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REGISTERED NUMBER: SC629642 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 May 2024

for

Parrington Property Ltd

Parrington Property Ltd (Registered number: SC629642)






Contents of the Financial Statements
For The Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Parrington Property Ltd

Company Information
For The Year Ended 31 May 2024







DIRECTOR: Mrs K Parrington





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC629642 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Parrington Property Ltd (Registered number: SC629642)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 410,419 278,000

CURRENT ASSETS
Debtors 5 2,627 22,962
Cash at bank 1,274 69,804
3,901 92,766
CREDITORS
Amounts falling due within one year 6 210,941 222,942
NET CURRENT LIABILITIES (207,040 ) (130,176 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

203,379

147,824

CREDITORS
Amounts falling due after more than one
year

7

249,372

183,708
NET LIABILITIES (45,993 ) (35,884 )

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 9 14,128 14,128
Retained earnings (60,122 ) (50,013 )
SHAREHOLDERS' FUNDS (45,993 ) (35,884 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Parrington Property Ltd (Registered number: SC629642)

Balance Sheet - continued
31 May 2024


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 16 September 2024 and were signed by:





Mrs K Parrington - Director


Parrington Property Ltd (Registered number: SC629642)

Notes to the Financial Statements
For The Year Ended 31 May 2024

1. STATUTORY INFORMATION

Parrington Property Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.

Going concern
These accounts have been prepared on the going concern basis, on the understanding that the director and banks will continue to financially support the company.

Parrington Property Ltd (Registered number: SC629642)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

4. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 June 2023 278,000
Additions 132,419
At 31 May 2024 410,419
NET BOOK VALUE
At 31 May 2024 410,419
At 31 May 2023 278,000

Cost or valuation at 31 May 2024 is represented by:
£   
Valuation in 2023 278,000
Valuation in 2024 132,419
410,419

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

31.5.24 31.5.23
£    £   
Cost 387,276 -

Investment property was valued on an open market basis on 31 May 2024 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 2,627 22,962

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts - 1
Other creditors 210,941 222,941
210,941 222,942

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 249,372 183,708

Parrington Property Ltd (Registered number: SC629642)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 249,372 183,709

The bank hold the following securities:
1. Lendinvest BTL Limited has a floating charge over all the property or undertaking of the company.
2. Lendinvest BTL Limited over 8 Tiree Road, Cumbernauld, Glasgow, G67 1NU.
3. Lendinvest BTL Limited over 17 Stanley Street, Hamilton, ML3 9LU.
4. Lendinvest BTL Limited over 27 School Terrace, Tillicoultry, FK13 6JX
5. Lendinvest BTL Limited over 10 Priory Terrace, Wishaw, ML2 0BN.

9. RESERVES
Fair
value
reserve
£   
At 1 June 2023
and 31 May 2024 14,128

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Parrington Property Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parrington Property Ltd for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Parrington Property Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parrington Property Ltd and state those matters that we have agreed to state to the director of Parrington Property Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Parrington Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Parrington Property Ltd. You consider that Parrington Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Parrington Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


16 September 2024