Moark Limited SC367316 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is a property management company. Digita Accounts Production Advanced 6.30.9574.0 true true SC367316 2022-08-01 2023-07-31 SC367316 2023-07-31 SC367316 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-07-31 SC367316 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-07-31 SC367316 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC367316 core:ShareCapital 2023-07-31 SC367316 core:CurrentFinancialInstruments 2023-07-31 SC367316 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 SC367316 core:Non-currentFinancialInstruments 2023-07-31 SC367316 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 SC367316 bus:SmallEntities 2022-08-01 2023-07-31 SC367316 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC367316 bus:FullAccounts 2022-08-01 2023-07-31 SC367316 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 SC367316 bus:RegisteredOffice 2022-08-01 2023-07-31 SC367316 bus:Director1 2022-08-01 2023-07-31 SC367316 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-08-01 2023-07-31 SC367316 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-08-01 2023-07-31 SC367316 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC367316 countries:Scotland 2022-08-01 2023-07-31 SC367316 2022-07-31 SC367316 2021-08-01 2022-07-31 SC367316 2022-07-31 SC367316 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-07-31 SC367316 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-07-31 SC367316 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC367316 core:ShareCapital 2022-07-31 SC367316 core:CurrentFinancialInstruments 2022-07-31 SC367316 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 SC367316 core:Non-currentFinancialInstruments 2022-07-31 SC367316 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC367316

Moark Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Moark Limited

Contents

Director's Report

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Moark Limited

Director's Report for the Year Ended 31 July 2023

The Director presents his report and the financial statements for the year ended 31 July 2023.

Director of the Company

The Director who held office during the year was as follows:

Mr Jonathon Clark

Principal activity

The principal activity of the Company is a property management company.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 22 February 2024
 

.........................................
Mr Jonathon Clark
Director

 

Moark Limited

(Registration number: SC367316)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

893,344

893,344

Current assets

 

Cash at bank and in hand

 

8,097

7,193

Creditors: Amounts falling due within one year

5

(485,202)

(470,156)

Net current liabilities

 

(477,105)

(462,963)

Total assets less current liabilities

 

416,239

430,381

Creditors: Amounts falling due after more than one year

5

(336,159)

(354,558)

Net assets

 

80,080

75,823

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

79,980

75,723

Shareholders' funds

 

80,080

75,823

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

 

Moark Limited

(Registration number: SC367316)
Statement of Financial Position as at 31 July 2023

Approved and authorised by the director on 22 February 2024
 

.........................................
Mr Jonathon Clark
Director

 

Moark Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The School House
Kinnaird
Inchture
Perth
PH14 9QY
Scotland

The principal place of business is:
Unit 3
Annfield Row
Dundee
DD1 5JL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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.

 

Moark Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Investment property

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Moark Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, 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.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 August

893,344

At 31 July

893,344

There has been no valuation of investment property by an independent valuer. The last valuation of the properties was at 31 July 2023 by the directors and they are of the opinion that they are fairly stated in these accounts.

 

Moark Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

23,350

28,301

Taxation and social security

 

1,653

3,365

Accruals and deferred income

 

875

875

Other creditors

 

459,324

437,615

 

485,202

470,156

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

336,159

354,558

 

Moark Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

 

100

100

100

100

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

336,159

354,558

2023
£

2022
£

Current loans and borrowings

Bank borrowings

23,350

28,301