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REGISTERED NUMBER: SC295862 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

429 Limited

429 Limited (Registered number: SC295862)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


429 Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs G A Hay
Mr G Hay





REGISTERED OFFICE: 4 Mill Road
Port Elphinstone
Inverurie
Aberdeenshire
AB51 5UD





REGISTERED NUMBER: SC295862 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

429 Limited (Registered number: SC295862)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,262 22,073
Investment property 5 1,671,989 1,670,146
1,688,251 1,692,219

CURRENT ASSETS
Debtors 6 4,121 4,712
Cash at bank - 5,923
4,121 10,635
CREDITORS
Amounts falling due within one year 7 940,162 612,285
NET CURRENT LIABILITIES (936,041 ) (601,650 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

752,210

1,090,569

CREDITORS
Amounts falling due after more than one
year

8

286,627

658,427
NET ASSETS 465,583 432,142

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Other reserve 10 94,530 94,530
Retained earnings 370,053 336,612
465,583 432,142

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.

429 Limited (Registered number: SC295862)

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 12 November 2024 and were signed on its behalf by:





Mrs G A Hay - Director


429 Limited (Registered number: SC295862)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

429 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 the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings 25% on cost
Computer equipment 25% on cost
Motor vehicles 25% 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.

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 2 (2023 - 2 ) .

429 Limited (Registered number: SC295862)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 3,408 28,910 1,565 33,883
DEPRECIATION
At 1 April 2023 3,408 7,228 1,174 11,810
Charge for year - 5,420 391 5,811
At 31 March 2024 3,408 12,648 1,565 17,621
NET BOOK VALUE
At 31 March 2024 - 16,262 - 16,262
At 31 March 2023 - 21,682 391 22,073

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,670,146
Additions 1,843
At 31 March 2024 1,671,989
NET BOOK VALUE
At 31 March 2024 1,671,989
At 31 March 2023 1,670,146

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2007 113,469
Valuation in 2009 87,953
Valuation in 2015 (87,243 )
Valuation in 2016 30,841
Valuation in 2019 141,673
Valuation in 2020 (30,390 )
Valuation in 2023 (148,259 )
Cost 1,563,945
1,671,989

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

31.3.24 31.3.23
£    £   
Cost 1,518,697 1,518,697

Investment properties were valued on an open market basis on 31 March 2023 by the directors .

429 Limited (Registered number: SC295862)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 600 600
Other debtors 3,521 4,112
4,121 4,712

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 291,910 40,000
Hire purchase contracts 1,800 1,800
Taxation and social security 17,493 16,556
Other creditors 628,959 553,929
940,162 612,285

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 270,000 640,000
Hire purchase contracts 16,627 18,427
286,627 658,427

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 480,000

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 310,000 680,000

The bank loans are secured by a first standard security over the investment properties held by the company and a bond and floating charge over the remainder of the company's assets. In addition, the directors, Mr G Hay and Mrs G Hay, have provided a personal guarantee to the company's bank.

10. RESERVES
Other
reserve
£   
At 1 April 2023
and 31 March 2024 94,530

429 Limited (Registered number: SC295862)

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.3.24 31.3.23
£    £   
Mr G Hay and Mrs G A Hay
Balance outstanding at start of year (535,385 ) (553,355 )
Amounts advanced 3,533 32,857
Amounts repaid (77,665 ) (14,887 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (609,517 ) (535,385 )

12. RELATED PARTY DISCLOSURES

During the year consultancy fees of £1,500 (£1,500 - 2023) was received from Findlay, Glover and MacAulay Limited, a company of which G Hay is a director.

During the year consultancy fees of £6,000 (£6,000 - 2023) was received from GPH Builders Merchants Limited, a company of which G Hay is a director.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.