IRIS Accounts Production v24.3.0.553 SC159242 director 6.4.23 5.4.24 5.4.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1592422023-04-05SC1592422024-04-05SC1592422023-04-062024-04-05SC1592422022-04-05SC1592422022-04-062023-04-05SC1592422023-04-05SC159242ns15:Scotland2023-04-062024-04-05SC159242ns14:PoundSterling2023-04-062024-04-05SC159242ns10:Director12023-04-062024-04-05SC159242ns10:PrivateLimitedCompanyLtd2023-04-062024-04-05SC159242ns10:SmallEntities2023-04-062024-04-05SC159242ns10:AuditExempt-NoAccountantsReport2023-04-062024-04-05SC159242ns10:SmallCompaniesRegimeForDirectorsReport2023-04-062024-04-05SC159242ns10:SmallCompaniesRegimeForAccounts2023-04-062024-04-05SC159242ns10:FullAccounts2023-04-062024-04-05SC159242ns10:RegisteredOffice2023-04-062024-04-05SC159242ns5:CurrentFinancialInstruments2024-04-05SC159242ns5:CurrentFinancialInstruments2023-04-05SC159242ns5:ShareCapital2024-04-05SC159242ns5:ShareCapital2023-04-05SC159242ns5:FurtherSpecificReserve3ComponentTotalEquity2024-04-05SC159242ns5:FurtherSpecificReserve3ComponentTotalEquity2023-04-05SC159242ns5:RetainedEarningsAccumulatedLosses2024-04-05SC159242ns5:RetainedEarningsAccumulatedLosses2023-04-05SC159242ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-05SC159242ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-05SC159242ns5:RetainedEarningsAccumulatedLosses2023-04-05SC159242ns5:FurtherSpecificReserve3ComponentTotalEquity2023-04-05SC159242ns5:RetainedEarningsAccumulatedLosses2023-04-062024-04-05
REGISTERED NUMBER: SC159242 (Scotland)




















Property Development And Management
Limited

Unaudited Financial Statements

for the Year Ended 5 April 2024






Property Development And Management
Limited (Registered number: SC159242)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Property Development And Management
Limited

Company Information
for the Year Ended 5 April 2024







DIRECTOR: Mrs M MacPherson





REGISTERED OFFICE: 5a York Road
North Berwick
East Lothian
EH39 4LX





REGISTERED NUMBER: SC159242 (Scotland)





ACCOUNTANTS: Whitelaw Wells
The Lighthouse
Heugh Road
North Berwick
EH39 5PX

Property Development And Management
Limited (Registered number: SC159242)

Balance Sheet
5 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 215,000 220,000

CURRENT ASSETS
Debtors 5 1,654 90,884
Cash at bank 512,435 419,067
514,089 509,951
CREDITORS
Amounts falling due within one year 6 7,826 12,159
NET CURRENT ASSETS 506,263 497,792
TOTAL ASSETS LESS CURRENT
LIABILITIES

721,263

717,792

PROVISIONS FOR LIABILITIES 7,389 8,639
NET ASSETS 713,874 709,153

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 7 36,851 40,601
Retained earnings 7 677,021 668,550
713,874 709,153

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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.

Property Development And Management
Limited (Registered number: SC159242)

Balance Sheet - continued
5 April 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 10 October 2024 and were signed by:





Mrs M MacPherson - Director


Property Development And Management
Limited (Registered number: SC159242)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

Property Development And Management 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 is measured at the fair value of property management services.

Revenue from property lettings is recognised when the service has been provided and all obligations to the customer under the agreement have been fulfilled.

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.

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.

Property Development And Management
Limited (Registered number: SC159242)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023 220,000
Revaluations (5,000 )
At 5 April 2024 215,000
NET BOOK VALUE
At 5 April 2024 215,000
At 5 April 2023 220,000

Fair value at 5 April 2024 is represented by:
£   
Valuation in 2018 14,240
Valuation in 2023 35,000
Valuation in 2024 (5,000 )
Cost 170,760
215,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,654 90,884

Property Development And Management
Limited (Registered number: SC159242)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 480
Taxation and social security 1,987 5,426
Other creditors 5,839 6,253
7,826 12,159

7. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 6 April 2023 668,550 40,601 709,151
Profit for the year 4,721 4,721
Revaluation of investment prop 5,000 (5,000 ) -
Transfer DT (1,250 ) 1,250 -
At 5 April 2024 677,021 36,851 713,872

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.