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Registered Number: SC699234
Scotland

 

 

 


Unaudited Financial Statements

for the year ended 31 May 2023

for

DAVID PHILIP PROPERTY INVESTMENTS LTD

Director David Philip
Registered Number SC699234
Registered Office 10 Binniehill Road
Glasgow
North Lanarkshire
G68 9AJ
Accountants FBD Consultancy Accounts & Tax Ltd.
4 Glasgow Road
Bonnybridge
FK4 1QF
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 May 2023.
Principal activities
Principal activity of the company during the financial year was of ...
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions
Director
The director who served the company throughout the year was as follows:
David Philip

On behalf of the board.


----------------------------------
David Philip
Director

Date approved: 14 October 2024
2
You believe that David Philip Property Investments Ltd is exempt from an audit for the year ended 31 May 2023. You acknowledge your responsibilities for complying with the requirements of the Companies Act 2006, with respect to David Philip Property Investments Ltd accounting records and the preparation of its accounts. Directors responsibilities include ensuring that the accounts present a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year ended 31 May 2023.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of David Philip Property Investments Ltd for the year ended year ended 31 May 2023 which comprises which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements.
Accordingly, our work has been undertaken in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

FBD Consultancy Accounts & Tax Ltd.
31 May 2023



....................................................

FBD Consultancy Accounts & Tax Ltd.

4 Glasgow Road
Bonnybridge
FK4 1QF
14 October 2024
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 383,000    260,814 
383,000    260,814 
Current assets      
Debtors 4   180 
Cash at bank and in hand 38,210    23,015 
38,210    23,195 
Creditors: amount falling due within one year 5 (199,387)   (51,335)
Net current assets (161,177)   (28,140)
 
Total assets less current liabilities 221,823    232,674 
Creditors: amount falling due after more than one year 6 (193,218)   (194,724)
Provisions for liabilities 7 (23,198)   (14,541)
Net assets 5,407    23,409 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 5,307    23,309 
Shareholders' funds 5,407    23,409 
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 14 October 2024 and were signed by:


-------------------------------
David Philip
Director
4
General Information
David Philip Property Investments Ltd is a private company, limited by shares, registered in Scotland, registration number SC699234, registration address 10 Binniehill Road, Glasgow, North Lanarkshire, G68 9AJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Preference dividends
Where preference shares are classed as liabilities rather than equity any preference dividends paid are included in interest payable and similar charges within the income statement.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Total
  £   £
At 01 June 2022 260,813    260,813 
Additions 76,623    76,623 
Disposals  
Revaluations 45,564    45,564 
At 31 May 2023 383,000    383,000 
Depreciation
At 01 June 2022  
Charge for year  
On disposals  
At 31 May 2023  
Net book values
Closing balance as at 31 May 2023 383,000    383,000 
Opening balance as at 01 June 2022 260,814    260,814 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors   180 
  180 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 3,585   
Accrued Expenses 6,015    3,137 
Other Creditors 189,787    24,210 
Directors' Current Accounts   23,988 
199,387    51,335 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 193,218    194,724 
193,218    194,724 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 23,198    14,541 
23,198    14,541 

5