REGISTERED NUMBER: SC663855 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

MACLAY WEIR LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J M Floyd

REGISTERED OFFICE:

International House

38 Thistle Street

Edinburgh

United Kingdom

EH2 1EN

REGISTERED NUMBER:

SC663855 (Scotland)

ACCOUNTANTS:

Peter Jarman LLP

trading as

Peter Jarman & Company

1 Harbour House

Harbour Way

Shoreham by Sea

West Sussex

BN43 5HZ

FIXED ASSETS

Investment property

4

385,000

385,000

CURRENT ASSETS

Debtors

5

7,600

7,025

Cash at bank

3,635

9,922

11,235

16,947

CREDITORS

Amounts falling due within one year

6

(863

)

(228

)

NET CURRENT ASSETS

10,372

16,719

TOTAL ASSETS LESS CURRENT LIABILITIES

395,372

401,719

CREDITORS

Amounts falling due after more than one year

7

(482,551

)

(492,047

)

NET LIABILITIES

(87,179

)

(90,328

)

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

(42,636

)

-

Retained earnings

(44,643

)

(90,428

)

SHAREHOLDERS' FUNDS

(87,179

)

(90,328

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 October 2023 and were signed by:

Mr J M Floyd - Director

1.	STATUTORY INFORMATION

Maclay Weir 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.

Turnover

Turnover represents rents receivable on investment properties for the accounting period.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 1 (2022 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

and 30 June 2023

385,000

NET BOOK VALUE

At 30 June 2023

385,000

At 30 June 2022

385,000

Included in fair value of investment property is freehold land of £ 385,000 (2022 - £ 385,000 ) which is not depreciated.

Fair value at 30 June 2023 is represented by:

£

Valuation in 2021

90,000

Valuation in 2022

295,000

385,000

If investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

385,000

424,473

Investment property was valued on an open market basis on 30 June 2023 by The director .

The first property was purchased in March 2021 and has not been revalued at the year end 30th June 2023 as the director does not believe the market value of the property would have changed in this period.

The second property was purchased in November 2021 and has not been revalued at the year end 30th June 2023 as the director does not believe the market value of the property would have changed in this period.

The third property was purchased in April 2022 and has not been revalued at the year end 30th June 2023 as the director does not believe the market value of the property would have changed in this period.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

7,600

7,025

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other creditors

863

228

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

287,933

253,202

Other creditors

194,618

238,845

482,551

492,047

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

287,933

253,202

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

287,933

253,202

The mortgages are secured charges over the assets in the company, including the investment properties.

9.

RESERVES

Fair

value

reserve

£

Non distributable profit

(42,636

)

At 30 June 2023

(42,636

)