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COMPANY REGISTRATION NUMBER: SC180869
Moray Property Searchers Limited
Filleted Unaudited Financial Statements
31 March 2023
Moray Property Searchers Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Moray Property Searchers Limited
Statement of Financial Position
31 March 2023
2023
2022
(restated)
Note
£
£
£
Current assets
Debtors
6
512
395
Cash at bank and in hand
7,539
14,069
-------
--------
8,051
14,464
Creditors: amounts falling due within one year
7
7,621
3,855
-------
--------
Net current assets
430
10,609
----
--------
Total assets less current liabilities
430
10,609
----
--------
Net assets
430
10,609
----
--------
Capital and reserves
Called up share capital
500
500
Profit and loss account
( 70)
10,109
----
--------
Shareholders funds
430
10,609
----
--------
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 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Moray Property Searchers Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 5 November 2023 , and are signed on behalf of the board by:
Peter Brash
Director
Company registration number: SC180869
Moray Property Searchers Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 North Street, Elgin, IV30 1UA.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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
-
20% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings.
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 1 (2022: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022 (as restated) and 31 March 2023
6,404
6,404
-------
-------
Depreciation
At 1 April 2022 and 31 March 2023
6,404
6,404
-------
-------
Carrying amount
At 31 March 2023
-------
-------
At 31 March 2022
-------
-------
6. Debtors
2023
2022
(restated)
£
£
Trade debtors
45
395
Other debtors
467
----
----
512
395
----
----
7. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
3,643
Corporation tax
18
2,012
Social security and other taxes
2,654
526
Pension Creditor
126
187
Other creditors
1,180
1,130
-------
-------
7,621
3,855
-------
-------
8. Prior period errors
There has been a prior period adjustment in respect of the presentation of cost of sales. For the year ended 31 March 2022 search cost of £24,517 were netted off against turnover. This has now been revised to show these expenses separately within the Statement of Income and Retained Earnings. The changes have had no effect on corporation tax.
9. Related party transactions
Two of the three directors are partners in the firm of Grigor & Young LLP, Solicitors and Estate Agents. During the year a total of £3,312 (2022 - £3,400) was received from Grigor and Young LLP for miscellaneous services carried out. A balance of £4,000 (2022 - £4,000) was paid to Grigor and Young LLP for services and accommodation during the year.