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REGISTERED NUMBER: SC539385 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

PURCELL PROPERTIES LIMITED

PURCELL PROPERTIES LIMITED (REGISTERED NUMBER: SC539385)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PURCELL PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: Steve Purcell



SECRETARY: Steve Purcell



REGISTERED OFFICE: 8 Burnett Terrace
Ayr
KA8 9JR



REGISTERED NUMBER: SC539385 (Scotland)



ACCOUNTANTS: Stewart Gilmour & Co.
Chartered Accountants
24 Beresford Terrace
Ayr
KA7 2EG



BANKERS: The Royal Bank of Scotland plc
30 Sandgate
Ayr
KA7 1BW

PURCELL PROPERTIES LIMITED (REGISTERED NUMBER: SC539385)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 325,953 325,953

CURRENT ASSETS
Debtors 5 420 420
Cash at bank and in hand 80,203 86,078
80,623 86,498
CREDITORS
Amounts falling due within one year 6 353,565 360,464
NET CURRENT LIABILITIES (272,942 ) (273,966 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,011

51,987

CREDITORS
Amounts falling due after more than one
year

7

69,865

79,812
NET LIABILITIES (16,854 ) (27,825 )

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings (17,854 ) (28,825 )
SHAREHOLDERS' FUNDS (16,854 ) (27,825 )

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

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

The director acknowledges his 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.

PURCELL PROPERTIES LIMITED (REGISTERED NUMBER: SC539385)

BALANCE SHEET - continued
31 JULY 2023


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

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

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





Steve Purcell - Director


PURCELL PROPERTIES LIMITED (REGISTERED NUMBER: SC539385)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Purcell Properties Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the total rents receivable by the company. The turnover and pre-tax profit is attributable to one continuing activity, the letting of property.

Investment property
In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £6,519 (2022 - £6,519).

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 1 (2022 - 1 ) .

PURCELL PROPERTIES LIMITED (REGISTERED NUMBER: SC539385)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 325,953
NET BOOK VALUE
At 31 July 2023 325,953
At 31 July 2022 325,953

Fair value at 31 July 2023 is represented by:
£   
Cost 325,953

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 325,953 325,953
Aggregate depreciation (39,323 ) (32,804 )

Investment property was valued on an open market value basis on 31 July 2023 by director Steve Purcell .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 420 420

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,333 7,333
Taxation and social security 645 645
Other creditors 345,587 352,486
353,565 360,464

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 69,865 79,812

PURCELL PROPERTIES LIMITED (REGISTERED NUMBER: SC539385)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 77,198 87,145

The bank loans are secured by a bond and floating charge together with standard securities over all properties of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
49 Ordinary £1 49 49
351 Ordinary 'A - C' £1 951 951
1,000 1,000