Dryglen Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC389438 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

DRYGLEN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S M C Crombie

H C S Crombie

REGISTERED OFFICE:

41 Larkfield Gardens

Edinburgh

Lothian

EH5 3QA

REGISTERED NUMBER:

SC389438 (Scotland)

ACCOUNTANTS:

Haines Watts

Business Advisors and Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Tangible assets

4

-

13

Investment property

5

156,051

312,102

156,051

312,115

CURRENT ASSETS

Debtors

6

217,030

1,228

CREDITORS

Amounts falling due within one year

7

(80,847

)

(9,927

)

NET CURRENT ASSETS/(LIABILITIES)

136,183

(8,699

)

TOTAL ASSETS LESS CURRENT LIABILITIES

292,234

303,416

PROVISIONS FOR LIABILITIES

8

(20,651

)

(41,305

)

NET ASSETS

271,583

262,111

CAPITAL AND RESERVES

Called up share capital

50

50

Share premium

34,449

34,449

Revaluation reserve

91,879

183,758

Retained earnings

145,205

43,854

SHAREHOLDERS' FUNDS

271,583

262,111

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2024 and were signed on its behalf by:

S M C Crombie - Director

1.	STATUTORY INFORMATION

Dryglen 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 the value of rents receivable in the year.

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.

Computer equipment

-

33% per annum on cost

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 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.

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 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 NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2022

and 31 May 2023

1,249

DEPRECIATION

At 1 June 2022

1,236

Charge for year

13

At 31 May 2023

1,249

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

13

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2022

312,102

Disposals

(156,051

)

At 31 May 2023

156,051

NET BOOK VALUE

At 31 May 2023

156,051

At 31 May 2022

312,102

Fair value at 31 May 2023 is represented by:

£

Valuation in 2023

112,530

Cost

43,521

156,051

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

2023

2022

£

£

Cost

43,521

87,042

Investment property was valued on an open market basis on 31 May 2023 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

692

700

Other debtors

216,338

528

217,030

1,228

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,134

361

Taxation and social security

78,563

4,185

Other creditors

1,150

5,381

80,847

9,927

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

-

3

Other timing differences

20,651

41,302

20,651

41,305

Deferred

tax

£

Balance at 1 June 2022

41,305

Credit to Income Statement during year

(20,654

)

Balance at 31 May 2023

20,651

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023

2022

£

£

S M C Crombie

Balance outstanding at start of year

(3,481

)

(21,953

)

Amounts advanced

170,789

18,572

Amounts repaid

(5,955

)

(100

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

161,353

(3,481

)

The loan attracts interest at 2% per annum and has no fixed terms of repayment. Subsequent to the year end, the director repaid £65,000 of the outstanding balance.