Muirhouses Capital Limited 31/01/2020 iXBRL

MUIRHOUSES CAPITAL LIMITED - Company Information

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Company registration number: SC601947

Muirhouses Capital Limited

Unaudited filleted financial statements

31 January 2020

Muirhouses Capital Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Muirhouses Capital Limited

Directors and other information


	Directors	Mr John Martin
		Mrs Ruth Martin


	Secretary	MBM Secretarial Services Limited


	Company number	SC601947


	Registered office	South Lodge
		Muirhouses
		Bo'ness
		EH51 9SS


	Business address	South Lodge
		Muirhouses
		Bo'ness
		EH51 9SS


	Accountants	Gallon & Co
		New Custom House
		Regiseter Street
		Bo'ness
		EH51 9AE




	Bankers	Bank of Scotland
		Regent Centre
		Linlithgow

Muirhouses Capital Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Muirhouses Capital Limited

Year ended 31 January 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Muirhouses Capital Limited for the year ended 31 January 2020 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of Muirhouses Capital Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Muirhouses Capital Limited and state those matters that we have agreed to state to the board of directors of Muirhouses Capital Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Muirhouses Capital Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Muirhouses Capital 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 Muirhouses Capital Limited. You consider that Muirhouses Capital 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 Muirhouses Capital 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.

Gallon & Co

Accountants & Business Advisors

New Custom House

Regiseter Street

Bo'ness

EH51 9AE

Date: 9 October 2020

Muirhouses Capital Limited

Statement of financial position

31 January 2020

		31/01/20
	Note	£	£

Fixed assets
Investments	5	5,150,100
		_______
			5,150,100

Current assets
Cash at bank and in hand		1,442,627
		_______
		1,442,627
Creditors: amounts falling due
within one year	6	( 18,250)
		_______
Net current assets			1,424,377
			_______
Total assets less current liabilities			6,574,477

			_______
Net assets			6,574,477
			_______

Capital and reserves
Called up share capital			100
Profit and loss account			6,574,377
			_______
Shareholders funds			6,574,477
			_______

For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 09 October 2020 , and are signed on behalf of the board by:

Mr John Martin

Director

Company registration number: SC601947

Muirhouses Capital Limited

Statement of changes in equity

Year ended 31 January 2020

	Called up share capital	Profit and loss account	Total
	£	£	£


Issue of shares	100		100
	_______	_______	_______
Total investments by and distributions to owners	100	-	100

At 1 February 2019	100	4,999,855	4,999,955

Profit for the year		1,574,522	1,574,522
	_______	_______	_______
Total comprehensive income for the year	-	1,574,522	1,574,522

	_______	_______	_______
At 31 January 2020	100	6,574,377	6,574,477
	_______	_______	_______

Muirhouses Capital Limited

Notes to the financial statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is South Lodge, Muirhouses, Bo'ness, EH51 9SS.

2. Statement of compliance

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

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Fixed asset 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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2

5. Investments

	Shares in group undertakings and participating interests	Loans to group undertakings and participating interests	Total
	£	£	£
Cost
At 1 February 2019	100	3,650,000	3,650,100
Additions	-	1,500,000	1,500,000
	_______	_______	_______
At 31 January 2020	100	5,150,000	5,150,100
	_______	_______	_______
Impairment
At 1 February 2019 and 31 January 2020	-	-	-
	_______	_______	_______
Carrying amount
At 31 January 2020	100	5,150,000	5,150,100
	_______	_______	_______

The company has 20,000 C Ordinary shares in Halspan Limited, a company under the control of Mr & Mrs John Martin. The holders of the C Ordinary shares are only entitled to income/dividends in excess of the "Excess Cash Sum" ( as defined in the articles) and have no voting rights.

6. Creditors: amounts falling due within one year

			31/01/20
			£
	Corporation tax		17,480
	Other creditors		770
			_______
			18,250
			_______

7. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value	Balance owed by /(owed to)
	Year	Year
	ended	ended
	31/01/20	31/01/20
	£	£
Kelvin KBB Limited	1,500,000	5,150,000
	_______	_______

During the period loans were provided to Kelvin KBB Limited amounting to £5,150,000, a company under the control of Mr John Martin . The loan to Kelvin KBB Limited attracts interest at 3% over base. In terms of the agreement with Kelvin KBB Limited no repayment is contracually due until 30 June 2024. During the period , a dividend of £1,500,000 was received from Halspan limited, a company in which Mr John Martin is a director.

8. Controlling party

The company is under the control of Mr and Mrs John Martin who own 100% of the issued shares.