Company registration number SC684161 (Scotland)
PUDDLE DUCK PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PUDDLE DUCK PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PUDDLE DUCK PROPERTIES LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
1,250,000
1,250,000
Current assets
Debtors
5
33,740
1,967
Cash at bank and in hand
48,722
87
82,462
2,054
Creditors: amounts falling due within one year
6
(140,701)
(268,825)
Net current liabilities
(58,239)
(266,771)
Total assets less current liabilities
1,191,761
983,229
Creditors: amounts falling due after more than one year
7
(302,612)
(327,315)
Provisions for liabilities
8
(130,030)
(98,823)
Net assets
759,119
557,091
Capital and reserves
Called up share capital
300
300
Fair value reserve
390,090
421,297
Profit and loss reserves
368,729
135,494
Total equity
759,119
557,091

The director of the company has elected not to include a copy of the profit and loss account 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 director acknowledges her 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.

PUDDLE DUCK PROPERTIES LTD
BALANCE SHEET (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 12 August 2024 and are signed on its behalf by:
Miss H W Dickson
Director
Company Registration No. SC684161
PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Puddle Duck Properties Ltd is a private company limited by shares incorporated in Scotland. The registered office is Kedrah, Heatherfield, Penifiler, Portree, Isle of Skye, IV51 9NE.

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 The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net rental income receivable.

1.3
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.

1.4
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

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.

1.6
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.

PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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
Number
Number
Total
1
1
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
12,091
21,875

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
31,207
98,823
4
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
1,250,000

A revaluation of the property took place on 5 July 2023 carried out by Shepherd Commercial at open market value.

PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
0
1,667
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
33,740
300
Total debtors
33,740
1,967
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
24,703
24,703
Trade creditors
13
-
0
Corporation tax
33,481
31,783
Other creditors
80,992
211,152
Accruals and deferred income
1,512
1,187
140,701
268,825
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
302,612
327,315
Amounts included above which fall due after five years are as follows:
Payable by instalments
203,800
228,503

Standard security is held by the bank over Greshornish House, Portree and a floating charge over the whole assets of the company.

PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
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:
£
£
Revaluations
130,030
98,823
2023
Movements in the year:
£
Liability at 1 December 2022
98,823
Effect of change in tax rate - equity
31,207
Liability at 30 November 2023
130,030
9
Related party transactions

The following transactions occurred with companies in which close family members of the owners and director hold a controlling interest:

 

Revenue

Greshornish House Ltd        £101,600

 

 

At the balance sheet date, the following amounts were owed to Puddle Duck Properties Ltd:

 

Skye Linen (Scotland) Ltd        £20,400

Greshornish House Ltd        £12,800

Caledonian Skye Distillers Ltd    £240

 

 

The following loans have been written off in the year:

 

Calcam Skye Limited        £54,550

Caledonian Skye (Scotland) Ltd    £130,015

 

2023-11-302022-12-01false12 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr. C DicksonMiss H W DicksonfalsefalseSC6841612022-12-012023-11-30SC6841612023-11-30SC6841612022-11-30SC684161core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-30SC684161core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-30SC684161core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-30SC684161core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-30SC684161core:CurrentFinancialInstruments2023-11-30SC684161core:CurrentFinancialInstruments2022-11-30SC684161core:ShareCapital2023-11-30SC684161core:ShareCapital2022-11-30SC684161core:RevaluationReserve2023-11-30SC684161core:RevaluationReserve2022-11-30SC684161core:RetainedEarningsAccumulatedLosses2023-11-30SC684161core:RetainedEarningsAccumulatedLosses2022-11-30SC684161bus:Director22022-12-012023-11-30SC6841612022-01-012022-11-30SC684161core:UKTax2022-12-012023-11-30SC684161core:UKTax2022-01-012022-11-30SC6841612022-11-30SC684161core:Non-currentFinancialInstruments2023-11-30SC684161core:Non-currentFinancialInstruments2022-11-30SC684161bus:PrivateLimitedCompanyLtd2022-12-012023-11-30SC684161bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC684161bus:FRS1022022-12-012023-11-30SC684161bus:AuditExemptWithAccountantsReport2022-12-012023-11-30SC684161bus:Director12022-12-012023-11-30SC684161bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP