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Registration number: SC519327

MDH Retail Falkirk Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

MDH Retail Falkirk Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

MDH Retail Falkirk Limited

Company Information

Directors

Mr Mark Houston

Mr David Houston

Registered office

Unit 5-7
Burnbank Road
Falkirk
FK2 7PE

Accountants

Clyde Business Services
159 King Street
Glasgow
Lanarkshire
G73 1BZ

 

MDH Retail Falkirk Limited

(Registration number: SC519327)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

283,265

285,331

Current assets

 

Debtors

5

120,124

121,282

Cash at bank and in hand

 

15,676

14,064

 

135,800

135,346

Creditors: Amounts falling due within one year

6

(191,398)

(179,230)

Net current liabilities

 

(55,598)

(43,884)

Total assets less current liabilities

 

227,667

241,447

Creditors: Amounts falling due after more than one year

6

(205,834)

(227,833)

Net assets

 

21,833

13,614

Capital and reserves

 

Profit and loss account

21,833

13,614

Shareholders' funds

 

21,833

13,614

For the financial year ending 30 November 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 year 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 25 May 2022 and signed on its behalf by:
 

.........................................

Mr Mark Houston
Director

 

MDH Retail Falkirk Limited

(Registration number: SC519327)
Balance Sheet as at 30 November 2021

.........................................

Mr David Houston
Director

 

MDH Retail Falkirk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

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

The address of its registered office is:
Unit 5-7
Burnbank Road
Falkirk
FK2 7PE

These financial statements were authorised for issue by the Board on 25 May 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

MDH Retail Falkirk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

fixtures & fittings

20% reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

MDH Retail Falkirk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2020

275,000

28,436

303,436

At 30 November 2021

275,000

28,436

303,436

Depreciation

At 1 December 2020

-

18,105

18,105

Charge for the year

-

2,066

2,066

At 30 November 2021

-

20,171

20,171

Carrying amount

At 30 November 2021

275,000

8,265

283,265

At 30 November 2020

275,000

10,331

285,331

Included within the net book value of land and buildings above is £275,000 (2020 - £275,000) in respect of freehold land and buildings.
 

5

Debtors

2021
£

2020
£

Trade debtors

6,000

3,000

Other debtors

114,124

118,282

120,124

121,282

 

MDH Retail Falkirk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Taxation and social security

2,058

3,180

Other creditors

189,340

176,050

191,398

179,230

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

205,834

227,833

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

205,834

227,833