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Registered Number: SC252274
Scotland

 

 

 

PRATTIS PROPERTIES LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2023

End date: 31 July 2024
Director C Prattis
Registered Number SC252274
Registered Office 15 Main Street
Hillend
Dunfermline
Fife
KY11 9ND
Accountants M&S Accountancy and Taxation Limited
Unit 26
Dunfermline Business Centre
Izatt Avenue
Dunfermline
KY11 3BZ
Secretary Casey Prattis
1
 

 
Notes

 
2024
£

  2023
£
(as restated)
Fixed assets      
Tangible fixed assets 3 704,909    704,931 
704,909    704,931 
Current assets      
Debtors 4 187,656    78,188 
Cash at bank and in hand 45,523    201,083 
233,179    279,271 
Creditors: amount falling due within one year 5 (236,680)   (286,051)
Net current assets (3,501)   (6,780)
 
Total assets less current liabilities 701,408    698,151 
Creditors: amount falling due after more than one year 6 (335,000)   (335,000)
Provisions for liabilities 7 (36,646)   (36,650)
Net assets 329,762    326,501 
 

Capital and reserves
     
Called up share capital 89    89 
Capital Redemption Reserve 8 11    11 
Fair Value Reserves 9 191,692    191,692 
Special Reserves 10 (98,057)   (161,000)
Profit and loss account 236,027    295,709 
Shareholders' funds 329,762    326,501 
 


For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 28 July 2025 and were signed by:


-------------------------------
C Prattis
Director
2
General Information
Prattis Properties Limited is a private company, limited by shares, registered in Scotland, registration number SC252274, registration address 15 Main Street, Hillend, Dunfermline, Fife, KY11 9ND .

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of VAT and trade discounts. Turnover is recognised on the accruals basis.
Taxation
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 companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Special reserves
This relates to amounts committed for a share buy-back. Both the company and third party, can agree to defer payment based on the distributable reserves of the company at the time. Therefore there is no set date of purchase and the shares will remain in issue until such time as relevant payment has been made.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Straight Line
Computer Equipment 25% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment
properties are measured at fair value. Gains and losses arising from changes in the fair value of
investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Investment properties   Total
  £   £   £   £
At 01 August 2023 23,548      703,728    727,276 
Additions   699      699 
Disposals      
At 31 July 2024 23,548    699    703,728    727,975 
Depreciation
At 01 August 2023 22,345        22,345 
Charge for year 546    175      721 
On disposals      
At 31 July 2024 22,891    175      23,066 
Net book values
Closing balance as at 31 July 2024 657    524    703,728    704,909 
Opening balance as at 01 August 2023 1,203      703,728    704,931 

Investment Properties
Investment properties comprises of 5 properties. The fair value of the investment property was last independently appraised by P Carr (MRICS, on behalf of DM Hall LLP, on 28 August 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. 

The historic cost of the investment properties as at 31 July 2024 was £467,071 (2023 - £467,071).

4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 92,442    74,031 
Provision for Doubtful Debts (68,497)   (69,723)
Prepayments & Accrued Income   1,415 
Directors' Loan Account   62,943 
VAT 11,211    9,522 
35,156    78,188 

4.

Debtors: amounts falling due after one year

2024
£
  2023
£
Other Debtors 152,500   
152,500   

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 5,706   
Accrued Expenses 10,011    12,186 
Other Creditors 99,800    162,742 
Directors' Current Accounts 121,163    111,123 
236,680    286,051 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 335,000    335,000 
335,000    335,000 
Security
Bank loans are secured over both fixed and floating charges on the fixed assets of the business.

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 36,646    36,650 
36,646    36,650 

8.

Capital Redemption Reserve

2024
£
  2023
£
Capital Redemption Reserve b/fwd 11   
Purchase of Own Shares (Nominal Value)   11 
11    11 

9.

Fair Value Reserves

2024
£
  2023
£
Fair Value Reserve b/fwd 191,692    191,692 
191,692    191,692 

10.

Special Reserves

2024
£
  2023
£
Special reserves b/fwd (161,000)  
Created during the year   (238,000)
Movement 62,943    77,000 
(98,057)   (161,000)

11.

Prior period adjustment

In 2023 the company entered into a commitment to complete a share buy-back. Initially a judgement was made that the terms of the agreement did not consititue a reasonable commitment and as such it was not recognised. Subsequent to approval of the accounts a further review took place it has been deemed a commitment does exist in relation to the agreement, as such this has been recognised and the 2023 figures restated to reflect the updated judgement.


The net effect of these adjustments are shown below.
Particulars Amount
£
Increase in Debtors37,631 
Increase in Creditors222,183 
Decrease in Reserves 184,552 


12.

Related Parties

During the year the company entered into the following transactions with related parties:
Related Party   2024
£
  2023
£
Amounts due from related parties 62,943 
Amounts due to related parties 121,163  111,123 
The loan is unsecured and repayable on demand. Interest has been charged on the loan at a rate of 2.25%.

3