Company registration number SC006754 (Scotland)
The Dundee Property Reversionary Company Limited
unaudited financial statements
for the year ended 30 June 2024
Pages for filing with registrar
The Dundee Property Reversionary Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
The Dundee Property Reversionary Company Limited
Balance sheet
as at 30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
27,389,638
23,849,761
Current assets
Debtors
4
-
0
638,400
Cash at bank and in hand
415,916
614,819
415,916
1,253,219
Creditors: amounts falling due within one year
5
(95,282)
(159,459)
Net current assets
320,634
1,093,760
Total assets less current liabilities
27,710,272
24,943,521
Creditors: amounts falling due after more than one year
6
(7,088)
(7,088)
Provisions for liabilities
(3,984,588)
(3,287,479)
Net assets
23,718,596
21,648,954
Capital and reserves
Called up share capital
7
13,477
13,477
Revaluation reserve
8
13,749,150
11,925,889
Other reserves
10
9,100,193
8,813,617
Profit and loss reserves
10
855,776
895,971
Total equity
23,718,596
21,648,954

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Dundee Property Reversionary Company Limited
Balance sheet (continued)
as at 30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 November 2024 and are signed on its behalf by:
Christopher Peter John Gardiner
Director
Company registration number SC006754 (Scotland)
The Dundee Property Reversionary Company Limited
Notes to the financial statements
for the year ended 30 June 2024
- 3 -
1
Accounting policies
Company information

The Dundee Property Reversionary Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Investments are initially measured at transaction price including transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the profit or loss.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

The Dundee Property Reversionary Company Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
1
Accounting policies (continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The Dundee Property Reversionary Company Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
1
Accounting policies (continued)
- 5 -
1.8

Preference shares

Where preference shares carry an obligation to deliver economic value they are included as liabilities in the balance sheet and any related dividend is treated as a finance cost in the profit and loss account.

1.9

Investment income

Investment income is included in revenue on the date on which it is receivable. Franked investment income is stated on the basis of cash receipts.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
27,389,638
23,849,761
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
23,849,761
Additions
1,044,191
Unrealised profit
2,907,301
Disposals
(411,615)
At 30 June 2024
27,389,638
Carrying amount
At 30 June 2024
27,389,638
At 30 June 2023
23,849,761
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
638,400
The Dundee Property Reversionary Company Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
80,847
153,940
Other creditors
865
248
Accruals and deferred income
13,570
5,271
95,282
159,459
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
7,088
7,088

Other creditors represents 3.5% cumulative preference shares of £1. These shares carry no voting rights and on winding up entitle holders to a return of paid up capital and any arrears of dividend before ordinary shareholders.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13,477
13,477
13,477
13,477

Each ordinary share carries one vote and is entitled to participate pari passu with other ordinary shares in any dividend or capital distribution once the rights of preference shareholders have been satisfied.

8
Revaluation reserve

The revaluation reserve represents the market value uplift in the companies investment portfolio net of any deferred tax associated with the future sale of these investments.

9
Other reserves

The other reserves represent gains or losses realised on the disposal of investments and is available for distribution to shareholders.

10
Profit and loss reserves

The profit and loss account represents amounts available for distribution amongst the shareholders.

11
Directors' transactions

Dividends totalling £172,037 (2023 - £157,356) were paid in the year in respect of shares held by the company's directors.

The Dundee Property Reversionary Company Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
- 7 -
12
Related party transactions
Remuneration of key management personnel
2024
2023
£
£
Aggregate compensation
21,600
21,056
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchase of services
2024
2023
£
£
Other related parties
28,813
28,200
Dividends paid to related parties
Dividends received from related parties
2024
2023
2024
2023
£
£
£
£
Other related parties
278,622
97,524
106,585
218,238
13
Ultimate controlling party

No one individual has ultimate control of the company.

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