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COMPANY REGISTRATION NUMBER: SC044033
Nationspaces Developments Limited
Unaudited Financial Statements
28 February 2025
Nationspaces Developments Limited
Financial Statements
Year ended 28 February 2025
Contents
Page
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
Nationspaces Developments Limited
Directors' Report
Year ended 28 February 2025
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2025 .
Directors
The directors who served the company during the year were as follows:
R D A Syme
Ms D E Syme
Mr R A Syme
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 May 2025 and signed on behalf of the board by:
R D A Syme
Director
Registered office:
1 Greenhill Avenue
Giffnock
Glasgow
Scoltand
G46 6QX
Nationspaces Developments Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Nationspaces Developments Limited
Year ended 28 February 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nationspaces Developments Limited for the year ended 28 February 2025, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Nationspaces Developments Limited, as a body, in accordance with the terms of our engagement letter dated 20 July 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Nationspaces Developments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nationspaces Developments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Nationspaces Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nationspaces Developments Limited. You consider that Nationspaces Developments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Nationspaces Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
NELSON GILMOUR SMITH Chartered Accountants
Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB
28 May 2025
Nationspaces Developments Limited
Statement of Income and Retained Earnings
Year ended 28 February 2025
2025
2024
Note
£
£
Turnover
554,863
567,087
---------
---------
Gross profit
554,863
567,087
Administrative expenses
219,061
347,929
---------
---------
Operating profit
335,802
219,158
Other interest receivable and similar income
36,868
37,436
---------
---------
Profit before taxation
5
372,670
256,594
Tax on profit
101,643
20,843
---------
---------
Profit for the financial year and total comprehensive income
271,027
235,751
---------
---------
Dividends paid and payable
( 133,334)
( 55,416)
Retained earnings at the start of the year
2,375,094
2,194,759
------------
------------
Retained earnings at the end of the year
2,512,787
2,375,094
------------
------------
All the activities of the company are from continuing operations.
Nationspaces Developments Limited
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
6
1,300,242
1,390,149
Investments
7
373,396
38,700
------------
------------
1,673,638
1,428,849
Current assets
Debtors
8
446,049
439,749
Cash at bank and in hand
781,976
843,391
------------
------------
1,228,025
1,283,140
Creditors: amounts falling due within one year
9
109,907
57,926
------------
------------
Net current assets
1,118,118
1,225,214
------------
------------
Total assets less current liabilities
2,791,756
2,654,063
------------
------------
Net assets
2,791,756
2,654,063
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
273,654
273,654
Capital redemption reserve
5,215
5,215
Profit and loss account
2,512,787
2,375,094
------------
------------
Shareholders funds
2,791,756
2,654,063
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nationspaces Developments Limited
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
R D A Syme
Director
Company registration number: SC044033
Nationspaces Developments Limited
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Greenhill Avenue, Giffnock, Glasgow, G46 6QX, Scoltand.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
25% straight line
Motor Vehicles
-
20% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2024: 8 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2025
2024
£
£
Depreciation of tangible assets
45,139
50,175
--------
--------
6. Tangible assets
Freehold property
Short leasehold property
Motor vehicles
Equipment
Investment Properties
Total
£
£
£
£
£
£
Cost
At 1 Mar 2024
1,085,944
102,286
111,528
41,131
131,376
1,472,265
Disposals
( 44,768)
( 44,768)
------------
---------
---------
--------
---------
------------
At 28 Feb 2025
1,041,176
102,286
111,528
41,131
131,376
1,427,497
------------
---------
---------
--------
---------
------------
Depreciation
At 1 Mar 2024
25,572
22,306
34,238
82,116
Charge for the year
25,571
17,844
1,724
45,139
------------
---------
---------
--------
---------
------------
At 28 Feb 2025
51,143
40,150
35,962
127,255
------------
---------
---------
--------
---------
------------
Carrying amount
At 28 Feb 2025
1,041,176
51,143
71,378
5,169
131,376
1,300,242
------------
---------
---------
--------
---------
------------
At 29 Feb 2024
1,085,944
76,714
89,222
6,893
131,376
1,390,149
------------
---------
---------
--------
---------
------------
Tangible assets held at valuation
7. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 March 2024
38,700
38,700
Additions
334,696
334,696
---------
--------
---------
At 28 February 2025
334,696
38,700
373,396
---------
--------
---------
Impairment
At 1 March 2024 and 28 February 2025
---------
--------
---------
Carrying amount
At 28 February 2025
334,696
38,700
373,396
---------
--------
---------
At 29 February 2024
38,700
38,700
---------
--------
---------
During the year, Nationspaces Developments Limited purchased 40 shares (40%) in Joyfields Properties Limited.
8. Debtors
2025
2024
£
£
Trade debtors
3,432
3,931
Other debtors
442,617
435,818
---------
---------
446,049
439,749
---------
---------
9. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
( 52)
Corporation tax
101,643
20,853
Social security and other taxes
3,758
4,065
Other creditors
4,558
33,008
---------
--------
109,907
57,926
---------
--------
10. Related party transactions
In the directors' opinion Ralph Syme had ultimate control of the company at the balance sheet date. In a previous year the company provided a loan to Joyfields Properties Limited , a company which Nationspaces Developments now own 40% share capital and Ralph Syme is director and shareholder . The outstanding amounts are as follows: beginning of the year: £ 327,202 ; End of Year: £ 327,202 ; maximum during the year: £327,202.