IRIS Accounts Production v24.3.2.46 SC807442 Board of Directors 18.4.24 31.7.24 31.7.24 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC8074422024-04-17SC8074422024-07-31SC8074422024-04-182024-07-31SC8074422024-04-17SC807442ns15:Scotland2024-04-182024-07-31SC807442ns14:PoundSterling2024-04-182024-07-31SC807442ns10:Director12024-04-182024-07-31SC807442ns10:PrivateLimitedCompanyLtd2024-04-182024-07-31SC807442ns10:SmallEntities2024-04-182024-07-31SC807442ns10:AuditExempt-NoAccountantsReport2024-04-182024-07-31SC807442ns10:SmallCompaniesRegimeForDirectorsReport2024-04-182024-07-31SC807442ns10:SmallCompaniesRegimeForAccounts2024-04-182024-07-31SC807442ns10:FullAccounts2024-04-182024-07-31SC807442ns10:Director22024-04-182024-07-31SC807442ns10:Director32024-04-182024-07-31SC807442ns10:CompanySecretary12024-04-182024-07-31SC807442ns10:RegisteredOffice2024-04-182024-07-31SC807442ns5:Non-currentFinancialInstruments2024-07-31SC807442ns5:ShareCapital2024-07-31SC807442ns5:LandBuildings2024-04-182024-07-31SC807442ns5:LandBuildings2024-07-31SC807442ns5:AdditionsToInvestments2024-07-31SC807442ns5:CostValuation2024-07-31
REGISTERED NUMBER: SC807442 (Scotland)















DRM STORNOWAY LIMITED

Financial Statements for the Period 18 April 2024 to 31 July 2024






DRM STORNOWAY LIMITED (REGISTERED NUMBER: SC807442)






Contents of the Financial Statements
for the Period 18 April 2024 to 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DRM STORNOWAY LIMITED

Company Information
for the Period 18 April 2024 to 31 July 2024







DIRECTORS: Margaret Macleod
Mark Macleod
Dawn Campbell Maciver





SECRETARY: Margaret Macleod





REGISTERED OFFICE: Customs House
Quay Street
Stornoway
United Kingdom
HS1 2XX





REGISTERED NUMBER: SC807442 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

DRM STORNOWAY LIMITED (REGISTERED NUMBER: SC807442)

Balance Sheet
31 July 2024

Notes £    £   
FIXED ASSETS
Tangible assets 4 2,236,190
Investments 5 1
2,236,191

CURRENT ASSETS
Debtors 6 37,436
Cash at bank 180
37,616
NET CURRENT ASSETS 37,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,273,807

CREDITORS
Amounts falling due after more than one
year

7

2,273,806
NET ASSETS 1

CAPITAL AND RESERVES
Called up share capital 1
1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 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.

DRM STORNOWAY LIMITED (REGISTERED NUMBER: SC807442)

Balance Sheet - continued
31 July 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 29 November 2024 and were signed on its behalf by:





Mark Macleod - Director


DRM STORNOWAY LIMITED (REGISTERED NUMBER: SC807442)

Notes to the Financial Statements
for the Period 18 April 2024 to 31 July 2024

1. STATUTORY INFORMATION

DRM Stornoway 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.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the period 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 period 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 period was NIL.

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
Additions 2,236,190
At 31 July 2024 2,236,190
NET BOOK VALUE
At 31 July 2024 2,236,190

DRM STORNOWAY LIMITED (REGISTERED NUMBER: SC807442)

Notes to the Financial Statements - continued
for the Period 18 April 2024 to 31 July 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 1
At 31 July 2024 1
NET BOOK VALUE
At 31 July 2024 1

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Amounts owed by group undertakings 37,436

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Amounts owed to group undertakings 1,559,477
Other creditors 714,329
2,273,806

8. RELATED PARTY DISCLOSURES

Included within debtors due after one year is a loan to DRM Properties Limited, a wholly-owned subsidiary, of £37,436. There are no repayment terms and interest is not charged on the balance.

Included within creditors due after one year is a loan from DR Macleod Limited, the company's parent, of £1,559,477. There are no repayment terms and interest is not charged on the balance.

During the year the company purchased properties from Mrs M Macleod, director, for a total of £1,770,00. These transactions were at market value. At the year end, there was a balance due to Mrs M Macleod of £714,329.

During the year the company purchased properties from DR Macleod (Haulage) Limited, for a total of £385,000. These transactions were at market value.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is DR Macleod Limited.