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

REGISTERED NUMBER: SC577755 (Scotland)

Dragonfly Properties Limited

Financial Statements

for the Year Ended 31st December 2019

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

6

Director:

Mrs V K Grant

Registered office:

4 Stafford Street

Edinburgh

EH3 7AU

Registered number:

SC577755 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Investment property

4

1,359,845

1,305,804

Current assets

Debtors

5

5,649

7,532

Cash at bank

19,429

10,083

25,078

17,615

Creditors

Amounts falling due within one year

6

29,607

20,667

Net current liabilities

(4,529

)

(3,052

)

Total assets less current liabilities

1,355,316

1,302,752

Creditors

Amounts falling due after more than one year

7

(1,314,864

)

(1,300,264

)

Provisions for liabilities

(802

)

(802

)

Net assets

39,650

1,686

Capital and reserves

Called up share capital

2

2

Revaluation reserve

8

4,219

4,219

Retained earnings

35,429

(2,535

)

39,650

1,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4th June 2020 and were signed by:

Mrs V K Grant - Director

1.	Statutory information

Dragonfly 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Rental payments are recognised in accordance with the lease arrangements.

Investment property

Investment property is shown at most recent valuation.Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade

creditors, accruals and bank loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate

of interest, and subsequently at amortised cost using the effective interest method.

Trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or

other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably. Where material, provisions are calculated on a discounted basis.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date

of signing these financial statements and have reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future. Accordingly, they continue to

adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was NIL (2018 - NIL).

4.	Investment property

Total

£

Fair value

At 1st January 2019

1,305,804

Additions

54,041

At 31st December 2019

1,359,845

Net book value

At 31st December 2019

1,359,845

At 31st December 2018

1,305,804

Fair value at 31st December 2019 is represented by:

£

Valuation in 2018

4,219

Cost

1,355,626

1,359,845

5.

Debtors: amounts falling due within one year

2019

2018

£

£

Other debtors

5,649

7,532

6.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts

18,891

18,557

Trade creditors

-

770

Taxation and social security

8,516

-

Other creditors

2,200

1,340

29,607

20,667

7.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Bank loans

479,812

498,943

Other creditors

835,052

801,321

1,314,864

1,300,264

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans due after five years

835,052

801,321

Repayable by instalments

Bank loans due after five years

396,529

418,359

8.

Reserves

Included in retained earnings are non-distributable reserves totalling £3,472.