Murray House Property Limited - Period Ending 2021-04-30

Murray House Property Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 7

Murray House Property Limited

(Registration number: SC208331)
Balance Sheet as at 30 April 2021

	Note	2021 £	2019 £
Fixed assets
Investment property	4	-	1,600,000
Current assets
Debtors	5	1,506	48,093
Cash at bank and in hand		42,408	28,770
		43,914	76,863
Creditors: Amounts falling due within one year	6	(43,914)	(48,761)
Net current assets		-	28,102
Total assets less current liabilities		-	1,628,102
Creditors: Amounts falling due after more than one year	6	-	(1,774,152)
Net liabilities		-	(146,050)
Capital and reserves
Called up share capital	9	1,000	1,000
Share premium reserve		140,000	140,000
Profit and loss account		(141,000)	(287,050)
Shareholders' deficit		-	(146,050)

For the financial period ending 30 April 2021 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 April 2022 and signed on its behalf by:
 

......................................... S Kirkpatrick Director

Murray House Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2019 to 30 April 2021

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1 George Square
Glasgow
G2 1AL
Scotland

These financial statements were authorised for issue by the Board on 6 April 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements.
The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax lossed and other defered tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Murray House Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2019 to 30 April 2021

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation, or for both. Investment properties are intially recognised at cost.

Subsequent to initial recognition, investment property is carried at fair value, derived from the current market prices for comparable real estate and indicative yields and are determined annually. Valuations use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss in the period that they arise. No depreciation is provided.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Murray House Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2019 to 30 April 2021

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contractual arrangements. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilties.
 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss. which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. The company only has financial assets and liabilities of the kind that qualiify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.
 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the diifference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2019 - 0).

Murray House Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2019 to 30 April 2021

4	Investment properties

	2021 £
At 1 November	1,600,000
Disposals	(1,600,000)
At 30 April	-

5

Debtors

	2021 £	2019 £
Prepayments	-	47,886
Other debtors	1,506	207
	1,506	48,093

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2019 £
Due within one year
Trade creditors		-	47,311
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7	42,464	-
Accruals and deferred income		1,450	1,450
		43,914	48,761

Creditors: amounts falling due after more than one year

	2021 £	2019 £
Due after one year
Other non-current financial liabilities	-	1,774,152

Murray House Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2019 to 30 April 2021

7	Related party transactions

Loans from related parties

2021	Parent £	Total £
At start of period	1,774,152	1,774,152
Advanced	51,682	51,682
Repaid	(528,515)	(528,515)
Impairment	(1,254,855)	(1,254,855)
At end of period	42,464	42,464

2019	Parent £	Total £
At start of period	1,591,694	1,591,694
Advanced	101,192	101,192
Interest transactions	81,266	81,266
At end of period	1,774,152	1,774,152

Terms of loans from related parties

The loan from the company's parent undertaking was originally denominated in sterling, acrrued interest at 5% and had no set repayment terms. During the current period, the remaining loan balance was interest free and repayable on demand.
 

8	Parent and ultimate parent undertaking

The company's immediate parent is Corbo Limited, incorporated in Northern Ireland.

 The ultimate controlling party is Mr S V Morrison.

Murray House Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2019 to 30 April 2021

9	Share capital

Allotted, called up and fully paid shares

	2021		2019
	No.	£	No.	£
Ordinary A shares of £1 each	500	500	500	500
Ordinary B shares of £1 each	500	500	500	500
	1,000	1,000	1,000	1,000