Gregor Properties Limited - Filleted accounts

Gregor Properties Limited
Registered number:		SC082768
Balance Sheet
as at 28 February 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		2,705,000			2,900,000
Investments	4		100			-
			2,705,100			2,900,000

Current assets
Debtors	5	376,417			149,679
Investments held as current assets		27,210			27,210
Cash at bank and in hand		227,840			384,674
		631,467			561,563

Creditors: amounts falling due within one year	6	(150,253)			(141,668)

Net current assets			481,214			419,895

Net assets			3,186,314			3,319,895

Capital and reserves
Called up share capital			1,100			1,100
Revaluation reserve	7		1,246,395			1,315,044
Profit and loss account			1,938,819			2,003,751

Shareholders' funds			3,186,314			3,319,895

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Eric Gregor
Director
Approved by the board on 8 April 2025

Gregor Properties Limited
Notes to the Accounts
for the year ended 28 February 2025


1	Accounting policies

	Basis of preparation
	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.

	Property Sales
	Property sales are credited to the profit and loss account at the earlier of conclusion of an unconditional agreement for their sale or the entry date by the purchaser. Where the outcome of a contract can be estimated reliably then revenue, costs and profits are recognised in line with the stage of completion of the contract. Properties classed as investment properties are available for sale and such sales are not therefore considered as extra-ordinary items but part of the normal business.

	Rental Income
	Rental income from domestic lets is credited to the profit and loss account when received. The rental income from commercial leases included in turnover is the rent to which the company is entitled for the year including any additional charges to tenants for late payment

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Investments
	Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2025		2024
Number				Number

	Average number of persons employed by the company		2		2


3	Tangible fixed assets
					Land and buildings
£
	Cost
	At 1 March 2024				2,900,000
	Disposals				(195,000)
	At 28 February 2025				2,705,000

	Depreciation
	At 28 February 2025				-

	Net book value
	At 28 February 2025				2,705,000
	At 29 February 2024				2,900,000


	Freehold land and buildings:		2025		2024
£				£
	Historical cost		2,068,576		2,068,576
	Cumulative depreciation based on historical cost		-		-
			2,068,576		2,068,576



4	Investments
Investments in
subsidiary
undertakings
£
	Cost
	Additions				100

	At 28 February 2025				100


5	Debtors		2025		2024
£				£

	Amounts owed by group undertakings and undertakings in which the company has a participating interest		370,268		-
	Other debtors		6,149		149,679
			376,417		149,679


6	Creditors: amounts falling due within one year		2025		2024
£				£

	Other taxes and social security costs		42,746		33,376
	Other creditors		107,507		108,292
			150,253		141,668


7	Revaluation reserve		2025		2024
£				£

	At 1 March 2024		1,315,044		1,315,044
	On disposal		(68,649)		-

	At 28 February 2025		1,246,395		1,315,044


8	Controlling party

	The directors do not consider any one party to have control of the company.


9	Other information

	Gregor Properties Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
	4 Valentine Court
	Dundee Business Park
	Dundee
	Angus
	DD2 3QB