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REGISTERED NUMBER: SC130322 (Scotland)














Edinburgh & Newcastle
Properties Limited

Unaudited Financial Statements

For The Year Ended 31 March 2024






Edinburgh & Newcastle
Properties Limited (Registered number: SC130322)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Edinburgh & Newcastle
Properties Limited

Company Information
For The Year Ended 31 March 2024







DIRECTORS: M J W Wooding
Mrs A L Balch
Miss J M Wooding





SECRETARY: Mrs J M Idriss





REGISTERED OFFICE: c/o Morton Fraser MacRoberts LLP
Quartermile Two
2 Lister Square
Edinburgh
EH3 9GL





REGISTERED NUMBER: SC130322 (Scotland)





ACCOUNTANTS: Ingham & Co.
Chartered Accountants
George Stanley House
2 West Parade Road
Scarborough
North Yorkshire
YO12 5ED

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Edinburgh & Newcastle
Properties Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Edinburgh & Newcastle Properties Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Edinburgh & Newcastle Properties Limited, as a body, in accordance with the terms of our engagement letter dated 25 March 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Edinburgh & Newcastle Properties Limited and state those matters that we have agreed to state to the Board of Directors of Edinburgh & Newcastle Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Edinburgh & Newcastle Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Edinburgh & Newcastle Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Edinburgh & Newcastle Properties Limited. You consider that Edinburgh & Newcastle Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Edinburgh & Newcastle Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ingham & Co.
Chartered Accountants
George Stanley House
2 West Parade Road
Scarborough
North Yorkshire
YO12 5ED


14 October 2024

Edinburgh & Newcastle
Properties Limited (Registered number: SC130322)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 93,158 95,662
Investment property 5 2,121,512 2,110,405
2,214,670 2,206,067

CURRENT ASSETS
Stocks 1,800,128 1,798,855
Debtors 6 56,071 49,993
Investments 7 617 617
Cash at bank and in hand 167,250 134,891
2,024,066 1,984,356
CREDITORS
Amounts falling due within one year 8 456,877 478,726
NET CURRENT ASSETS 1,567,189 1,505,630
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,781,859

3,711,697

CREDITORS
Amounts falling due after more than one
year

9

(272,473

)

(394,230

)

PROVISIONS FOR LIABILITIES (110,064 ) (111,229 )
NET ASSETS 3,399,322 3,206,238

CAPITAL AND RESERVES
Called up share capital 11 11
Revaluation Reserve 77,957 77,957
Retained earnings 3,321,354 3,128,270
SHAREHOLDERS' FUNDS 3,399,322 3,206,238

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.

Edinburgh & Newcastle
Properties Limited (Registered number: SC130322)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by:




Mrs A L Balch - Director



M J W Wooding - Director


Edinburgh & Newcastle
Properties Limited (Registered number: SC130322)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Edinburgh & Newcastle Properties 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 represents income from property sales and rents receivable in respect of stock properties owned by the company.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on reducing balance and 10% on reducing balance

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

Edinburgh & Newcastle
Properties Limited (Registered number: SC130322)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 100,373 41,304 141,677
Additions - 1,834 1,834
At 31 March 2024 100,373 43,138 143,511
DEPRECIATION
At 1 April 2023 18,058 27,957 46,015
Charge for year 2,008 2,330 4,338
At 31 March 2024 20,066 30,287 50,353
NET BOOK VALUE
At 31 March 2024 80,307 12,851 93,158
At 31 March 2023 82,315 13,347 95,662

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,110,405
Additions 11,107
At 31 March 2024 2,121,512
NET BOOK VALUE
At 31 March 2024 2,121,512
At 31 March 2023 2,110,405

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 236,216
Valuation in 2018 179,337
Valuation in 2022 (242,081 )
Cost 1,948,040
2,121,512

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,904,029 1,892,922

Investment property was valued on an open market basis on 31 March 2022 by independent chartered surveyors .

Edinburgh & Newcastle
Properties Limited (Registered number: SC130322)

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

5. INVESTMENT PROPERTY - continued

The investment properties situation in Scotland were valued by AB Robb Limited, Chartered Surveyors. The investment properties situated in England were valued by Richardson & Smith, Chartered Surveyors.

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 31,862 17,951
Other debtors 24,209 30,017
56,071 47,968

Amounts falling due after more than one year:
Other debtors - 2,025

Aggregate amounts 56,071 49,993

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Investments 617 617

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 125,391 125,093
Trade creditors 46,183 52,429
Taxation and social security 80,925 66,181
Other creditors 204,378 235,023
456,877 478,726

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 272,473 394,230

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 397,864 519,323

Edinburgh & Newcastle
Properties Limited (Registered number: SC130322)

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

11. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 5,830

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Miss J M Wooding
Balance outstanding at start of year 6,000 -
Amounts advanced - 6,000
Amounts repaid (6,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 6,000

M J W Wooding
Balance outstanding at start of year - -
Amounts advanced 58 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 58 -

13. ULTIMATE CONTROLLING PARTY

The company is controlled by M J W Wooding, Miss H C Lewis, Mrs A L Balch and Miss L J Wooding, the trustees of J W Wooding Will Trust. The beneficiaries of the J W Wooding Will Trust are M J W Wooding, Mrs J M Idriss, Mrs A L Balch, Miss J M Wooding, P Garrett and Miss I L Garrett.