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REGISTERED NUMBER: SC702555 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MORGAN PROPERTY (SCOTLAND) LTD

MORGAN PROPERTY (SCOTLAND) LTD (REGISTERED NUMBER: SC702555)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORGAN PROPERTY (SCOTLAND) LTD

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTORS: G J Morgan
L R Morgan





REGISTERED OFFICE: 5 Advocate's Close
Edinburgh
Lothian
EH1 1ND





REGISTERED NUMBER: SC702555 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

MORGAN PROPERTY (SCOTLAND) LTD (REGISTERED NUMBER: SC702555)

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 550,000 550,000

CURRENT ASSETS
Debtors 5 100 100
Cash at bank 44,475 29,630
44,575 29,730
CREDITORS
Amounts falling due within one year 6 427,565 423,526
NET CURRENT LIABILITIES (382,990 ) (393,796 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

167,010

156,204

CREDITORS
Amounts falling due after more than one
year

7

101,638

123,424
NET ASSETS 65,372 32,780

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 65,272 32,680
65,372 32,780

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

MORGAN PROPERTY (SCOTLAND) LTD (REGISTERED NUMBER: SC702555)

BALANCE SHEET - continued
31 October 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:





G J Morgan - Director


MORGAN PROPERTY (SCOTLAND) LTD (REGISTERED NUMBER: SC702555)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Morgan Property (Scotland) Ltd 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.

At the period end the company had net current liabilities of £382,990 (2022 - £393,796). The company continues to be supported by group companies who provide funding for operations. The operational funding support is expected to continue for a period of at least one year after the date of signing the financial statements.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax, for property rental services.

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.

The carrying value of investment property is reviewed for impairment on an annual basis.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


MORGAN PROPERTY (SCOTLAND) LTD (REGISTERED NUMBER: SC702555)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 550,000
NET BOOK VALUE
At 31 October 2023 550,000
At 31 October 2022 550,000

Investment property with a fair value of £550,000 have been pledged to secure the borrowings of the company.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 100 100

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 19,796 17,806
Amounts owed to group undertakings 394,098 393,978
Taxation and social security 11,613 10,081
Other creditors 2,058 1,661
427,565 423,526

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 101,638 123,424

MORGAN PROPERTY (SCOTLAND) LTD (REGISTERED NUMBER: SC702555)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after more than five years
and repayable by instalments

22,456

52,201

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 121,434 141,230

The company has granted a standard security to The Royal Bank of Scotland PLC over the investment property dated 5 November 2021, and also a bond and floating charge dated 5 October 2021 over all property and assets.

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Morgan Group (Scotland) Limited, whose registered office is at 5 Advocate's Close, Edinburgh, EH1 1ND.