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REGISTERED NUMBER: SC231864 (Scotland)




















North Berwick Properties Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024






North Berwick Properties Limited (Registered number: SC231864)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


North Berwick Properties Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: S G Sheridan
A G Dawson
A M Reid-Thomas



REGISTERED OFFICE: Grianan
Hoebridge Road East
Gattonside
Melrose
TD6 9NB



REGISTERED NUMBER: SC231864 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland plc
36 St Andrews Square
Edinburgh
EH2 2YB

North Berwick Properties Limited (Registered number: SC231864)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investments 4 50 50
Investment property 5 3,635,032 3,635,032
3,635,082 3,635,082

CURRENT ASSETS
Debtors 6 34,870 40,514
Cash at bank 266,909 291,889
301,779 332,403
CREDITORS
Amounts falling due within one year 7 94,659 168,925
NET CURRENT ASSETS 207,120 163,478
TOTAL ASSETS LESS CURRENT LIABILITIES 3,842,202 3,798,560

CREDITORS
Amounts falling due after more than one
year

8

(849,468

)

(900,059

)

PROVISIONS FOR LIABILITIES (184,765 ) (184,765 )
NET ASSETS 2,807,969 2,713,736

North Berwick Properties Limited (Registered number: SC231864)

Balance Sheet - continued
31 May 2024

2024 2023
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 40,010 40,006
Fair value reserve 11 963,477 963,477
Retained earnings 11 1,804,482 1,710,253
SHAREHOLDERS' FUNDS 2,807,969 2,713,736

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 29 May 2025 and were signed on its behalf by:





A G Dawson - Director


North Berwick Properties Limited (Registered number: SC231864)

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

1. STATUTORY INFORMATION

North Berwick Properties 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis, which assumes the company will continue to trade for the foreseeable future. The director's going concern assessment includes a period of at least 12 months from the date of signing of these financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover represents net rental and consultancy fee income, excluding value added tax.

Rent is recognised in accordance with the lease agreement. Where rent is paid in advance, this is calculated and shown separately as deferred income.

Consultancy fees are recognised when the service has been provided and all obligations to the customers under the agreement have been fulfilled.

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuations in property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

North Berwick Properties Limited (Registered number: SC231864)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are repayable on demand.

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 tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date and is included in the accounts as a provision.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed assets investments
Unlisted fixed asset investments are stated at cost less any provision for impairment.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

North Berwick Properties Limited (Registered number: SC231864)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023
and 31 May 2024 50
NET BOOK VALUE
At 31 May 2024 50
At 31 May 2023 50

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 3,635,032
NET BOOK VALUE
At 31 May 2024 3,635,032
At 31 May 2023 3,635,032

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2017 302,273
Valuation in 2018 188,841
Valuation in 2019 4,810
Valuation in 2020 (67,710 )
Valuation in 2021 720,028
Valuation in 2023 2,486,790
3,635,032

North Berwick Properties Limited (Registered number: SC231864)

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

5. INVESTMENT PROPERTY - continued

If Investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,486,790 2,486,790

Investment properties were valued on an open market basis on 31 May 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by joint ventures 75 75
Other debtors 34,795 40,439
34,870 40,514

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 51,819 47,881
Taxation and social security - 61,011
Other creditors 42,840 60,033
94,659 168,925

Included within other creditors is a loan from the directors. The balance is unsecured, interest-free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 849,468 900,059

North Berwick Properties Limited (Registered number: SC231864)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 901,287 947,940

The Royal Bank of Scotland Plc holds a bond and floating charge over the assets of the company. They also have standard security's over the investment properties.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40,000 Ordinary A £1 40,000 40,000
1 Ordinary B £1 1 2
1 Ordinary C £1 1 2
2 Ordinary D £1 2 2
1 Ordinary E £1 1 -
1 Ordinary F £1 1 -
1 Ordinary G £1 1 -
1 Ordinary H £1 1 -
1 Ordinary I £1 1 -
1 Ordinary J £1 1 -
40,010 40,006

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
1 E Shares £1 1 -
1 F Shares £1 1 -
1 G Shares £1 1 -
1 H Share £1 1 -
1 I Shares £1 1 -
1 J Shares £1 1 -
6 -

North Berwick Properties Limited (Registered number: SC231864)

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

10. CALLED UP SHARE CAPITAL - continued

The following shares were issued during the year for cash at par :

1 Ordinary G share of £1
1 Ordinary H share of £1
1 Ordinary I share of £1
1 Ordinary J share of £1

The rights attached to the classes of shares are as follows:

The A, B, C, D, E, F, G , H, I and J ordinary shares have full rights in the company in all respects and rank pari passu. The company may, by ordinary resolution, differentiate between the different classes of shares in respect as to the amount or percentage of the dividend paid.

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 1,710,253 963,477 2,673,730
Profit for the year 139,229 139,229
Dividends (45,000 ) (45,000 )
At 31 May 2024 1,804,482 963,477 2,767,959

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

12. POST BALANCE SHEET EVENTS

After the year end the company sold one investment property.