Company Registration No. SC761829 (Scotland)
North Air Property Ltd
Unaudited accounts
for the year ended 31 March 2025
North Air Property Ltd
Unaudited accounts
Contents
North Air Property Ltd
Company Information
for the year ended 31 March 2025
Director
David James Forsyth
Company Number
SC761829 (Scotland)
Registered Office
The Willows
7 Burnside
Portsoy
Banff
AB45 2QN
Scotland
North Air Property Ltd
Statement of financial position
as at 31 March 2025
Investment property
235,000
175,000
Cash at bank and in hand
109,874
75,795
Creditors: amounts falling due within one year
(6,498)
(14,233)
Net current assets
130,893
61,562
Total assets less current liabilities
365,893
236,562
Creditors: amounts falling due after more than one year
(260,108)
(164,525)
Provisions for liabilities
Deferred tax
(24,554)
(13,687)
Called up share capital
1
1
Fair value reserve
92,082
62,170
Profit and loss account
(10,852)
(3,821)
Shareholders' funds
81,231
58,350
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 December 2025 and were signed on its behalf by
David James Forsyth
Director
Company Registration No. SC761829
North Air Property Ltd
Notes to the Accounts
for the year ended 31 March 2025
North Air Property Ltd is a private company, limited by shares, registered in Scotland, registration number SC761829. The registered office is The Willows, 7 Burnside, Portsoy, Banff, AB45 2QN, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 April 2024
175,000
Net gain from fair value adjustments
39,882
The historic cost of the above investment properties totals £118,364. The fair value of the properties has been arrived at by the director of the company on 31 March 2025 on a market value basis.
North Air Property Ltd
Notes to the Accounts
for the year ended 31 March 2025
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2025
2024
Trade creditors
1,656
3,504
Loans from directors
-
7,137
7
Creditors: amounts falling due after more than one year
2025
2024
Other creditors
95,000
164,525
At the balance sheet date, The Mortgage Works (UK) PLC hold other charges over a property owned by the company.
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors loan
-
27,517
-
27,517
At the balance sheet date, £27,517 (2024: £nil) was due from the director. The loan is unsecured, interest free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 0 (2024: 0).