DGC Property Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC259235 (Scotland)

Financial Statements For The Year Ended 30 April 2017

for

DGC Property Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D Fountain

C Fountain

G Fountain

SECRETARY:

D 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

3

821,371

751,613

CURRENT ASSETS

Debtors

4

4,849

-

Cash at bank

18,700

10,303

23,549

10,303

CREDITORS

Amounts falling due within one year

5

281,695

40,062

NET CURRENT LIABILITIES

(258,146

)

(29,759

)

TOTAL ASSETS LESS CURRENT LIABILITIES

563,225

721,854

CREDITORS

Amounts falling due after more than one year

6

186,410

446,900

NET ASSETS

376,815

274,954

CAPITAL AND RESERVES

Called up share capital

3

3

Fair value reserve

183,740

113,740

Retained earnings

193,072

161,211

SHAREHOLDERS' FUNDS

376,815

274,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 24 January 2018 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 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.

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

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.	TANGIBLE FIXED ASSETS

Fixtures

Investment

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 May 2016

750,000

10,500

760,500

Revaluations

70,000

-

70,000

At 30 April 2017

820,000

10,500

830,500

DEPRECIATION

At 1 May 2016

-

8,887

8,887

Charge for year

-

242

242

At 30 April 2017

-

9,129

9,129

NET BOOK VALUE

At 30 April 2017

820,000

1,371

821,371

At 30 April 2016

750,000

1,613

751,613

Cost or valuation at 30 April 2017 is represented by:

Fixtures

Investment

and

property

fittings

Totals

£

£

£

Valuation in 2006

113,740

-

113,740

Valuation in 2017

70,000

-

70,000

Cost

636,260

10,500

646,760

820,000

10,500

830,500

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Deposits held

4,660

-

Other debtors

189

-

4,849

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

27,360

25,992

Tax

8,029

5,711

Other creditors

232,161

-

Directors' current accounts

6,592

6,634

Accrued expenses

2,893

1,725

Deposits held

4,660

-

281,695

40,062

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

109,440

103,968

Bank loans due outwith 5 years

76,970

110,813

Other creditors

-

232,119

186,410

446,900

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due outwith 5 years

76,970

110,813

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

213,770

240,773

Bank of Scotland plc hold a standard security over the investment property held by the company.

8.	RELATED PARTY DISCLOSURES

Reproduction Plaster Company Limited

A company in which C Fountain, G Fountain & D Fountain are directors

2017

2016

£

£

Amount due to related party at the balance sheet date

232,161

232,119

9.	FIRST YEAR ADOPTION

The company has adopted FRS 102 section 1A for the year ended 30 April 2017.