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 2021

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

1,360,345

1,360,345

Current assets

Debtors

5

1,884

4,166

Cash at bank

62,252

33,017

64,136

37,183

Creditors

Amounts falling due within one year

6

33,121

30,118

Net current assets

31,015

7,065

Total assets less current liabilities

1,391,360

1,367,410

Creditors

Amounts falling due after more than one year

7

(434,261

)

(1,292,413

)

Provisions for liabilities

(802

)

(802

)

Net assets

956,297

74,195

Capital and reserves

Called up share capital

2

2

Revaluation reserve

9

4,219

4,219

Retained earnings

952,076

69,974

956,297

74,195

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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 21st June 2022 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 - 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.

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 director has considered the company's financial position for a period of 12 months from the date of signing these financial statements and has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, she continues 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 (2020 - NIL).

4.	Investment property

Total

£

Fair value

At 1st January 2021

and 31st December 2021

1,360,345

Net book value

At 31st December 2021

1,360,345

At 31st December 2020

1,360,345

Fair value at 31st December 2021 is represented by:

£

Valuation in 2018

4,219

Cost

1,356,126

1,360,345

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Other debtors

1,884

4,166

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

19,815

19,815

Taxation and social security

11,106

8,103

Other creditors

2,200

2,200

33,121

30,118

7.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

434,261

457,274

Other creditors

-

835,139

434,261

1,292,413

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans due after five years

-

835,139

Repayable by instalments

Bank loans due after five years

348,196

371,209

8.	Secured debts

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

454,076

-

The Royal Bank of Scotland has charges over all property and undertaking of the company.

9.

Reserves

Included in retained earnings are non-distributable reserves totalling £3,472 (2020 - £3,472)..