 by the directors.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,517
1,430
Other debtors
400,000
2,500
401,517
3,930
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
418,487
27,275
Trade creditors
863
542
Taxation and social security
10,994
88,226
Other creditors
13,414
8,400
443,758
124,443
Included within creditors due within one year is a bank loan of £400,000 (2022: £27,275) and a bank overdraft of £18,487 (2022: £nil) that are secured by a standard security over the properties together with a bond and a floating charge over all assets.
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
232,000 Ordinary shares of £1
232,000
232,000
7
Related party transactions
No transactions with related parties were undertaken such as 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".
8
Directors' transactions
DICKSON TENANCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Directors' transactions
(Continued)
- 6 -
Loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
6.25
-
400,000
25,000
(25,000)
400,000
-
400,000
25,000
(25,000)
400,000