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Company No: SC328067 (Scotland)

NARANCO (FORFAR) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH THE REGISTRAR

NARANCO (FORFAR) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2025

Contents

NARANCO (FORFAR) LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2025
NARANCO (FORFAR) LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2025
Note 2025 2024
£ £
Fixed assets
Investment property 3 198,355 198,355
198,355 198,355
Current assets
Cash at bank and in hand 13,493 14,409
13,493 14,409
Creditors: amounts falling due within one year 4 ( 7,144) ( 6,560)
Net current assets 6,349 7,849
Total assets less current liabilities 204,704 206,204
Net assets 204,704 206,204
Capital and reserves
Called-up share capital 5 14 14
Profit and loss account 204,690 206,190
Total shareholders' funds 204,704 206,204

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.

Directors' responsibilities:

The financial statements of Naranco (Forfar) Limited (registered number: SC328067) were approved and authorised for issue by the Board of Directors on 04 June 2025. They were signed on its behalf by:

David Gibb
Director
Karen Gibb
Director
NARANCO (FORFAR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2025
NARANCO (FORFAR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Naranco (Forfar) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael, 15 Academy Street, Forfar, DD8 2HA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rental income from properties. Revenue is recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 February 2024 198,355
As at 31 January 2025 198,355

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Directors on 31 January 2025.

4. Creditors: amounts falling due within one year

2025 2024
£ £
Other creditors 7,144 6,560

5. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
10 A ordinary shares of £ 1.00 each 10 10
1 B ordinary share of £ 1.00 1 1
3 C ordinary shares of £ 1.00 each 3 3
14 14