Dryglen Limited - Accounts to registrar (filleted) - small 18.2
Dryglen Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
FOR |
DRYGLEN LIMITED |
DRYGLEN LIMITED (REGISTERED NUMBER: SC389438) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DRYGLEN LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors and Accountants |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
DRYGLEN LIMITED (REGISTERED NUMBER: SC389438) |
BALANCE SHEET |
31 May 2021 |
2021 | 2020 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve |
Retained earnings | 26,406 |
SHAREHOLDERS' FUNDS |
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. |
DRYGLEN LIMITED (REGISTERED NUMBER: SC389438) |
BALANCE SHEET - continued |
31 May 2021 |
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 Board of Directors and authorised for issue on |
DRYGLEN LIMITED (REGISTERED NUMBER: SC389438) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2021 |
1. | STATUTORY INFORMATION |
Dryglen Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover represents the value of rents receivable in the year. |
TANGIBLE FIXED ASSETS |
Computer equipment | - |
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 Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans |
to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and 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 comprehensive income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
DRYGLEN LIMITED (REGISTERED NUMBER: SC389438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 June 2020 |
and 31 May 2021 |
DEPRECIATION |
At 1 June 2020 |
Charge for year |
At 31 May 2021 |
NET BOOK VALUE |
At 31 May 2021 |
At 31 May 2020 |
DRYGLEN LIMITED (REGISTERED NUMBER: SC389438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2020 |
and 31 May 2021 |
NET BOOK VALUE |
At 31 May 2021 |
At 31 May 2020 |
Fair value at 31 May 2021 is represented by: |
£ |
Valuation in 2021 | 225,060 |
Cost | 87,042 |
312,102 |
If investment property had not been revalued it would have been included at the following historical cost: |
2021 | 2020 |
as restated |
£ | £ |
Cost | 87,042 | 87,042 |
Investment property was valued on an open market basis on 31 May 2021 by the directors. . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
DRYGLEN LIMITED (REGISTERED NUMBER: SC389438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2021 |
8. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 41,302 | 41,302 |
41,383 | 41,461 |
Deferred |
tax |
£ |
Balance at 1 June 2020 |
Credit to Statement of Income and Retained Earnings during year | ( |
) |
Balance at 31 May 2021 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in 'Other creditors' is an amount of £21,953 (2020 - £26,857) due to a director from the company. |
The loan is interest free and has no fixed terms of repayment. |