Company registration number SC231831 (Scotland)
MARYFIELD DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
MARYFIELD DEVELOPMENTS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MARYFIELD DEVELOPMENTS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D W McKinlay
Mr E Hernon
Secretary
Mr E Hernon
Company number
SC231831
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
MARYFIELD DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,106
65,192
Investment property
4
559,942
559,942
625,048
625,134
Current assets
Debtors
5
443
-
0
Cash at bank and in hand
132,465
84,635
132,908
84,635
Creditors: amounts falling due within one year
6
(32,057)
(34,636)
Net current assets
100,851
49,999
Total assets less current liabilities
725,899
675,133
Provisions for liabilities
7
(8,684)
(8,672)
Net assets
717,215
666,461
Capital and reserves
Called up share capital
9
400
400
Revaluation reserve
53,969
53,969
Profit and loss reserves
662,846
612,092
Total equity
717,215
666,461

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 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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.

MARYFIELD DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 November 2023 and are signed on its behalf by:
Mr E Hernon
Director
Company Registration No. SC231831
MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information

Maryfield Developments Limited is a private company limited by shares incorporated in Scotland. The company registered number is SC231831. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents rental income receivable during the year, exclusive of Value Added Tax. Turnover is recognised at the point at which the Company has fulfilled its contractual obligations to the tenants.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land
Not depreciated
Plant and machinery
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
-
0
-
0
3
Tangible fixed assets
Land
Plant and machinery
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
64,363
1,033
65,396
Depreciation and impairment
At 1 June 2022
-
0
204
204
Depreciation charged in the year
-
0
86
86
At 31 May 2023
-
0
290
290
Carrying amount
At 31 May 2023
64,363
743
65,106
At 31 May 2022
64,363
829
65,192
4
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
559,942

The property was valued by the directors at the balance sheet date. No adjustment to the carrying value was considered necessary. The valuation was carried out on an open market basis.

 

No tax would arise on the sale of the property at 31 May 2023.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
443
-
0
MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
14,307
15,829
Other creditors
17,750
18,807
32,057
34,636

A bond and floating charge are secured over the assets of the company.

7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
8,684
8,672
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
8,684
8,672
2023
Movements in the year:
£
Liability at 1 June 2022
8,672
Charge to profit or loss
12
Liability at 31 May 2023
8,684

 

9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
400 Ordinary shares of £1
400
400
MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
10
Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102" The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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