M C L Properties (Ayrshire) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC526430 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

M C L PROPERTIES (AYRSHIRE) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J McClure

Mrs W McClure

SECRETARY:

Mrs W McClure

REGISTERED OFFICE:

8 Ronaldshaw Park

AYR

Ayrshire

KA7 2TJ

REGISTERED NUMBER:

SC526430 (Scotland)

ACCOUNTANTS:

Stewart Gilmour & Co.

24 Beresford Terrace

Ayr

KA7 2EG

FIXED ASSETS

Tangible assets

4

788

5,095

Investment property

5

347,648

347,648

348,436

352,743

CURRENT ASSETS

Cash at bank

88,518

103,070

CREDITORS

Amounts falling due within one year

6

314,016

329,541

NET CURRENT LIABILITIES

(225,498

)

(226,471

)

TOTAL ASSETS LESS CURRENT LIABILITIES

122,938

126,272

PROVISIONS FOR LIABILITIES

150

872

NET ASSETS

122,788

125,400

CAPITAL AND RESERVES

Called up share capital

7

980

980

Retained earnings

8

121,808

124,420

SHAREHOLDERS' FUNDS

122,788

125,400

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 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 25 November 2022 and were signed on its behalf by:

A J McClure - Director

1.	STATUTORY INFORMATION

M C L Properties (Ayrshire) 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 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.

Tangible fixed assets

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

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Investment properties

In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted account principles set out in frs 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £6953.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 March 2021

1,188

10,250

450

11,888

Disposals

-

(10,250

)

-

(10,250

)

At 28 February 2022

1,188

-

450

1,638

DEPRECIATION

At 1 March 2021

486

6,052

255

6,793

Charge for year

70

-

39

109

Eliminated on disposal

-

(6,052

)

-

(6,052

)

At 28 February 2022

556

-

294

850

NET BOOK VALUE

At 28 February 2022

632

-

156

788

At 28 February 2021

702

4,198

195

5,095

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 March 2021

and 28 February 2022

347,648

NET BOOK VALUE

At 28 February 2022

347,648

At 28 February 2021

347,648

Cost or valuation at 28 February 2022 is represented by:

£

Valuation in 2022

347,648

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

2022

2021

£

£

Cost

347,648

347,648

Aggregate depreciation

(6,953

)

(6,953

)

The investment properties were valued on a fair value basis on 28 February 2022 by Mr A McClure, director. .

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

-

1,600

Taxation and social security

77

400

Other creditors

313,939

327,541

314,016

329,541

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

500

Ordinary

£1

500

500

480

Ordinary A

£1

480

480

980

980

8.

RESERVES

Retained

earnings

£

At 1 March 2021

124,420

Deficit for the year

(2,612

)

At 28 February 2022

121,808

9.	RELATED PARTY DISCLOSURES

During the year the Company operated a current account with Directors Mr & Mrs A McClure. As at 28th February 2022 the balance owed by the Company to the Directors was £310,339 (2021 £327,540). The development properties were held by the directors on behalf of the Company.