IRIS Accounts Production v23.3.1.45 SC565919 Board of Directors Board of Directors 1.6.22 31.5.23 31.5.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5659192022-05-31SC5659192023-05-31SC5659192022-06-012023-05-31SC5659192021-05-31SC5659192021-06-012022-05-31SC5659192022-05-31SC565919ns10:Originalns15:Scotland2022-06-012023-05-31SC565919ns14:PoundSterlingns10:Original2022-06-012023-05-31SC565919ns10:Originalns10:Director12022-06-012023-05-31SC565919ns10:Original2022-06-012023-05-31SC565919ns10:Originalns10:Director22022-06-012023-05-31SC565919ns10:Original2023-05-31SC565919ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-31SC565919ns10:Originalns10:SmallEntities2022-06-012023-05-31SC565919ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-31SC565919ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-31SC565919ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-31SC565919ns10:Originalns10:FullAccounts2022-06-012023-05-31SC565919ns10:Originalns10:RegisteredOffice2022-06-012023-05-31SC565919ns10:Original2022-05-31SC565919ns10:Originalns5:CurrentFinancialInstruments2023-05-31SC565919ns10:Originalns5:CurrentFinancialInstruments2022-05-31SC565919ns5:ShareCapitalns10:Original2023-05-31SC565919ns5:ShareCapitalns10:Original2022-05-31SC565919ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-31SC565919ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-31SC565919ns10:Original2021-06-012022-05-31SC565919ns10:Original2022-05-31
REGISTERED NUMBER: SC565919 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

MITCHELSON PROPERTY LIMITED

MITCHELSON PROPERTY LIMITED (REGISTERED NUMBER: SC565919)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MITCHELSON PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Miss P E Gillespie
G Gillespie





REGISTERED OFFICE: Block 4 Muirhead
Mitchelston Industrial Estate
Kirkcaldy
KY1 3PS





REGISTERED NUMBER: SC565919 (Scotland)





ACCOUNTANTS: MacDonald Morton Ltd
Chartered Accountants
67 March Road
Edinburgh
EH4 3SU

MITCHELSON PROPERTY LIMITED (REGISTERED NUMBER: SC565919)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 750,000 750,000

CURRENT ASSETS
Cash at bank 11,626 8,842

CREDITORS
Amounts falling due within one year 5 663,087 685,097
NET CURRENT LIABILITIES (651,461 ) (676,255 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

98,539

73,745

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 98,537 73,743
98,539 73,745

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:




Miss P E Gillespie - Director



G Gillespie - Director


MITCHELSON PROPERTY LIMITED (REGISTERED NUMBER: SC565919)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Mitchelson Property Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents income receivable for the rental of investment properties.

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.

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets
Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Financial liabilities
Trade and other creditors are initially measured at the transaction price, including any transaction costs.

Directors loans are initially measured at the transaction price and are subsequently measured at the undiscounted amount of the cash expected to be paid within the appropriate period of creditors falling due within one year and creditors falling due after more than one year.

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 statement of financial position date.


MITCHELSON PROPERTY LIMITED (REGISTERED NUMBER: SC565919)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 750,000
NET BOOK VALUE
At 31 May 2023 750,000
At 31 May 2022 750,000

The investment property was valued on 1 August 2020 at open market value in the sum of £750,000 by DM Hall, Chartered Surveyors. The Directors were satisfied that there had been no material change in the value of the investment property at 31 May 2023. The cost of the investment property is £750,000.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Taxation and social security 11,249 4,729
Other creditors 651,838 680,368
663,087 685,097

6. RELATED PARTY DISCLOSURES

As at the balance sheet date Miss P Gillespie was due £325,034 (2022: £339,299) from the company which is included in other creditors falling due within one year.

As at the balance sheet date G Gillespie was due £325,034 (2022: £339,299) from the company which is included in other creditors falling due within one year.