DGC Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC259235 (Scotland)

Financial Statements For The Year Ended 30 April 2021

for

DGC Property Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D Fountain

C Fountain

G Fountain

REGISTERED OFFICE:

Period House

5 Campsie Road

Kirkintilloch

GLASGOW

G66 1SL

REGISTERED NUMBER:

SC259235 (Scotland)

ACCOUNTANTS:

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

822,001

820,841

CURRENT ASSETS

Cash at bank

20,937

23,489

CREDITORS

Amounts falling due within one year

274,591

281,464

NET CURRENT LIABILITIES

(253,654

)

(257,975

)

TOTAL ASSETS LESS CURRENT LIABILITIES

568,347

562,866

CREDITORS

Amounts falling due after more than one year

80,793

101,165

NET ASSETS

487,554

461,701

CAPITAL AND RESERVES

Called up share capital

3

3

Fair value reserve

183,740

183,740

Retained earnings

303,811

277,958

SHAREHOLDERS' FUNDS

487,554

461,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 30 April 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2022 and were signed on its behalf by:

D Fountain - Director

1.	STATUTORY INFORMATION

DGC Property 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 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 represents net proceeds from property rentals, excluding valued added tax. Turnover is measured on the accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 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.

Investment property

Investment properties are carried at fair value with any movements being shown through the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 May 2020

830,500

Additions

1,438

At 30 April 2021

831,938

DEPRECIATION

At 1 May 2020

9,659

Charge for year

278

At 30 April 2021

9,937

NET BOOK VALUE

At 30 April 2021

822,001

At 30 April 2020

820,841

Cost or valuation at 30 April 2021 is represented by:

Totals

£

Valuation in 2006

113,740

Valuation in 2017

70,000

Cost

648,198

831,938

Investment property was valued on an open market basis basis on 30 April 2017 by the directors .

5.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

110,601

130,373