NARA Developments Limited - Accounts to registrar (filleted) - small 18.2
NARA Developments Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Abridged Unaudited Financial Statements |
| for the Year Ended 31 July 2019 |
| for |
| NARA Developments Limited |
| NARA Developments Limited (Registered number: SC527274) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2019 |
| Page |
| Company Information | 1 |
| Abridged Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| NARA Developments Limited |
| Company Information |
| for the Year Ended 31 July 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 14 Rutland Square |
| Edinburgh |
| Midlothian |
| EH1 2BD |
| NARA Developments Limited (Registered number: SC527274) |
| Abridged Statement of Financial Position |
| 31 July 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 3 |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| 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 |
| NARA Developments Limited (Registered number: SC527274) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2019 |
| 1. | STATUTORY INFORMATION |
| NARA Developments Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 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 for the inclusion of investment property and investments at fair value. |
| Investment property |
| Investment properties are properties held to earn rentals and/or for capital appreciation. |
| Investment properties are initially measured at cost, including transaction costs. Subsequently, investment |
| properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are |
| measured at fair value. Gains and losses arising from changes in the fair value of investment properties are |
| included in Income Statement in the period in which they arise. |
| Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going |
| basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated |
| impairment losses. |
| Investments |
| Investments are assets held to earn income and/or for capital appreciation. |
| Investments are initially measured at cost, including transaction costs. Subsequently, investments whose fair |
| value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. |
| Gains and losses arising from changes in the fair value of investments are included in Income Statement in the |
| period in which they arise. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other debtors and payables, loans from banks and other third parties. |
| At the end of each reporting period, financial assets that are measured at cost are assessed for objective |
| evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the |
| Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the |
| impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount |
| does not exceed what the carrying amount would have been had the impairment not previously been recognised. |
| The impairment reversal is recognised in the Income Statement. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire |
| or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to |
| another party, or (c) control of the asset has been transferred to another party. |
| Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities |
| are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, |
| cancelled or expires. |
| 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 statement of financial position date. |
| NARA Developments Limited (Registered number: SC527274) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. | FIXED ASSET INVESTMENTS |
| Investments (neither listed nor unlisted) were as follows: |
| 2019 | 2018 |
| £ | £ |
| Mining rights | 1 | 1 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2018 |
| Additions |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| Investment property is being carried at fair value and the directors are of the opinion that cost is a fair value of |
| the property. |
| 5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other debtors |
| 6. | RELATED PARTY DISCLOSURES |
| Included in other creditors is a loan of £1,773,070 (2018 £1,466,431) due to a company controlled by Russell |
| Aitken, Neil Aitken and their father. This loan is unsecured, interest free and is due on demand. |