| REGISTERED NUMBER: |
| North Berwick Properties Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2024 |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 9 Ainslie Place |
| Edinburgh |
| Midlothian |
| EH3 6AT |
| BANKERS: |
| 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 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| North Berwick Properties Limited (Registered number: SC231864) |
| Balance Sheet - continued |
| 31 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Fair value reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 4. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| 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 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| 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 |
| 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 |
| 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: | £ | £ |
| Ordinary A | £1 | 40,000 | 40,000 |
| Ordinary B | £1 | 1 | 2 |
| Ordinary C | £1 | 1 | 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 | 2,673,730 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 May 2024 | 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. |