MEGALOPS LIMITED

Company Registration Number:
SC388200 (Scotland)

Unaudited statutory accounts for the year ended 30 November 2022

Period of accounts

Start date: 1 December 2021

End date: 30 November 2022

MEGALOPS LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2022

Balance sheet
Additional notes
Balance sheet notes

MEGALOPS LIMITED

Balance sheet

As at 30 November 2022

Notes 2022 2021


£

£
Fixed assets
Tangible assets: 3 29,882 21,087
Investments: 4 870,000 345,000
Total fixed assets: 899,882 366,087
Creditors: amounts falling due within one year: 6 ( 37,318 ) ( 18,433 )
Net current assets (liabilities): (37,318) 20,167
Total assets less current liabilities: 862,564 386,254
Creditors: amounts falling due after more than one year: 7 ( 562,013 ) ( 25,000 )
Provision for liabilities: ( 4,998 ) ( 1,418 )
Total net assets (liabilities): 295,553 359,836
Capital and reserves
Called up share capital: 286,501 286,501
Profit and loss account: 9,052 73,335
Total Shareholders' funds: 295,553 359,836

The notes form part of these financial statements

MEGALOPS LIMITED

Balance sheet statements

For the year ending 30 November 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 30 August 2023
and signed on behalf of the board by:

Name: Mr C Smith
Status: Director

The notes form part of these financial statements

MEGALOPS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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.

    Tangible fixed assets depreciation policy

    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:Furniture and fittings - 15% reducing balanceMotor vehicles - 15% reducing balance

    Valuation information and policy

    Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

    Other accounting policies

    Going ConcernThe financial statements have been prepared on a going concern basis.

MEGALOPS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 1 1

MEGALOPS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 December 2021 65,017 22,608 87,625
Additions 22,594 22,594
Disposals ( 22,608 ) ( 22,608 )
Revaluations
Transfers
At 30 November 2022 65,017 22,594 87,611
Depreciation
At 1 December 2021 52,456 14,082 66,538
Charge for year 1,884 3,389 5,273
On disposals ( 14,082 ) ( 14,082 )
Other adjustments
At 30 November 2022 54,340 3,389 57,729
Net book value
At 30 November 2022 10,677 19,205 29,882
At 30 November 2021 12,561 8,526 21,087

MEGALOPS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

4. Fixed assets investments note

The value of Investment Property at 30 November 2022 was £870,000 (2021: £345,000).The property owned at 1 December 2021 was professionally valued by J&H Mitchell W.S. during August 2020. The director is satisfied that this value is appropriate to be used for the fair value of the property as at 30 November 2022.

MEGALOPS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

5. Debtors

2022 2021
£ £
Other debtors 27,188
Total   27,188

MEGALOPS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

6. Creditors: amounts falling due within one year note

2022 2021
£ £
Bank loans and overdrafts 11,413 15,408
Taxation and social security 9,604 587
Accruals and deferred income 2,255 2,436
Other creditors 14,046 2
Total 37,318 18,433

MEGALOPS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

7. Creditors: amounts falling due after more than one year note

2022 2021
£ £
Bank loans and overdrafts 562,013 25,000
Total 562,013 25,000

Included in Bank Borrowings is £520,365 due to Allica Bank Limited. Allica Bank Limited holds security over the investment property owned by the company. Allica Bank Limited also holds a floating charge over all of the property or undertaking of the company.