Dundee Street Limited Filleted accounts for Companies House (small and micro)

DUNDEE STREET LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC506053

Dundee Street Limited

Filleted Unaudited Financial Statements

31 May 2023

Dundee Street Limited

Statement of Financial Position

31 May 2023

	2023	2022
Note	£	£

Current assets

Debtors	4	1,900	–
Cash at bank and in hand		488	25,749
		-------	--------
		2,388	25,749

Creditors: amounts falling due within one year	5	1,279	26,161
		-------	--------
Net current assets/(liabilities)		1,109	( 412)
		-------	----
Total assets less current liabilities		1,109	( 412)
		-------	----

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,107	( 414)
	-------	----
Shareholders funds/(deficit)	1,109	( 412)
	-------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 June 2023 , and are signed on behalf of the board by:

Mr S Peters
Director

Company registration number: SC506053

Dundee Street Limited

Notes to the Financial Statements

Year ended 31 May 2023

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 Walker Street, Edinburgh, EH3 7JY, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company developed a student accommodation construction project at Dundee Street Edinburgh. This project has now been completed and an application will shortly be made to remove the company from the register of companies.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 . As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting 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 difference.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Debtors

	2023	2022
	£	£
Other debtors	1,900	–
	-------	----

5. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	1,020	461
Corporation tax	259	–
Other creditors	–	25,700
	-------	--------
	1,279	26,161
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