Drakemyre Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC540411 (Scotland)

Unaudited Financial Statements for the Year Ended 31 July 2018

for

Drakemyre Properties Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Watson

REGISTERED OFFICE:

11 Drakemyre

Dalry

KA24 5JD

REGISTERED NUMBER:

SC540411 (Scotland)

ACCOUNTANTS:

McDougall Johnstone

280 St Vincent Street

Glasgow

G2 5RL

FIXED ASSETS

Tangible assets

4

755,584

659,028

CURRENT ASSETS

Debtors

47

-

Cash at bank and in hand

2,270

1,000

2,317

1,000

CREDITORS

Amounts falling due within one year

(781,657

)

(658,438

)

NET CURRENT LIABILITIES

(779,340

)

(657,438

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(23,756

)

1,590

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(24,756

)

590

(23,756

)

1,590

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 31 July 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 30 April 2019 and were signed on its behalf by:

G Watson - Director

1.	STATUTORY INFORMATION

Drakemyre Properties Limited 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

The company purchased building and land during the year ended 31st July 2017 and have continuously improved those

properties. The building has not been depreciated. The directors are of the opinion that the building will retain it's value due

to ongoing maintenance and improvement. Depreciation is therefore not appropriate and would not give a true reflection of

the value of the property.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2017

675,465

Additions

123,549

At 31 July 2018

799,014

DEPRECIATION

At 1 August 2017

16,437

Charge for year

26,993

At 31 July 2018

43,430

NET BOOK VALUE

At 31 July 2018

755,584

At 31 July 2017

659,028

5.	RELATED PARTY DISCLOSURES

Gary Watson is a Director and Shareholder of both Capital Steel Group Limited and Capital Business Park Limited. At the

year ended 31 July 2018 Drakemyre Properties Limited owe the above companies £781,197 (2017: £656,438).

6.	ULTIMATE CONTROLLING PARTY

The controlling party is G Watson.