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Registration number: SC148743

Pygmalion Properties Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025

 

Pygmalion Properties Limited

Contents

Director's Report

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Pygmalion Properties Limited

Director's Report for the Year Ended 31 January 2025

The Director presents his report and the financial statements for the year ended 31 January 2025.

Director of the Company

The Director who held office during the year was as follows:

Mr Michael Carolan

Principal activity

The principal activity of the Company is property investors.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 7 May 2025
 

.........................................
Mr Michael Carolan
Director

 

Pygmalion Properties Limited

(Registration number: SC148743)
Statement of Financial Position as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Investment property

4

1,610,192

1,610,192

Current assets

 

Debtors

5

10,000

12,589

Cash at bank and in hand

 

377,672

340,905

 

387,672

353,494

Creditors: Amounts falling due within one year

6

(31,208)

(18,910)

Net current assets

 

356,464

334,584

Total assets less current liabilities

 

1,966,656

1,944,776

Provisions for liabilities

(111,006)

(111,006)

Net assets

 

1,855,650

1,833,770

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

1,854,650

1,832,770

Shareholders' funds

 

1,855,650

1,833,770

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement and Director's Report.

 

Pygmalion Properties Limited

(Registration number: SC148743)
Statement of Financial Position as at 31 January 2025

Approved and authorised by the director on 7 May 2025
 

.........................................
Mr Michael Carolan
Director

 

Pygmalion Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Blackadders
30/34 Reform Street
Dundee

The principal place of business is:
35 Byron Street
DUNDEE
DD3 6QT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Pygmalion Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Pygmalion Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Depreciation

Asset class

Depreciation method and rate

Plant and Machinery

15%

Fixtures and Fittings

15%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 0 (2024 - 0).

 

Pygmalion Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

4

Investment properties

2025
£

At 1 February

1,610,192

At 31 January

1,610,192

The last valuation of investment property was at 31 January 2025 by the directors and they are of the opinion that they are stated at fair value in these accounts.

5

Debtors

Current

2025
£

2024
£

Prepayments

-

2,000

Other debtors

10,000

10,589

 

10,000

12,589

6

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Trade creditors

671

(280)

Taxation and social security

11,347

-

Accruals and deferred income

19,190

19,190

31,208

18,910

 

Pygmalion Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

7

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000