Mochridhe (Edinburgh and Lothians) Ltd Filleted accounts for Companies House (small and micro)

MOCHRIDHE (EDINBURGH AND LOTHIANS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC415836

Mochridhe (Edinburgh and Lothians) Ltd

Filleted Unaudited Financial Statements

31 March 2021

Mochridhe (Edinburgh and Lothians) Ltd

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed Assets

Tangible assets	5		8,728	4,932

Current Assets

Debtors	6	2,087,454	1,789,219
Cash at bank and in hand		76,712	2,807
		------------	------------
		2,164,166	1,792,026

Creditors: amounts falling due within one year	7	292,210		305,800
		------------		------------
Net Current Assets			1,871,956	1,486,226
			------------	------------
Total Assets Less Current Liabilities			1,880,684	1,491,158
			------------	------------
Net Assets			1,880,684	1,491,158
			------------	------------

Capital and Reserves

Called up share capital	1	1
Profit and loss account	1,880,683	1,491,157
	------------	------------
Shareholders Funds	1,880,684	1,491,158
	------------	------------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Mochridhe (Edinburgh and Lothians) Ltd

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 13 July 2021 , and are signed on behalf of the board by:

Mr J Fleming
Director

Company registration number: SC415836

Mochridhe (Edinburgh and Lothians) Ltd

Notes to the Financial Statements

Year Ended 31 March 2021

1. General Information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is DMA Building, 100 Brand Street, Glasgow, G51 1DG, Scotland.

2. Statement of Compliance

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

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer Equipment	-	25% reducing balance

Impairment of Fixed Assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 67 (2020: 64 ).

5. Tangible Assets

	Equipment	Total
	£	£
Cost
At 1 April 2020	15,703	15,703
Additions	6,160	6,160
	--------	--------
At 31 March 2021	21,863	21,863
	--------	--------
Depreciation
At 1 April 2020	10,771	10,771
Charge for the year	2,364	2,364
	--------	--------
At 31 March 2021	13,135	13,135
	--------	--------
Carrying amount
At 31 March 2021	8,728	8,728
	--------	--------
At 31 March 2020	4,932	4,932
	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	113,094	167,837
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,874,798	1,547,309
Other debtors	99,562	74,073
	------------	------------
	2,087,454	1,789,219
	------------	------------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	117,037
Trade creditors	9,030	7,030
Social security and other taxes	195,236	103,700
Other creditors	87,944	78,033
	---------	---------
	292,210	305,800
	---------	---------

Included in bank loans and overdrafts is a creditor of £nil (2020 - £117,037) which is secured by a floating charge over the trade debtors balance.

8. Related Party Transactions

The company was under the control of Mr J Fleming throughout the current and previous year. Mr J Fleming is the managing director and majority shareholder. During the year the company operated intercompany loan accounts and at the year end the company was due £1,153,527 (2020 - £1,176,870) from Mochridhe Limited. At the year end, the company was due £649,079 (2020 - £370,439) from The Jon Fleming Group Limited and £72,192 (2020 - £nil) from Advanced Care Limited. These loans accrue no interest and are repayable on demand.

9. Controlling Party

During the year the company was under the control of The Jon Fleming Group Ltd, a company incorporated in Scotland.