Company registration number SC462922 (Scotland)
DALRAY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DALRAY PROPERTIES LIMITED
COMPANY INFORMATION
Directors
A Dallas
C Dallas
L Dallas
M Dallas
S Dallas
Company number
SC462922
Registered office
29 The Meadows
Muir Of Ord
Ross-Shire
United Kingdom
IV6 7QL
Accountants
Azets
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
DALRAY PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
DALRAY PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,910,606
2,910,606
Current assets
Debtors
5
9,781
27,303
Cash at bank and in hand
88,696
210,836
98,477
238,139
Creditors: amounts falling due within one year
6
(79,634)
(104,939)
Net current assets
18,843
133,200
Total assets less current liabilities
2,929,449
3,043,806
Creditors: amounts falling due after more than one year
7
(2,117,541)
(2,324,890)
Provisions for liabilities
(60,119)
(60,119)
Net assets
751,789
658,797
Capital and reserves
Called up share capital
50
50
Revaluation reserve
9
261,688
261,688
Profit and loss reserves
490,051
397,059
Total equity
751,789
658,797
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 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.
DALRAY PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
A Dallas
Director
Company Registration No. SC462922
DALRAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Dalray Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 29 The Meadows, Muir Of Ord, Ross-Shire, United Kingdom, IV6 7QL.
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 from rental of properties is recognised in the period the rent is receivable and is recognised at the fair value of the consideration received for rental services provided. The income is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Fixtures and fittings
25% on straight line
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 profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
DALRAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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 statement of financial position 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
1.8
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 income statement 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.
DALRAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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.
1.9
Short term debtors are measured at transaction price, less any impairment.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2022 and 30 November 2023
1,141
Depreciation and impairment
At 1 December 2022 and 30 November 2023
1,141
Carrying amount
At 30 November 2023
At 30 November 2022
4
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
2,910,606
DALRAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
4
Investment property
(Continued)
- 6 -
Investment property was valued by the directors at the year end on an existing use basis.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,699
23,136
Prepayments and accrued income
7,082
4,167
9,781
27,303
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
28,399
46,599
Corporation tax
49,925
42,090
Accruals and deferred income
1,310
16,250
79,634
104,939
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
202,857
349,458
Other creditors
1,914,684
1,975,432
2,117,541
2,324,890
Details of security provided:
Bank loans are secured by Bank of Scotland over ground held at Muir of Ord Industrial Estate and by a bond and floating charge over the assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
65,075
146,507
DALRAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property
60,119
60,119
There were no deferred tax movements in the year.
9
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
261,688
261,688
The revaluation reserves represents unrealised gains and losses on investment property revaluations net of deferred tax.
10
Equity reserve
The profit and loss account represents the profit retained by the company from previous periods not yet distributed to shareholders in the form of dividends.
11
Directors' transactions
During the year the directors introduced funds of £1,876 (2022 - £nil) and withdrew funds of £62,624 (2022 - £89,566).
The amount due to the directors at the balance sheet date was £1,914,684 (2022 - £1,975,432) which is included in other creditors over one year.
Loans with directors have no fixed term of repayment and interest is not charged.