Dragonfly Properties South Africa Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC682673 (Scotland)

Dragonfly Properties South Africa

Limited

Unaudited Financial Statements

for the Year Ended 31st December 2022

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

6

Directors:

A W Bagshaw

Mrs V K I Grant

Registered office:

4 Stafford Street

Edinburgh

EH3 7AU

Registered number:

SC682673 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

16,444

19,345

Investment property

5

435,955

435,955

452,399

455,300

Current assets

Debtors

6

1,000

1,000

Cash at bank

554

510

1,554

1,510

Creditors

Amounts falling due within one year

7

1,070

1,070

Net current assets

484

440

Total assets less current liabilities

452,883

455,740

Creditors

Amounts falling due after more than one year

8

471,306

464,431

Net liabilities

(18,423

)

(8,691

)

Capital and reserves

Called up share capital

1,000

1,000

Retained earnings

(19,423

)

(9,691

)

(18,423

)

(8,691

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 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 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 18th August 2023 and were signed on its behalf by:

Mrs V K I Grant - Director

1.	Statutory information

Dragonfly Properties South Africa 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.

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.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

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 other loans.

Accruals and other loans 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 company has a deficit on the balance sheet and relies on the support of its directors and shareholders, which has been confirmed for a period of at least twelve months from the approval of the financial statements. Accordingly the financial statements have been prepared on the going concern basis.

3.	Employees and directors

The average number of employees during the year was 1 (2021 - NIL ) .

4.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1st January 2022

and 31st December 2022

22,760

Depreciation

At 1st January 2022

3,415

Charge for year

2,901

At 31st December 2022

6,316

Net book value

At 31st December 2022

16,444

At 31st December 2021

19,345

5.	Investment property

Total

£

Fair value

At 1st January 2022

and 31st December 2022

435,955

Net book value

At 31st December 2022

435,955

At 31st December 2021

435,955

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Other debtors

1,000

1,000

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Other creditors

1,070

1,070

8.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Other creditors

471,306

464,431