REGISTERED NUMBER: SC239374 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2018

FOR

PENTICTON PROPERTIES LTD.

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G W Turner

L M Rennie

SECRETARY:

L M Rennie

REGISTERED OFFICE:

62 Cleveden Drive

Glasgow

G12 0NX

REGISTERED NUMBER:

SC239374 (Scotland)

ACCOUNTANT:

I M Neilson

Chartered Accountant

62e Cleveden Drive

Glasgow

G12 0NX

FIXED ASSETS

Tangible assets

4

92,402

92,818

CURRENT ASSETS

Cash at bank

3,052

3,879

CREDITORS

Amounts falling due within one year

(15,497

)

(21,130

)

NET CURRENT LIABILITIES

(12,445

)

(17,251

)

TOTAL ASSETS LESS CURRENT LIABILITIES

79,957

75,567

CREDITORS

Amounts falling due after more than one year

(50,436

)

(52,148

)

PROVISIONS FOR LIABILITIES

5

(316

)

(223

)

NET ASSETS

29,205

23,196

CAPITAL AND RESERVES

Called up share capital

6

2

2

Retained earnings

29,203

23,194

SHAREHOLDERS' FUNDS

29,205

23,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 November 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 25 February 2019 and were signed on its behalf by:

G W Turner - Director

1.	STATUTORY INFORMATION

Penticton Properties Ltd. 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 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.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any

accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the

asset to the location and condition necessary for it to be capable of operating in the manner intended by

management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item

when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the

company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to

profit or loss during the period in which they are incurred.

Depreciation is provided on the reducing balance method at the following rates:-

Equipment & Furniture

20%

The assets residual values, useful lives and depreciation methods are reviewed annually and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in the Statement of comprehensive income.

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.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method.

Dividends

Equity dividends are recognised when they become legally payable. Interm equity dividends are recognised when

paid.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that

probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount

of the obligation.

Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware

of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to

settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2017

and 30 November 2018

120,611

DEPRECIATION

At 1 December 2017

27,793

Charge for year

416

At 30 November 2018

28,209

NET BOOK VALUE

At 30 November 2018

92,402

At 30 November 2017

92,818

5.	PROVISIONS FOR LIABILITIES

30.11.18

30.11.17

£

£

Deferred tax

316

223

Deferred

tax

£

Balance at 1 December 2017

223

Charge to Income Statement during year

93

Balance at 30 November 2018

316

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.18

30.11.17

value:

£

£

2

ordinary

1

2

2

7.	RELATED PARTY DISCLOSURES

Most of the properties rented are owned personally by the Directors who do not charge the company for the use of

the properties.