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REGISTERED NUMBER: SC261613 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

P & S Property Developments Limited

P & S Property Developments Limited (Registered number: SC261613)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P & S Property Developments Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: L Di Resta





SECRETARY: S S Di Resta





REGISTERED OFFICE: c/o Cowan & Partners
60 Constitution Street
Edinburgh
MIDLOTHIAN
EH6 6RR





REGISTERED NUMBER: SC261613 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

P & S Property Developments Limited (Registered number: SC261613)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 817,964 726,416

CURRENT ASSETS
Stocks 647,544 647,544
Debtors 5 122,013 134,879
Cash at bank 13,807 70,382
783,364 852,805
CREDITORS
Amounts falling due within one year 6 79,767 65,176
NET CURRENT ASSETS 703,597 787,629
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,521,561

1,514,045

CREDITORS
Amounts falling due after more than one
year

7

(827,572

)

(865,066

)

PROVISIONS FOR LIABILITIES (2,080 ) (567 )
NET ASSETS 691,909 648,412

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 690,909 647,412
SHAREHOLDERS' FUNDS 691,909 648,412

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

P & S Property Developments Limited (Registered number: SC261613)

Balance Sheet - continued
31 March 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 director and authorised for issue on 5 February 2025 and were signed by:





L Di Resta - Director


P & S Property Developments Limited (Registered number: SC261613)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

P & S Property Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings - 25% RB
Plant and machinery - 25% RB
Computers - 33.3% SL

No depreciation has been provided on the property as it has been deemed to have retained its current value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


P & S Property Developments Limited (Registered number: SC261613)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 724,150 - 638
Additions - 85,493 9,935
At 31 March 2024 724,150 85,493 10,573
DEPRECIATION
At 1 April 2023 - - 339
Charge for year - - 2,583
At 31 March 2024 - - 2,922
NET BOOK VALUE
At 31 March 2024 724,150 85,493 7,651
At 31 March 2023 724,150 - 299

P & S Property Developments Limited (Registered number: SC261613)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 15,662 4,809 745,259
Additions - - 95,428
At 31 March 2024 15,662 4,809 840,687
DEPRECIATION
At 1 April 2023 14,675 3,829 18,843
Charge for year 317 980 3,880
At 31 March 2024 14,992 4,809 22,723
NET BOOK VALUE
At 31 March 2024 670 - 817,964
At 31 March 2023 987 980 726,416

No indicators of impairment were noted during the year.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,156 -
Other debtors 120,857 134,879
122,013 134,879

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 40,969 40,968
Taxation and social security 32,920 20,960
Other creditors 5,878 3,248
79,767 65,176

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 827,572 865,066

P & S Property Developments Limited (Registered number: SC261613)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loan - 28,068

A floating charge over all the properties of the company was taken out in favour of the Royal Bank of Scotland.on 4th December, 2018.
A floating charge over all the properties and assets of the company was taken out in favour of the AIB Group (UK) PLC on 16th April, 2007.
A Standard Security over the properties of the company was taken out in favour of the Clydesdale Bank Public Limited Company on 25th March, 2004.
A floating charge over all the properties and assets of the company was taken out in favour of the Clydesdale Bank Limited Company on 29th January, 2004.