Malisna Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC083632 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 1 JULY 2021

FOR

MALISNA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J A Minty

J H McErlean

SECRETARY:

Mrs S McErlean

REGISTERED OFFICE:

C/O Bank House

20a Strathearn Road

Edinburgh

Lothian

EH9 2AB

REGISTERED NUMBER:

SC083632 (Scotland)

ACCOUNTANTS:

Mc Creath & Co Limited

Bank House

20A Strathearn Road

Edinburgh

EH9 2AB

FIXED ASSETS

Investment property

4

1,105,962

1,105,962

CURRENT ASSETS

Debtors

5

266,446

254,184

Cash at bank

58,263

54,814

324,709

308,998

CREDITORS

Amounts falling due within one year

6

61,546

19,237

NET CURRENT ASSETS

263,163

289,761

TOTAL ASSETS LESS CURRENT LIABILITIES

1,369,125

1,395,723

PROVISIONS FOR LIABILITIES

97,231

94,706

NET ASSETS

1,271,894

1,301,017

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

7

830,933

830,933

Retained earnings

439,961

469,084

SHAREHOLDERS' FUNDS

1,271,894

1,301,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 1 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 1 July 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 29 June 2022 and were signed on its behalf by:

Mrs J A Minty - Director

J H McErlean - Director

1.	STATUTORY INFORMATION

Malisna 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents income from the rental of investment properties, exclusive of value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is shown at the most recent Fair Value. An external professional valuation is obtained when it is considered appropriate and the directors' own valuation is included in intervening years. Any aggregate surplus or deficit arising from changes in market value is transferred to the fair value reserve.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 2 July 2020

and 1 July 2021

1,105,962

NET BOOK VALUE

At 1 July 2021

1,105,962

At 1 July 2020

1,105,962

Fair value at 1 July 2021 is represented by:

£

Valuation in 2021

830,932

Cost

275,030

1,105,962

If investment properties had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

275,030

275,030

Investment properties were valued on a fair value basis on 1 July 2021 by the director, Mrs J A Minty .

5.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

13,817

-

Other loans

2,544

2,544

Tax

85

85

16,446

2,629

Amounts falling due after more than one year:

Other debtors

50,000

51,555

Other loans

200,000

200,000

250,000

251,555

Aggregate amounts

266,446

254,184

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

1,748

Social security and other taxes

1,090

952

Other creditors

48,516

8,836

Directors' current accounts

11,940

7,701

61,546

19,237

7.

RESERVES

Fair

value

reserve

£

At 2 July 2020

and 1 July 2021

830,933

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 1 July 2021 and 1 July 2020:

2021

2020

£

£

Mrs J A Minty

Balance outstanding at start of year

200,000

200,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

200,000

200,000

During the year under review the director Mrs J A Minty continued to be in receipt of a loan from the company. The company made a long term advance of £200,000 to assist with a property purchase. The loan is repayable on disposal of the property and ongoing interest will be accounted for via a personal benefit in kind.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors