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REGISTERED NUMBER: 12314461 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

270 DEGREES PROPERTY LIMITED

270 DEGREES PROPERTY LIMITED (REGISTERED NUMBER: 12314461)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


270 DEGREES PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Mr I Bailie
Mrs N Bailie





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
BN3 2PJ





REGISTERED NUMBER: 12314461 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

270 DEGREES PROPERTY LIMITED (REGISTERED NUMBER: 12314461)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 389,349 389,349

CURRENT ASSETS
Debtors 4 2,035 -
Cash at bank 9,844 9,789
11,879 9,789
CREDITORS
Amounts falling due within one year 5 129,524 129,398
NET CURRENT LIABILITIES (117,645 ) (119,609 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

271,704

269,740

CREDITORS
Amounts falling due after more than one
year

6

271,023

271,061
NET ASSETS/(LIABILITIES) 681 (1,321 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 581 (1,421 )
681 (1,321 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

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

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 22 February 2025 and were signed on its behalf by:





Mr I Bailie - Director


270 DEGREES PROPERTY LIMITED (REGISTERED NUMBER: 12314461)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1. 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.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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.

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 taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023
and 30 November 2024 389,349
NET BOOK VALUE
At 30 November 2024 389,349
At 30 November 2023 389,349

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accrued income 1,400 -
Prepayments 635 -
2,035 -

270 DEGREES PROPERTY LIMITED (REGISTERED NUMBER: 12314461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,277 9,277
Trade creditors - 300
Amounts owed to associates 51,240 51,240
Tax 179 -
Directors' loan accounts 67,500 67,500
Accrued expenses 1,328 1,081
129,524 129,398

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 9,277 9,277
Bank loans - 2-5 years 27,831 27,831
Bank loans more 5 yr by instal 233,915 233,953
271,023 271,061

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 233,915 233,953

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, I S & Mrs N Baillie maintained their loan to the company. As at 30 November 2024, the company owed them £67,500 (2023: £67,500). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

8. RELATED PARTY DISCLOSURES

During the year, 270 Degrees Property Limited not taken or repaid any loan to 270 Degrees Limited. The amount owed to 270 Degrees Limited £51,240. All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I S Bailie and Mrs N Bailie.

This was by virtue of their 100% holding of the issued share capital.

10. NET CURRENT LIABILITIES

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. As at the year end the current liabilities exceeded current assets by £117,645.

The validity of this basis depends upon the continued support of the company's directors. The directors confirms that they will give the required support.