Minerva Holdings (Scotland) Ltd SC650565 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is letting and operating of owned or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true SC650565 2022-12-01 2023-11-30 SC650565 2023-11-30 SC650565 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC650565 core:ShareCapital 2023-11-30 SC650565 core:CurrentFinancialInstruments 2023-11-30 SC650565 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 SC650565 core:Non-currentFinancialInstruments 2023-11-30 SC650565 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 SC650565 core:FurnitureFittings 2023-11-30 SC650565 core:OfficeEquipment 2023-11-30 SC650565 core:PlantMachinery 2023-11-30 SC650565 bus:SmallEntities 2022-12-01 2023-11-30 SC650565 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC650565 bus:FullAccounts 2022-12-01 2023-11-30 SC650565 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 SC650565 bus:RegisteredOffice 2022-12-01 2023-11-30 SC650565 bus:Director1 2022-12-01 2023-11-30 SC650565 bus:Director2 2022-12-01 2023-11-30 SC650565 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC650565 bus:Agent1 2022-12-01 2023-11-30 SC650565 core:FurnitureFittings 2022-12-01 2023-11-30 SC650565 core:OfficeEquipment 2022-12-01 2023-11-30 SC650565 core:PlantMachinery 2022-12-01 2023-11-30 SC650565 countries:Scotland 2022-12-01 2023-11-30 SC650565 2022-11-30 SC650565 core:FurnitureFittings 2022-11-30 SC650565 core:OfficeEquipment 2022-11-30 SC650565 core:PlantMachinery 2022-11-30 SC650565 2021-12-01 2022-11-30 SC650565 2022-11-30 SC650565 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC650565 core:ShareCapital 2022-11-30 SC650565 core:CurrentFinancialInstruments 2022-11-30 SC650565 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 SC650565 core:Non-currentFinancialInstruments 2022-11-30 SC650565 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 SC650565 core:FurnitureFittings 2022-11-30 SC650565 core:OfficeEquipment 2022-11-30 SC650565 core:PlantMachinery 2022-11-30 iso4217:GBP xbrli:pure

Registration number: SC650565

Minerva Holdings (Scotland) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Minerva Holdings (Scotland) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

Accountants' Report

9

 

Minerva Holdings (Scotland) Ltd

Company Information

Directors

Mr Matteas Law

Miss Emma Lauren Gilliland

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Minerva Holdings (Scotland) Ltd

(Registration number: SC650565)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

818

1,296

Investment property

5

150,000

152,191

 

150,818

153,487

Current assets

 

Debtors

6

-

975

Cash at bank and in hand

 

3,244

2,008

 

3,244

2,983

Creditors: Amounts falling due within one year

7

(46,695)

(49,654)

Net current liabilities

 

(43,451)

(46,671)

Total assets less current liabilities

 

107,367

106,816

Creditors: Amounts falling due after more than one year

7

(109,245)

(109,245)

Net liabilities

 

(1,878)

(2,429)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(1,879)

(2,430)

Shareholders' deficit

 

(1,878)

(2,429)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

 

Minerva Holdings (Scotland) Ltd

(Registration number: SC650565)
Balance Sheet as at 30 November 2023

.........................................
Mr Matteas Law
Director

 

Minerva Holdings (Scotland) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

2

Accounting policies

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

It is the opinion of the directors that there is reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements for the period ended 30 November 2023.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

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:

 

Minerva Holdings (Scotland) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Asset class

Depreciation method and rate

Office equipment

Straight Line at 33%

Plant and Machinery

Reducing Balance at 25%

Furniture & Fittings

Reducing Balance at 25%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Financial instruments

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

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Minerva Holdings (Scotland) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

400

480

949

1,829

At 30 November 2023

400

480

949

1,829

Depreciation

At 1 December 2022

100

120

313

533

Charge for the year

-

165

313

478

At 30 November 2023

100

285

626

1,011

Carrying amount

At 30 November 2023

300

195

323

818

At 30 November 2022

300

360

636

1,296

5

Investment properties

2023
£

At 1 December

152,191

Fair value adjustments

(2,191)

At 30 November

150,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Other debtors

-

975

 

-

975

 

Minerva Holdings (Scotland) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

46,695

49,654

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

109,245

109,245

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

109,245

109,245

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Mr Matteas Law

34,159

36,566

Miss Emma Lauren Gilliland

11,891

12,175

 

46,050

48,741

 

Minerva Holdings (Scotland) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

The maximum balance outstanding during the year amounted to £48,741.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Minerva Holdings (Scotland) Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Minerva Holdings (Scotland) Ltd for the year ended 30 November 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Minerva Holdings (Scotland) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Minerva Holdings (Scotland) Ltd and state those matters that we have agreed to state to the Board of Directors of Minerva Holdings (Scotland) Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Minerva Holdings (Scotland) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Minerva Holdings (Scotland) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Minerva Holdings (Scotland) Ltd. You consider that Minerva Holdings (Scotland) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Minerva Holdings (Scotland) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

9 February 2024