Company registration number SC713346 (Scotland)
PORTREE PROPERTY MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PORTREE PROPERTY MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PORTREE PROPERTY MANAGEMENT LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
164,350
183,663
Investment property
4
310,910
310,910
475,260
494,573
Current assets
Debtors
5
247,710
186,532
Cash at bank and in hand
2,384
913
250,094
187,445
Creditors: amounts falling due within one year
6
(1,825,501)
(960,610)
Net current liabilities
(1,575,407)
(773,165)
Total assets less current liabilities
(1,100,147)
(278,592)
Creditors: amounts falling due after more than one year
7
(142,656)
(142,656)
Net liabilities
(1,242,803)
(421,248)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,242,903)
(421,348)
Total equity
(1,242,803)
(421,248)

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

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

PORTREE PROPERTY MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 August 2025 and are signed on its behalf by:
Miss H W Dickson
Director
Company Registration No. SC713346
PORTREE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

Portree Property Management Ltd is a private company limited by shares incorporated in Scotland. The registered office is Clydesdale Bank Building, Somerled Square, Portree, Isle of Skye, IV51 9EH.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date, the company had net liabilities, however the director has confirmed that they will continue to provide financial assistance until such times that the financial position of the company improves. They therefore believe it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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 machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
IT equipment
20% reducing balance
Motor vehicles
20% 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 properties

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.

PORTREE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
99
76
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
IT equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
118,999
48,104
13,632
43,800
224,535
Additions
5,093
7,410
7,046
-
0
19,549
At 30 November 2024
124,092
55,514
20,678
43,800
244,084
Depreciation and impairment
At 1 December 2023
25,852
5,865
1,565
7,590
40,872
Depreciation charged in the year
19,148
9,447
3,025
7,242
38,862
At 30 November 2024
45,000
15,312
4,590
14,832
79,734
Carrying amount
At 30 November 2024
79,092
40,202
16,088
28,968
164,350
At 30 November 2023
93,147
42,239
12,067
36,210
183,663
4
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
310,910

The fair value of the investment property has been arrived at based on the market value at date of purchase. The directors consider this value to be accurate at the year end. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
156
Other debtors
166,839
137,470
166,839
137,626
PORTREE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
5
Debtors
(Continued)
- 5 -
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
56,308
46,396
Other debtors
24,563
2,510
80,871
48,906
Total debtors
247,710
186,532
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
314,504
74,620
Corporation tax
57,209
46,396
Other taxation and social security
504,028
435,540
Other creditors
949,760
404,054
1,825,501
960,610
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
119,989
119,989
Other creditors
22,667
22,667
142,656
142,656
8
Financial commitments, guarantees and contingent liabilities

Together Commercial Finance Ltd hold one fixed charge over 3A Portree Industrial Estate, Portree registered in the Land Register of Scotland under title number INV13388.

 

Together Commercial Finance Ltd also hold one floating charge which covers all property or undertaking of the company.

 

9
Related party transactions
PORTREE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Related party transactions
(Continued)
- 6 -

The following transactions occurred with companies in which Hannah Dickson and/or close family members hold a controlling interest:

 

Income

 

Management charges:

Skye Hotels Ltd                £52,000        (2023: £13,000)

Caledonian Skye Ltd            £nil        (2023: £71,000)

Greshornish House Ltd            £nil        (2023: £4,000)

 

Rental income:

Campbell Dickson             £7,434        (2023: £nil)

Alexandra Dickson             £1,000        (2023: £1,946)

Kedrah Trading Ltd            £825        (2023: £5,370)

Caledonian Skye Ltd            £nil        (2023: £351,512)

Skye Linen Ltd                £nil        (2023: £33,867)

Sithean Beag Ltd                £nil        (2023: £9,755)

Skye Hotels Ltd                £nil        (2023: £4,885)

Puddle Duck Properties Ltd        £nil        (2023: £2,000)

 

Other:

Bunillidh Ltd                £37,757        (£2023: £nil)

 

Expenses

 

Rental costs:

Puddle Duck Properties Ltd        £99,805        (2023: £2,000)

Bunillidh Ltd                 £nil        (2023: £26,200)

Greshornish House Ltd            £nil        (2023: £5,000)

 

At the balance sheet date, the following amounts were:

 

Owed by Portree Hotel Ltd

Skye Linen Ltd                £168,719    (2023: £75,532)

Puddle Duck Properties Ltd        £72,475         (2023: £nil)

Greshornish House Ltd            £50,872        (2023: £26,136)

Skye Hotels Ltd                £47,937        (2023: £50)

Sithean Beag Ltd                £42,310        (2023: £64,620)

Kedrah Trading Ltd            £38,210        (2023: £17,400)

MacDonald House Ltd            £15,500        (2023: £nil)

 

Owed to Portree Hotel Ltd            

Hardcake Holdings Ltd            £14,469        (2023: £2,220)

Caledonian Skye Distillers Ltd        £10,094        (2023: £240)

 

 

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