Registered number
SC473882
NCS Property Development Ltd
Filleted Accounts
31 March 2024
NCS Property Development Ltd
Registered number: SC473882
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 129,270 313,826
Current assets
Debtors 4 100 100
Cash at bank and in hand 22,835 34,485
22,935 34,585
Creditors: amounts falling due within one year 5 (54,695) (310,109)
Net current liabilities (31,760) (275,524)
Net assets 97,510 38,302
Capital and reserves
Profit and loss account 97,510 38,302
Shareholders' funds 97,510 38,302
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A Quigley
Director
Approved by the board on 3 July 2024
NCS Property Development Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
The property shown in the balance sheet is investment property and has therefore not been depreciated. Other assets have been depreciated as follows:
Plant and machinery 25% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 313,204 2,313 315,517
Additions - 2,023 2,023
Disposals (185,918) - (185,918)
At 31 March 2024 127,286 4,336 131,622
Depreciation
At 1 April 2023 - 1,691 1,691
Charge for the year - 661 661
At 31 March 2024 - 2,352 2,352
Net book value
At 31 March 2024 127,286 1,984 129,270
At 31 March 2023 313,204 622 313,826
4 Debtors 2024 2023
£ £
Trade debtors 100 100
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 11,515 4,594
Other creditors 43,180 305,515
54,695 310,109
6 Other information
NCS Property Development Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
17 Gilroy Road
Edinburgh
EH6 6AR
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