Drumore Property Company Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC186465 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

DRUMORE PROPERTY COMPANY LTD.

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C P McCusker

T Gallanagh

SECRETARY:

C P McCusker

REGISTERED OFFICE:

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

REGISTERED NUMBER:

SC186465 (Scotland)

ACCOUNTANTS:

Profit Counts Ltd

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

FIXED ASSETS

Investment property

3

180,000

180,000

CURRENT ASSETS

Debtors

182

242

Cash at bank

2,960

4,789

3,142

5,031

CREDITORS

Amounts falling due within one year

(30,807

)

(27,765

)

NET CURRENT LIABILITIES

(27,665

)

(22,734

)

TOTAL ASSETS LESS CURRENT LIABILITIES

152,335

157,266

PROVISIONS FOR LIABILITIES

(10,535

)

(10,535

)

NET ASSETS

141,800

146,731

CAPITAL AND RESERVES

Called up share capital

4

4

4

Share premium

5

59,999

59,999

Retained earnings

5

81,797

86,728

SHAREHOLDERS' FUNDS

141,800

146,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 March 2019 and were signed on its behalf by:

C P McCusker - Director

1.	STATUTORY INFORMATION

Drumore Property Company Ltd. is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rent receivable from the investment property.

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is

recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2017

and 30 June 2018

180,000

NET BOOK VALUE

At 30 June 2018

180,000

At 30 June 2017

180,000

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in market

value is transferred to a fair value reserve.

The assets included are used for the purpose of generating rental income.

4.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2018

2017

value:

£

£

4

Share capital 1

£1

4

4

5.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 July 2017

86,728

59,999

146,727

Profit for the year

11,069

11,069

Dividends

(16,000

)

(16,000

)

At 30 June 2018

81,797

59,999

141,796

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year dividends of £16,000 (£15,000 in 2017) were paid to the shareholders.

At the year end the balance due by the company to the directors was £21,898 (2017 - £21,898)