NORTHLANDS PROPERTIES LIMITED

NORTHLANDS PROPERTIES LIMITED

NORTHLANDS PROPERTIES LIMITED - Company Information

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NORTHLANDS PROPERTIES LIMITED

Company Registration Number:
SC195787 (Scotland)

Unaudited abridged accounts for the year ended 31 May 2020

Period of accounts

Start date: 01 June 2019

End date: 31 May 2020

NORTHLANDS PROPERTIES LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2020

Balance sheet
Notes

NORTHLANDS PROPERTIES LIMITED

Balance sheet

As at 31 May 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 538 718
Investments: 4 699,975 699,975
Total fixed assets: 700,513 700,693
Current assets
Debtors:   7
Cash at bank and in hand: 10,241 10,270
Total current assets: 10,248 10,270
Creditors: amounts falling due within one year:   (530,028) (541,563)
Net current assets (liabilities): (519,780) (531,293)
Total assets less current liabilities: 180,733 169,400
Provision for liabilities: (177) (177)
Total net assets (liabilities): 180,556 169,223
Capital and reserves
Called up share capital: 29,588 29,588
Profit and loss account: 150,968 139,635
Shareholders funds: 180,556 169,223

The notes form part of these financial statements

NORTHLANDS PROPERTIES LIMITED

Balance sheet statements

For the year ending 31 May 2020 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 10 February 2021
and signed on behalf of the board by:

Name: G Sutherland
Status: Director

The notes form part of these financial statements

NORTHLANDS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services supplied

Tangible fixed assets and depreciation policy

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent impairment losses.

Other accounting policies

Deferred taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing differenceInvestment propertiesInvestment property which is property held to earn rentals and/or for capital appreciation, is initially recognized at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognized in the profit and loss account.Going concern After reviewing the forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing it financial statements.

NORTHLANDS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

2. Employees

2020 2019
Average number of employees during the period 2 2

NORTHLANDS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

3. Tangible Assets

Total
Cost £
At 01 June 2019 17,483
At 31 May 2020 17,483
Depreciation
At 01 June 2019 16,765
Charge for year 180
At 31 May 2020 16,945
Net book value
At 31 May 2020 538
At 31 May 2019 718

NORTHLANDS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

4. Fixed investments

Investment property comprises of a commercial building and land available for rent. The fair value of the investment property has been arrived at on the basis of an internal valuation undertaken by the Directors at 31st May 2020 and based on the current market values of similar assets in the area of the company Investments. The Directors deem that the fair value of the assets is £699,975If investment properties were stated on a historical cost basis rather than a fair value basis, the amounts would have been included at £699,975

NORTHLANDS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

5. Related party transactions

There were no Related Party Transactions undertaken within the year, with all transactions being undertaken at arm’s length.

NORTHLANDS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

6. Post balance sheet events

These financial statements have been approved after March 2020 when the full impact of COVID-19 became known. The Directors believe it is appropriate to prepare these accounts on a Going Concern Basis which is detailed within the Accounting Policies on Page 6.The Income of the company has not been severely impacted during COVID-19 and this will be reflected in the accounts for the year to 31st May 2021. The Director believes there has been no impact on the fair value of the assets within the business. It is concluded that no prior year adjustments are required for these financial statements