MCL Estates Limited Filleted accounts for Companies House (small and micro)

MCL ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC483144

MCL Estates Limited

Filleted Unaudited Financial Statements

For the year ending

30 September 2019

MCL Estates Limited

Statement of Financial Position

30 September 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	1,354	1,360
Investments	6	8,545	8,545
		-------	-------
		9,899	9,905

Current assets

Debtors	7	5,751	5,785
Cash at bank and in hand		161,793	153,904
		---------	---------
		167,544	159,689

Creditors: amounts falling due within one year	8	27,081		19,008
		---------		---------
Net current assets			140,463	140,681
			---------	---------
Total assets less current liabilities			150,362	150,586

Provisions

Taxation including deferred tax	230	231
	---------	---------
Net assets	150,132	150,355
	---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		150,032	150,255
		---------	---------
Shareholders funds		150,132	150,355
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MCL Estates Limited

Statement of Financial Position (continued)

30 September 2019

These financial statements were approved by the board of directors and authorised for issue on 21 February 2020 , and are signed on behalf of the board by:

C M McLachlan
Director

Company registration number: SC483144

MCL Estates Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 192 Queensferry road, Edinburgh, Scotland, EH4 2BN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing these financial statements.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Tangible assets

	Equipment	Total
	£	£

Cost
At 1 October 2018	3,142	3,142
Additions	341	341
	-------	-------
At 30 September 2019	3,483	3,483
	-------	-------
Depreciation
At 1 October 2018	1,782	1,782
Charge for the year	347	347
	-------	-------
At 30 September 2019	2,129	2,129
	-------	-------
Carrying amount
At 30 September 2019	1,354	1,354
	-------	-------
At 30 September 2018	1,360	1,360
	-------	-------

6. Investments

	Other investments other than loans
	£

Cost
At 1 October 2018 and 30 September 2019	8,545
	-------
Impairment
At 1 October 2018 and 30 September 2019	–
	-------

Carrying amount
At 30 September 2019	8,545
	-------
At 30 September 2018	8,545
	-------

The company owns 25% of the issued share capital of ASIC Land Limited.

7. Debtors

	2019	2018
	£	£

Trade debtors	4,800	5,000
Other debtors	951	785
	-------	-------
	5,751	5,785
	-------	-------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£

Trade creditors	1,464	3,374
Corporation tax	18,837	11,900
Social security and other taxes	5,785	3,734
Other creditors	995	–
	--------	--------
	27,081	19,008
	--------	--------

9. Called up share capital

Issued, called up and fully paid

2019		2018
No.	£	No.	£

Ordinary shares of £ 1 each	100	100.00	100	100.00
	----	--------	----	--------

On 29 July 2014 100 ordinary shares of £1 each were issued at par.

10. Related party transactions

Included in other debtors is a loan to MCL Estates (Ventures) Limited of £500 (2018: £500). MCL Estates (Ventures) Limited is also owned by C M Mclachlan.