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REGISTERED NUMBER: SC561909 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

NEILL PROPERTIES LIMITED

NEILL PROPERTIES LIMITED (REGISTERED NUMBER: SC561909)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEILL PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Thomas Neill
Elaine Marie Neill



SECRETARY: Thomas Neill



REGISTERED OFFICE: Upper Tinwald Farm
Shieldhill Road
Torthorwald
Dumfries & Galloway
DG1 3PS



REGISTERED NUMBER: SC561909 (Scotland)



ACCOUNTANTS: Stewart Gilmour & Co.
Chartered Accountants
24 Beresford Terrace
Ayr
KA7 2EG



BANKERS: Virgin Money
28 Market Street
Ellon
Aberdeenshire
AB41 9JE

NEILL PROPERTIES LIMITED (REGISTERED NUMBER: SC561909)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 268,102 268,102

CURRENT ASSETS
Cash at bank 14,523 9,953

CREDITORS
Amounts falling due within one year 5 228,939 225,790
NET CURRENT LIABILITIES (214,416 ) (215,837 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,686

52,265

CREDITORS
Amounts falling due after more than one
year

6

35,267

37,303
NET ASSETS 18,419 14,962

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 18,319 14,862
SHAREHOLDERS' FUNDS 18,419 14,962

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

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 28 November 2024 and were signed on its behalf by:



Thomas Neill - Director


NEILL PROPERTIES LIMITED (REGISTERED NUMBER: SC561909)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Neill 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.

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.

In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are held to earn rental income and for their investment potential rather than for their consumption, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation of £5,362 (2022; £5,362).

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 (2022 - 2 ) .

NEILL PROPERTIES LIMITED (REGISTERED NUMBER: SC561909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 268,102
NET BOOK VALUE
At 30 November 2023 268,102
At 30 November 2022 268,102

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 268,102

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 268,102 268,102
Aggregate depreciation (23,417 ) (18,055 )

Investment property was valued on an open market value basis on 30 November 2023 by Thomas Neill .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 811 2,889
Other creditors 228,128 222,901
228,939 225,790

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 35,267 37,303

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 26,267 28,303

NEILL PROPERTIES LIMITED (REGISTERED NUMBER: SC561909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary 'A' £1 50 50
50 Ordinary 'B' £1 50 50
100 100