NARA Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC527274 (Scotland)

Unaudited Financial Statements for the Year Ended 31 July 2020

for

NARA Developments Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

R J Aitken

N M W Aitken

REGISTERED OFFICE:

14 Rutland Square

Edinburgh

Lothian

EH1 2BD

REGISTERED NUMBER:

SC527274 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Brown LLP

Chartered Accountants

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

FIXED ASSETS

Investments

4

-

1

Investment property

5

639,210

747,848

639,210

747,849

CURRENT ASSETS

Debtors

6

1,306,196

1,232,276

CREDITORS

Amounts falling due within one year

7

1,838,044

1,829,070

NET CURRENT LIABILITIES

(531,848

)

(596,794

)

TOTAL ASSETS LESS CURRENT LIABILITIES

107,362

151,055

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

107,360

151,053

107,362

151,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2021 and were signed on its behalf by:

R J Aitken - Director

1.	STATUTORY INFORMATION

NARA Developments 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.

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 by the revaluation of certain assets.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.7.20

31.7.19

£

£

Mining rights - additions

1

1

Mining rights - disposal

(1

)

-

-

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2019

747,848

Revaluations

(108,638

)

At 31 July 2020

639,210

NET BOOK VALUE

At 31 July 2020

639,210

At 31 July 2019

747,848

Fair value at 31 July 2020 is represented by:

£

Valuation in 2020

(108,638

)

Cost

747,848

639,210

If investment property had not been revalued it would have been included at the following historical cost:

31.7.20

31.7.19

£

£

Cost

747,848

747,848

Investment property was valued on an open market basis on 5 May 2017 by Savills, Chartered Surveyors .

6.

DEBTORS

31.7.20

31.7.19

£

£

Amounts falling due within one year:

Other debtors

250,196

176,276

31.7.20

31.7.19

£

£

Amounts falling due after more than one year:

Other debtors

1,056,000

1,056,000

Aggregate amounts

1,306,196

1,232,276

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Other creditors

1,838,044

1,829,070

8.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan of £779,342 (2019 £773,070) due to a company controlled by R J Aitken, N M W Aitken and their father J Aitken. This loan is unsecured, interest free and is due on demand.

Also included in other creditors is a loan from Dr R Aitken the mother of R J Aitken & N M W Aitken of £1,000,000 (2019 £1,000,000).