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REGISTERED NUMBER: SC030699 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Petrie Brothers Of Dundee. Limited

Petrie Brothers Of Dundee. Limited (Registered number: SC030699)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Petrie Brothers Of Dundee. Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mrs L White



SECRETARY: Mrs L White



REGISTERED OFFICE: 16 Hamilton Street
Broughty Ferry
Dundee
DD5 2NR



REGISTERED NUMBER: SC030699 (Scotland)



ACCOUNTANTS: Winton & Co
16 Hamilton Street
Broughty Ferry
Dundee
DD5 2NR



SOLICITORS: Thorntons Law LLP
Whitehall House
33 Yeaman Shore
Dundee
DD1 4BJ

Petrie Brothers Of Dundee. Limited (Registered number: SC030699)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,421 14,842
Investments 5 51,799 51,799
Investment property 6 797,184 322,529
856,404 389,170

CURRENT ASSETS
Debtors 7 58,666 58,666
Cash at bank 245,747 262,046
304,413 320,712
CREDITORS
Amounts falling due within one year 8 10,668 7,159
NET CURRENT ASSETS 293,745 313,553
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,150,149

702,723

PROVISIONS FOR LIABILITIES 18,950 -
NET ASSETS 1,131,199 702,723

CAPITAL AND RESERVES
Called up share capital 24,239 24,239
Revaluation reserve 9 - 222,815
Retained earnings 1,106,960 455,669
SHAREHOLDERS' FUNDS 1,131,199 702,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Petrie Brothers Of Dundee. Limited (Registered number: SC030699)

Balance Sheet - continued
31 December 2023


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 24 September 2024 and were signed by:





Mrs L White - Director


Petrie Brothers Of Dundee. Limited (Registered number: SC030699)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Petrie Brothers Of Dundee. 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.

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 comprises rental income exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture - 25% on cost
Motor vehicles - 25% on cost

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

Investments
Listed investments are included in the accounts at cost.

Petrie Brothers Of Dundee. Limited (Registered number: SC030699)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Investment income
Investment income and interest receivable on or before the year end are treated as revenue for the year.

Debtors

Trade and other debtors are recognised at the settlement amount due after any discount offered.
Prepayments are valued at the amount prepaid after taking account of any discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purpose of impairment testing, when it is not possible to estimate the amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor
Furniture vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 11,267 29,684 40,951
DEPRECIATION
At 1 January 2023 11,267 14,842 26,109
Charge for year - 7,421 7,421
At 31 December 2023 11,267 22,263 33,530
NET BOOK VALUE
At 31 December 2023 - 7,421 7,421
At 31 December 2022 - 14,842 14,842

Petrie Brothers Of Dundee. Limited (Registered number: SC030699)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 51,799
NET BOOK VALUE
At 31 December 2023 51,799
At 31 December 2022 51,799

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 322,529
Revaluations 474,655
At 31 December 2023 797,184
NET BOOK VALUE
At 31 December 2023 797,184
At 31 December 2022 322,529

Investment property was revalued by Shepherd Commercial on 13 June 2024 At £725,000 (Cost -£27,530).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 58,666 58,666

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1 1
Taxation and social security 8,105 4,858
Other creditors 2,562 2,300
10,668 7,159

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023 222,815
Transfer to profit & loss (222,815 )

At 31 December 2023 -