Drumgelloch Properties Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC240301 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 July 2014

for

DRUMGELLOCH PROPERTIES LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

S H Khan

SECRETARY:

S H Khan

REGISTERED OFFICE:

SD BUSINESS MANAGEMENT

Suite 411

Baltic Chambers

50 Wellington Street

Glasgow

G2 6HJ

REGISTERED NUMBER:

SC240301 (Scotland)

ACCOUNTANTS:

SD Business Management

Suite 411 Baltic Chambers

50 Wellington Street

Glasgow

Strathclyde

G2 6HJ

FIXED ASSETS

Tangible assets

2

275,500

275,500

CURRENT ASSETS

Debtors

-

9,520

Cash at bank and in hand

2,710

5,077

2,710

14,597

CREDITORS

Amounts falling due within one year

3

31,440

28,633

NET CURRENT LIABILITIES

(28,730

)

(14,036

)

TOTAL ASSETS LESS CURRENT LIABILITIES

246,770

261,464

CREDITORS

Amounts falling due after more than one year

3

143,238

169,205

NET ASSETS

103,532

92,259

CAPITAL AND RESERVES

Called up share capital

4

300

300

Revaluation reserve

25,445

25,445

Profit and loss account

77,787

66,514

SHAREHOLDERS' FUNDS

103,532

92,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 5 March 2015 and were signed by:

S H Khan - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008).

Turnover

Turnover represents gross amount of rental income received

Tangible fixed assets

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

Land and buildings

-

not provided

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Properties

The company's properties are held for long term investment and in accordance with Statement of Standard

Accounting policy 19:

i)Investment properties are revalued annually and the aggregate surplus or deficit is transferred to a

revaluation reserve; and

ii) No depreciation or amortisation is provided in respect of heritable investment properties.

The requirement of the Companies Act 1985 is to depreciate all properties, but this conflicts with the

generally accepted accounting principle set out in SSAP 19. The directors consider that, as properties are

not held for consumption but for investment, to depreciate them would not give a true and fair view and

that it is necessary to adopt SSAP 19 in order to give a true and fair view. If this departure from the Act

had not been made, the profit for the financial year would be reduced by depreciation on the properties of

£11,020, if properties had been depreciated at 4% p.a. straight line.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 August 2013

and 31 July 2014

275,500

NET BOOK VALUE

At 31 July 2014

275,500

At 31 July 2013

275,500

3.

CREDITORS

Creditors include an amount of £ 43,301 (31.7.13 - £ 61,419 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.14

31.7.13

value:

£

£

300

Ordinary

£1

300

300