Company registration number SC311796 (Scotland)
CUDA PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
CUDA PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CUDA PROPERTIES LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CUDA PROPERTIES LTD
- 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 Cuda Properties Ltd for the year ended 31 March 2025 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 Cuda Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 19 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Cuda Properties Ltd and state those matters that we have agreed to state to the board of directors of Cuda Properties Ltd, 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 Cuda Properties Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Cuda Properties Ltd 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 Cuda Properties Ltd. You consider that Cuda Properties Ltd 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 Cuda Properties Ltd. 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
Chartered Accountants
10 Albyn Place
Aberdeen
AB10 1YH
10 June 2025
CUDA PROPERTIES LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,050
6,175
Investment property
5
525,000
570,000
530,050
576,175
Current assets
Debtors
6
2,064
246
Cash at bank and in hand
25,010
14,845
27,074
15,091
Creditors: amounts falling due within one year
7
(750,942)
(791,050)
Net current liabilities
(723,868)
(775,959)
Total assets less current liabilities
(193,818)
(199,784)
Creditors: amounts falling due after more than one year
8
(8,558)
(10,103)
Net liabilities
(202,376)
(209,887)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(202,476)
(209,987)
Total equity
(202,376)
(209,887)
CUDA PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 3 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 10 June 2025
Mr Brian Gibson
Director
Company registration number SC311796 (Scotland)
CUDA PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information

Cuda Properties Ltd is a private company limited by shares incorporated in Scotland. The registered office is 18 Shorehead, Stonehaven, AB39 2JY.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has confirmed that he will continue to support the company financially over the next 12 months. The director therefore considers it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.true

1.3
Turnover

Turnover 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:

Plant and equipment
25% reducing balance
IT equipment
20% straight line
Motor vehicles
25% reducing balance

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).

CUDA PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The following assets and liabilities are classified as financial instruments, bank, bank loans, hire purchase agreements and loans from related parties. Cash at bank in the balance sheet is held on demand. Bank loans are measured at the discounted amounts due. Fixed assets acquired by hire purchase agreements are measured at cost and the liability associated with the agreement is measured at the discounted amount due. Loans from related parties are measured at the undiscounted amounts payable.

1.8
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.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
CUDA PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
4
Tangible fixed assets
Plant and equipment
IT equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
2,371
-
0
13,316
15,687
Additions
-
0
524
-
0
524
At 31 March 2025
2,371
524
13,316
16,211
Depreciation and impairment
At 1 April 2024
1,813
-
0
7,699
9,512
Depreciation charged in the year
140
105
1,404
1,649
At 31 March 2025
1,953
105
9,103
11,161
Carrying amount
At 31 March 2025
418
419
4,213
5,050
At 31 March 2024
558
-
0
5,617
6,175
5
Investment property
2025
£
Fair value
At 1 April 2024
570,000
Disposals
(45,000)
At 31 March 2025
525,000

The fair values of the investment properties have been arrived at on the basis of valuations carried out by the director at 31 March 2025. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director considers the fair value of investment properties to be £525,000 at 31 March 2025. The original cost of the properties were £850,653.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
2,064
246
CUDA PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
1,463
1,298
Taxation and social security
1,259
579
Other creditors
748,220
789,173
750,942
791,050

Lloyds TSB holds three fixed securities over the properties owned by the company and Virgin Money holds one fixed security over a property owned by the company. Virgin Money holds a bond and a floating charge over all the assets of the company.

 

 

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
8,558
10,103
Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
3,603
4,998
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Going concern

The balance sheet is in deficit by £202,376 but the director will continue to support the company. The director is therefore of the opinion that it is appropriate to prepare accounts on the going concern basis.

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