Company registration number SC684161 (Scotland)
PUDDLE DUCK PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PUDDLE DUCK PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PUDDLE DUCK PROPERTIES LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,250,000
1,250,000
Current assets
Debtors
5
503,015
33,740
Cash at bank and in hand
36
48,722
503,051
82,462
Creditors: amounts falling due within one year
6
(381,007)
(140,701)
Net current assets/(liabilities)
122,044
(58,239)
Total assets less current liabilities
1,372,044
1,191,761
Creditors: amounts falling due after more than one year
7
(357,921)
(302,612)
Provisions for liabilities
8
(130,030)
(130,030)
Net assets
884,093
759,119
Capital and reserves
Called up share capital
300
300
Fair value reserve
9
390,090
390,090
Profit and loss reserves
10
493,703
368,729
Total equity
884,093
759,119
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.
PUDDLE DUCK PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 August 2025
Miss H W Dickson
Director
Company Registration No. SC684161
PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
Puddle Duck Properties Ltd is a private company limited by shares incorporated in Scotland. The registered office is Kedrah, Heatherfield, Penifiler, Portree, Isle of Skye, IV51 9NE.
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
Turnover
Turnover represents net rental income receivable.
1.3
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.
1.4
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
12,091
4
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
1,250,000
A revaluation of the property took place on 5 July 2023 carried out by Shepherd Commercial at open market value. The director believes there has been no material change in value since that date.
PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
410,200
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
92,815
33,740
Total debtors
503,015
33,740
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,511
24,703
Trade creditors
13
Corporation tax
37,598
33,481
Other creditors
339,236
80,992
Accruals and deferred income
1,662
1,512
381,007
140,701
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
357,921
302,612
Standard security is held by the bank over Greshornish House, Portree and a floating charge over the whole assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
347,877
203,800
PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
130,030
130,030
There were no deferred tax movements in the year.
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
390,090
520,120
Deferred tax on revaluation of tangible assets
-
(130,030)
At the end of the year
390,090
390,090
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
368,729
135,494
Profit for the year
124,974
233,235
At the end of the year
493,703
368,729
PUDDLE DUCK PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
11
Related party transactions
The following transactions occurred with companies in which close family members of the owners and director hold a controlling interest:
Revenue
Greshornish House Ltd £168,900
Kedrah Trading Ltd £4,933
Skye Hotels Ltd £50,862
Sithean Beag Ltd £6,384
Greshornish House Ltd £3,247
At the balance sheet date, the following amounts were owed to Puddle Duck Properties Ltd:
Skye Linen (Scotland) Ltd £19,800
Caledonian Skye Distillers Ltd £240
Portree Hotel Ltd £72,475
At the balance sheet date, the following amounts were owed by Puddle Duck Properties Ltd:
Skye Hotels Ltd £232,500
Sithean Beag Ltd £50,900
Kedrah Trading Ltd £45,850