Company registration number SC167743 (Scotland)
MACDONALD ORR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
MACDONALD ORR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MACDONALD ORR LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
4,794,510
4,794,510
Current assets
Debtors
5
140,533
140,533
Creditors: amounts falling due within one year
6
(7,049,146)
(7,049,146)
Net current liabilities
(6,908,613)
(6,908,613)
Net liabilities
(2,114,103)
(2,114,103)
Capital and reserves
Called up share capital
7
921,000
921,000
Profit and loss reserves
(3,035,103)
(3,035,103)
Total equity
(2,114,103)
(2,114,103)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
A D M MacDonald
Director
Company Registration No. SC167743
MACDONALD ORR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
MacDonald Orr Limited is a private company limited by shares incorporated in Scotland. The registered office is Caledonian Exchange, 19a Canning Street, Edinburgh, EH3 8HE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The accounts have been prepared under the going concern concept because the company's directors have agreed to provide such funds as may be required to enable the company to fulfil its obligations in respect of borrowing facilities.true
1.3
Fixed asset investments
The company accounts for its investment in subsidiary undertaking by the equity method, whereby the original cost of the investment is adjusted for the movement in underlying net assets applicable to the investment since the date of acquisition with an adjustment to the company's reserves.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MACDONALD ORR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
4
Fixed asset investments
2022
2021
£
£
Investments
4,794,510
4,794,510
The company owns 100% of the issued share capital of Standard Property Investment Limited, which is a company registered in Scotland.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2022 & 31 December 2022
4,794,510
Carrying amount
At 31 December 2022
4,794,510
At 31 December 2021
4,794,510
MACDONALD ORR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
119,334
119,334
Other debtors
21,199
21,199
140,533
140,533
6
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
5,476,791
5,476,791
Other creditors
1,572,355
1,572,355
7,049,146
7,049,146
The bank overdraft is secured by way of bond and floating charge over the assets of the company. The subsidiary and certain related companies have also entered into cross guarantees in respect of bank borrowings.
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
921,000
921,000
921,000
921,000
8
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£
£
£
£
Orrmac (No:500) Limited
-
-
306,311
306,311
Queen Street Investments Limited
20,999
20,999
-
-
Queen Street Investments Limited - Loan note
119,334
119,334
-
-
Standard Property Investment Limited
-
-
5,476,791
5,476,791