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Mountfair Homes Ltd

Registered Number
SC313549
(Scotland)

Unaudited Financial Statements for the Year ended
30 November 2023

Mountfair Homes Ltd
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

GRIMSDALE, S
STRONG, S

Registered Address

Mountfair Farm
Whitsome
Duns
TD11 3NF

Registered Number

SC313549 (Scotland)
Mountfair Homes Ltd
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3359,857365,000
359,857365,000
Current assets
Stocks47,500256,764
Debtors356,82371,008
Cash at bank and on hand3,27933,304
367,602361,076
Creditors amounts falling due within one year6(684,276)(728,483)
Net current assets (liabilities)(316,674)(367,407)
Total assets less current liabilities43,183(2,407)
Net assets43,183(2,407)
Capital and reserves
Called up share capital22
Profit and loss account43,181(2,409)
Shareholders' funds43,183(2,407)
The financial statements were approved and authorised for issue by the Board of Directors on 4 March 2024, and are signed on its behalf by:
GRIMSDALE, S
Director
Registered Company No. SC313549
Mountfair Homes Ltd
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.
Basis of preparation
These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Turnover comprises the fair value of the consideration received or receivable for the 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 activities.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible fixed assets and depreciation
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Straight line (years)
Plant and machinery3
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
2.Average number of employees

20232022
Average number of employees during the year44
3.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 December 22350,00015,000365,000
At 30 November 23350,00015,000365,000
Depreciation and impairment
Charge for year-5,1435,143
At 30 November 23-5,1435,143
Net book value
At 30 November 23350,0009,857359,857
At 30 November 22350,00015,000365,000
4.Stocks

2023

2022

££
Work in progress7,500256,764
Total7,500256,764
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables59,95427,776
Other debtors46,25640,736
Prepayments and accrued income250,6132,496
Total356,82371,008
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables169,352110,203
Taxation and social security16,95712,268
Other creditors497,967606,012
Total684,276728,483
7.Provisions for liabilities