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Company No: SC343490 (Scotland)

DORNOCH DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

DORNOCH DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

DORNOCH DEVELOPMENTS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
DORNOCH DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 102 102
102 102
Current assets
Debtors 4 1,921,309 1,729,239
Cash at bank and in hand 20,606 47,060
1,941,915 1,776,299
Creditors: amounts falling due within one year 5 ( 3,202,698) ( 3,025,173)
Net current liabilities (1,260,783) (1,248,874)
Total assets less current liabilities (1,260,681) (1,248,772)
Net liabilities ( 1,260,681) ( 1,248,772)
Capital and reserves
Called-up share capital 6 196,000 196,000
Profit and loss account ( 1,456,681 ) ( 1,444,772 )
Total shareholders' deficit ( 1,260,681) ( 1,248,772)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Dornoch Developments Limited (registered number: SC343490) were approved and authorised for issue by the Board of Directors on 10 July 2024. They were signed on its behalf by:

David Sutherland
Director
DORNOCH DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DORNOCH DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dornoch Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Oldtown Of Leys House, Culduthel, Inverness, IV2 6AE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Although the financial statements have a net liabilities of £1,260,681 they have been prepared on the going concern basis as the directors consider it appropriate to do so. The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. The company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for the next 12 months from the date of signing these financial statements and the directors will continue to support the company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements.

Accordingly, the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due, and they continue to adopt the going concern basis in preparing the financial statements.

Impairment of assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest method, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of t he future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 2,602 2,602
At 31 December 2023 2,602 2,602
Provisions for impairment
At 01 January 2023 2,500 2,500
At 31 December 2023 2,500 2,500
Carrying value at 31 December 2023 102 102
Carrying value at 31 December 2022 102 102

4. Debtors

2023 2022
£ £
Trade debtors 128 319
Other debtors 1,921,181 1,728,920
1,921,309 1,729,239

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 87 39
Other creditors 3,202,611 3,025,134
3,202,698 3,025,173

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
501 A ordinary shares of £ 1.00 each 501 501
499 B ordinary shares of £ 1.00 each 499 499
1,000 1,000
195,000 Preference shares of £ 1.00 each 195,000 195,000
196,000 196,000

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts due from companies holding participating interest 1,920,603 1,726,184

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to key management personnel 1,280,619 1,178,119

Other related party transactions

2023 2022
£ £
Amounts due to other related parties 1,894,297 1,844,943

Other related parties represent other entities owned by certain directors.

These balances are interest free and have no fixed terms for repayment. No security has been provided on any balances.