Company registration number SC544980 (Scotland)
TERDY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TERDY DEVELOPMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
TERDY DEVELOPMENTS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF TERDY DEVELOPMENTS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Terdy Developments Limited for the year ended 30 September 2024 which comprise, the balance sheet 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of Terdy Developments Limited, as a body, in accordance with the terms of our engagement letter dated 4 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Terdy Developments Limited and state those matters that we have agreed to state to the board of directors of Terdy Developments Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Terdy Developments Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Terdy 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 Terdy Developments Limited. You consider that Terdy 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 Terdy 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.
A.J.B. Scholes Ltd
27 January 2025
Chartered Accountants
10 Albyn Place
Aberdeen
AB10 1YH
TERDY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11
Investment properties
5
283,864
283,864
283,864
283,875
Current assets
Debtors
6
1,400
2,305
Cash at bank
3,095
4,358
4,495
6,663
Creditors: amounts falling due within one year
7
(105,798)
(106,817)
Net current liabilities
(101,303)
(100,154)
Total assets less current liabilities
182,561
183,721
Creditors: amounts falling due after more than one year
8
(130,643)
(138,635)
Net assets
51,918
45,086
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
50,918
44,086
Total equity
51,918
45,086
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TERDY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr Bruce McCombie
Director
Company Registration No. SC544980
TERDY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Terdy Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is Overcrest, The Brathens, Banchory, Aberdeenshire, AB31 4DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors are of the opinion that the company can continue to meet it obligations as they fall due for the foreseeable future. As a consequence, the directors have prepared the financial statements on the going concern basis.
1.3
Turnover
Revenue comprises rent receivable and is credited to the Profit and Loss Account on an accruals basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
TERDY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The following assets and liabilities are classified as financial instruments, bank, debtors, creditors, bank loans and loans from related parties. Cash at bank in the balance sheet is held on demand. Debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price. Debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is is found, an impairment loss is recognised in the profit and loss account. Bank loans are measured at the discounted amounts due. Loans from related parties are measured at the undiscounted amounts payable.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
TERDY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 October 2023 and 30 September 2024
117
Depreciation and impairment
At 1 October 2023
106
Depreciation charged in the year
11
At 30 September 2024
117
Carrying amount
At 30 September 2024
At 30 September 2023
11
5
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
283,864
The fair values of the investment properties have been arrived at on the basis of valuations carried out by the directors. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties; the directors consider the market values to be the same as the original acquisition cost.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,400
2,305
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,800
8,800
Taxation and social security
2,309
2,464
Other creditors
94,689
95,553
105,798
106,817
TERDY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
130,643
138,635
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
95,443
103,435
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000