10 March 2023 false Taxfiler 2024.6 SC761829business:PrivateLimitedCompanyLtd2023-03-102024-03-31 SC7618292023-03-09 SC7618292023-03-102024-03-31 SC761829business:AuditExempt-NoAccountantsReport2023-03-102024-03-31 SC761829business:FilletedAccounts2023-03-102024-03-31 SC7618292024-03-31 SC761829business:Director12023-03-102024-03-31 SC761829business:RegisteredOffice2023-03-102024-03-31 SC761829core:WithinOneYear2024-03-31 SC761829core:AfterOneYear2024-03-31 SC761829core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 SC761829core:InvestmentPropertiesRevaluationReservecore:PreviouslyStatedAmount2024-03-31 SC761829core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 SC761829core:PreviouslyStatedAmount2024-03-31 SC761829business:SmallEntities2023-03-102024-03-31 SC761829countries:Scotland2023-03-102024-03-31 SC761829core:AfterOneYear2023-03-102024-03-31 SC761829business:OrdinaryShareClass12023-03-102024-03-31 iso4217:GBP xbrli:shares xbrli:pure
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
Page
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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
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North Air Property Ltd Statement of financial position as at 31 March 2024
2024 
Notes
£ 
Fixed assets
Investment property
175,000 
Current assets
Cash at bank and in hand
75,795 
Creditors: amounts falling due within one year
(14,233)
Net current assets
61,562 
Total assets less current liabilities
236,562 
Creditors: amounts falling due after more than one year
(164,525)
Provisions for liabilities
Deferred tax
(13,687)
Net assets
58,350 
Capital and reserves
Called up share capital
1 
Fair value reserve
62,170 
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
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North Air Property Ltd Notes to the Accounts for the period from 10 March 2023 to 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
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 taxation
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.
4
Investment property
2024 
£ 
Additions
98,247 
Net gain from fair value adjustments
76,753 
At 31 March 2024
175,000 
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 
£ 
Trade creditors
3,504 
Loans from directors
7,137 
Accruals
3,592 
14,233 
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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 
£ 
Other creditors
164,525 
At the balance sheet date, The Mortgage Works (UK) PLC hold other charges over a property owned by the company.
7
Share capital
2024 
£ 
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.
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