Company Registration No. SC761829 (Scotland)
North Air Property Ltd
Unaudited accounts
for the period from 10 March 2023 to 31 March 2024
North Air Property Ltd
Unaudited accounts
Contents
North Air Property Ltd
Company Information
for the period from 10 March 2023 to 31 March 2024
Director
David James Forsyth
Company Number
SC761829 (Scotland)
Registered Office
The Willows
7 Burnside
Portsoy
Banff
AB45 2QN
Scotland
North Air Property Ltd
Statement of financial position
as at 31 March 2024
Investment property
175,000
Cash at bank and in hand
75,795
Creditors: amounts falling due within one year
(14,233)
Total assets less current liabilities
236,562
Creditors: amounts falling due after more than one year
(164,525)
Provisions for liabilities
Profit and loss account
(3,821)
Shareholders' funds
58,350
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 November 2024 and were signed on its behalf by
David James Forsyth
Director
Company Registration No. SC761829
North Air Property Ltd
Notes to the Accounts
for the period from 10 March 2023 to 31 March 2024
North Air Property Ltd is a private company, limited by shares, registered in Scotland, registration number SC761829. The registered office is The Willows, 7 Burnside, Portsoy, Banff, AB45 2QN, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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 accounts. 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.
Net gain from fair value adjustments
76,753
The historic cost of the above investment properties totals £98,247. The fair value of the properties has been arrived at by the director of the company on 31 March 2024 on a market value basis.
5
Creditors: amounts falling due within one year
2024
Loans from directors
7,137
North Air Property Ltd
Notes to the Accounts
for the period from 10 March 2023 to 31 March 2024
6
Creditors: amounts falling due after more than one year
2024
At the balance sheet date, The Mortgage Works (UK) PLC hold other charges over a property owned by the company.
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
Shares issued during the period:
1 Ordinary shares of £1 each
1
8
Transactions with related parties
During the year, a business controlled by the director provided services to the company totaling £33,654. These transactions were conducted at arm's length and at market value.
At the balance sheet date, £7,139 was due to the director. The loan is unsecured, interest free and payable on demand.
9
Average number of employees
During the period the average number of employees was 0.