Silverfin false false 31/03/2024 01/04/2023 31/03/2024 J M Garvie 01/03/2022 J G Garvie 01/03/2022 J W Garvie 15/02/2007 02 October 2024 The principal activity of the Company during the financial year was that of property letting. SC316570 2024-03-31 SC316570 bus:Director1 2024-03-31 SC316570 bus:Director2 2024-03-31 SC316570 bus:Director3 2024-03-31 SC316570 2023-03-31 SC316570 core:CurrentFinancialInstruments 2024-03-31 SC316570 core:CurrentFinancialInstruments 2023-03-31 SC316570 core:Non-currentFinancialInstruments 2024-03-31 SC316570 core:Non-currentFinancialInstruments 2023-03-31 SC316570 core:ShareCapital 2024-03-31 SC316570 core:ShareCapital 2023-03-31 SC316570 core:RevaluationReserve 2024-03-31 SC316570 core:RevaluationReserve 2023-03-31 SC316570 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC316570 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC316570 core:MoreThanFiveYears 2024-03-31 SC316570 core:MoreThanFiveYears 2023-03-31 SC316570 2022-03-31 SC316570 bus:OrdinaryShareClass1 2024-03-31 SC316570 2023-04-01 2024-03-31 SC316570 bus:FilletedAccounts 2023-04-01 2024-03-31 SC316570 bus:SmallEntities 2023-04-01 2024-03-31 SC316570 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC316570 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC316570 bus:Director1 2023-04-01 2024-03-31 SC316570 bus:Director2 2023-04-01 2024-03-31 SC316570 bus:Director3 2023-04-01 2024-03-31 SC316570 2022-04-01 2023-03-31 SC316570 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC316570 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC316570 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC316570 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC316570 (Scotland)

NETHERBY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

NETHERBY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

NETHERBY PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
NETHERBY PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,481,457 751,660
1,481,457 751,660
Current assets
Debtors 4 9,828 48
Cash at bank and in hand 5 109,843 5,040
119,671 5,088
Creditors: amounts falling due within one year 6 ( 190,206) ( 272,842)
Net current liabilities (70,535) (267,754)
Total assets less current liabilities 1,410,922 483,906
Creditors: amounts falling due after more than one year 7 ( 983,131) ( 475,452)
Provision for liabilities 8, 9 ( 78,251) 0
Net assets 349,540 8,454
Capital and reserves
Called-up share capital 10 100 100
Revaluation reserve 395,886 59,521
Profit and loss account ( 46,446 ) ( 51,167 )
Total shareholders' funds 349,540 8,454

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Netherby Properties Limited (registered number: SC316570) were approved and authorised for issue by the Board of Directors on 02 October 2024. They were signed on its behalf by:

J W Garvie
Director
NETHERBY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
NETHERBY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Netherby Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis as the directors believes that it is appropriate to do so. In coming to this conclusion the directors confirm that the loan accounts will not be repaid until all other creditors have been met and that they will continue to support the company for at least twelve months from the date of approval of these financial statements.

Turnover

Turnover represents rents receivable.

Rental income is recognised on a straight line basis over the term of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are 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 amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 751,660
Additions 315,024
Fair value movement 414,773
As at 31 March 2024 1,481,457

Valuation

The fair value of the investment properties held by the business has been arrived at on the basis of a valuation carried out by Graham Sibbald, Chartered Surveyors on 15 June 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and the directors consider this to remain a true reflection of the fair value of these properties at 31 March 2024.

4. Debtors

2024 2023
£ £
Other debtors 9,828 48

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 109,843 5,040

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 23,842 146,335
Other creditors 166,364 126,507
190,206 272,842

Bank loans are secured by a fixed charge over the property of the company and a floating charge over the assets of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 408,124 7,445
Other creditors 575,007 468,007
983,131 475,452

Bank loans are secured by a fixed charge over the property of the company and a floating charge over the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 310,288 0

8. Provision for liabilities

2024 2023
£ £
Deferred tax 78,251 0

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 78,251) 0
At the end of financial year ( 78,251) 0

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors loan 85,007 85,007
Directors loan 490,000 383,000

Other related party transactions

2024 2023
£ £
Other related parties 123,775 123,601

The loans are interest free and have no fixed terms of repayment. Repayment of the loan from directors will not be sought within 12 months of the balance sheet date.