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REGISTERED NUMBER: SC583517 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

South Ventures Property Limited

South Ventures Property Limited (Registered number: SC583517)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


South Ventures Property Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: L J Dalgarno
R A Dalgarno
Mrs S L Dalgarno
A D Johnson





REGISTERED OFFICE: 40 Redwood Avenue
Inverness
IV2 6HA





REGISTERED NUMBER: SC583517 (Scotland)






South Ventures Property Limited (Registered number: SC583517)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 - 199,430

CURRENT ASSETS
Debtors 5 440,000 440,000
Cash at bank 364,981 3,805
804,981 443,805
CREDITORS
Amounts falling due within one year 6 509,264 528,467
NET CURRENT ASSETS/(LIABILITIES) 295,717 (84,662 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

295,717

114,768

CAPITAL AND RESERVES
Called up share capital 7 200 200
Retained earnings 295,517 114,568
SHAREHOLDERS' FUNDS 295,717 114,768

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

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

The directors acknowledge their 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.

South Ventures Property Limited (Registered number: SC583517)

Balance Sheet - continued
31 March 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:




L J Dalgarno - Director Mrs S L Dalgarno - Director




A D Johnson - Director R A Dalgarno - Director


South Ventures Property Limited (Registered number: SC583517)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

South Ventures Property Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rent receivable in the period. Income is recognised in the period to which it relates.

Investment property
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. The surplus or deficit on revaluation is recognised in profit and loss account.

South Ventures Property Limited (Registered number: SC583517)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 amortized 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 amortized.

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, loans from fellow group companies 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 amortized.
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 amortized cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


South Ventures Property Limited (Registered number: SC583517)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 199,430
Disposals (199,430 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 199,430

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 440,000 440,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed to group undertakings 506,851 506,852
Tax - 20,672
Directors' current accounts 943 943
Accrued expenses 1,470 -
509,264 528,467

South Ventures Property Limited (Registered number: SC583517)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
200 Ordinary £1 200 200

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in the creditors is an amount of £943 (2023 : £943) due to the directors.

9. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Daljo Group Holdings Limited, a company registered in Scotland.It's registered office address is 40 Redwood Avenue Milton Of Leys, Inverness, Scotland, IV2 6HA.