Devanha Land Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC305461 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018

FOR

DEVANHA LAND COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

Chartered Accountants' Report

8

DIRECTORS:

Mr G Bain

Miss A Bruce

SECRETARY:

Mr G Bain

REGISTERED OFFICE:

432 Union Street

Aberdeen

AB10 1TR

REGISTERED NUMBER:

SC305461 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon Accord Square

ABERDEEN

AB11 6YL

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,178,000

1,178,000

1,178,000

1,178,000

CURRENT ASSETS

Debtors

6

4,075

7,742

Cash at bank and in hand

133,097

99,618

137,172

107,360

CREDITORS

Amounts falling due within one year

7

709,227

710,289

NET CURRENT LIABILITIES

(572,055

)

(602,929

)

TOTAL ASSETS LESS CURRENT LIABILITIES

605,945

575,071

CREDITORS

Amounts falling due after more than one year

8

(81,647

)

(87,615

)

PROVISIONS FOR LIABILITIES

-

(19,425

)

NET ASSETS

524,298

468,031

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Fair value reserve

10

102,237

102,237

Retained earnings

372,061

315,794

SHAREHOLDERS' FUNDS

524,298

468,031

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 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 23 April 2019 and were signed on its behalf by:

Mr G Bain - Director

1.	STATUTORY INFORMATION

Devanha Land Company 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.

These financial statements for the year ended 31 July 2017 are the first financial statements that comply with

FRS 102 Section 1A small entities. The date of transition is 1 August 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously.

The nature of these changes and their impact on opening equity and profit for the comparative period are

explained in pages 11 to 13 below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added taxes and other sales taxes. Turnover includes revenue earned from property rental.

Rental Income:

Rental income from investment properties is recognised on a straight line basis over the term of the relevant

lease.

Tangible fixed assets

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

Furnishings and fittings

-

25% on cost

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is

provided on these gains at the rate expected to apply when the property is sold.

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.

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 (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Furnishings

and

fittings

£

COST

At 1 August 2017

and 31 July 2018

41,293

DEPRECIATION

At 1 August 2017

and 31 July 2018

41,293

NET BOOK VALUE

At 31 July 2018

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2017

and 31 July 2018

1,178,000

NET BOOK VALUE

At 31 July 2018

1,178,000

At 31 July 2017

1,178,000

Investment property was valued on an open market basis on 31 July 2018 by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

2,875

7,742

Other debtors

1,200

-

4,075

7,742

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

7,738

7,738

Taxation and social security

8,894

9,565

Other creditors

692,595

692,986

709,227

710,289

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

81,647

87,615

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

50,695

56,663

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

89,385

95,353

The bank loan is secured by first legal charges over the following properties; 28 Queens Court Inchmarlo

Banchory, 162 Merkland Lane Aberdeen, 39 Merkland Lane Aberdeen, 3 Queens Court Inchmarlo Banchory

and 52 Merkland Lane Aberdeen and by a floating charge over the remaining assets of the company.

10.

RESERVES

Fair

value

reserve

£

At 1 August 2017

and 31 July 2018

102,237

11.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Devanha Land Company Limited for the year ended 31 July 2018 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Devanha Land Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Devanha Land Company Limited and state those matters that we have agreed to state to the Board of Directors of Devanha Land Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Devanha Land Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Devanha Land Company Limited. You consider that Devanha Land Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Devanha Land Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon Accord Square

ABERDEEN

AB11 6YL

23 April 2019