M C L Properties (Ayrshire) Ltd - Accounts to registrar (filleted) - small 18.2
M C L Properties (Ayrshire) Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| FOR |
| M C L PROPERTIES (AYRSHIRE) LTD |
| M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| M C L PROPERTIES (AYRSHIRE) LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 24 Beresford Terrace |
| Ayr |
| KA7 2EG |
| M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430) |
| BALANCE SHEET |
| 28 FEBRUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| 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. |
| M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430) |
| BALANCE SHEET - continued |
| 28 FEBRUARY 2021 |
| 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 |
| M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 1. | STATUTORY INFORMATION |
| M C L Properties (Ayrshire) Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 March 2020 |
| and 28 February 2021 |
| DEPRECIATION |
| At 1 March 2020 |
| Charge for year |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST OR VALUATION |
| At 1 March 2020 |
| and 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |
| Cost or valuation at 28 February 2021 is represented by: |
| £ |
| Valuation in 2021 | 347,648 |
| If the investment properties had not been revalued they would have been included at the following historical cost: |
| 2021 | 2020 |
| £ | £ |
| Cost | 347,648 | 347,648 |
| Aggregate depreciation | (6,953 | ) | (6,953 | ) |
| The investment properties were valued on a fair value basis on 28 February 2021 by Mr A McClure, director. . |
| M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 500 | 500 |
| Ordinary A | £1 | 480 | 480 |
| 980 | 980 |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 March 2020 |
| Profit for the year |
| At 28 February 2021 |
| 10. | RELATED PARTY DISCLOSURES |
| During the year the Company operated a current account with Directors Mr & Mrs A McClure. As at 28th February 2021 the balance owed by the Company to the Directors was £327,540 (2020 £353934). The development properties were held by the directors on behalf of the Company. |