Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Monica Mcandrew 25/02/2021 Neil Mcandrew 25/02/2021 09 April 2024 The principal activity of the Company during the financial year was that of both residential and commercial property rental. SC690393 2024-02-29 SC690393 bus:Director1 2024-02-29 SC690393 bus:Director2 2024-02-29 SC690393 2023-02-28 SC690393 core:CurrentFinancialInstruments 2024-02-29 SC690393 core:CurrentFinancialInstruments 2023-02-28 SC690393 core:ShareCapital 2024-02-29 SC690393 core:ShareCapital 2023-02-28 SC690393 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC690393 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC690393 core:FurnitureFittings 2023-02-28 SC690393 core:FurnitureFittings 2024-02-29 SC690393 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-02-29 SC690393 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-02-28 SC690393 bus:OrdinaryShareClass1 2024-02-29 SC690393 2023-03-01 2024-02-29 SC690393 bus:FilletedAccounts 2023-03-01 2024-02-29 SC690393 bus:SmallEntities 2023-03-01 2024-02-29 SC690393 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC690393 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC690393 bus:Director1 2023-03-01 2024-02-29 SC690393 bus:Director2 2023-03-01 2024-02-29 SC690393 core:FurnitureFittings 2023-03-01 2024-02-29 SC690393 2022-03-01 2023-02-28 SC690393 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC690393 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC690393 (Scotland)

M & N PROPERTIES (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

M & N PROPERTIES (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

M & N PROPERTIES (SCOTLAND) LTD

BALANCE SHEET

AS AT 29 FEBRUARY 2024
M & N PROPERTIES (SCOTLAND) LTD

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 12,870 15,141
Investment property 4 562,778 418,078
575,648 433,219
Current assets
Debtors 1,685 334
Cash at bank and in hand 13,093 67,420
14,778 67,754
Creditors: amounts falling due within one year 5 ( 464,242) ( 436,308)
Net current liabilities (449,464) (368,554)
Total assets less current liabilities 126,184 64,665
Provision for liabilities ( 3,218) ( 3,785)
Net assets 122,966 60,880
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 122,866 60,780
Total shareholders' funds 122,966 60,880

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M & N Properties (Scotland) Ltd (registered number: SC690393) were approved and authorised for issue by the Board of Directors on 09 April 2024. They were signed on its behalf by:

Neil Mcandrew
Director
M & N PROPERTIES (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
M & N PROPERTIES (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M & N Properties (Scotland) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 4 Lochy Park View, Longmorn, Elgin, IV30 8UH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Although the financial statements have net current liabilities of £449,464 (2023 - £368,554) they have been prepared on a going concern basis as the directors consider it appropriate to do so. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent received provided in the normal course of business, and is shown net of VAT, where applicable. The fair value of consideration takes into account trade discounts and discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 March 2023 19,000 19,000
At 29 February 2024 19,000 19,000
Accumulated depreciation
At 01 March 2023 3,859 3,859
Charge for the financial year 2,271 2,271
At 29 February 2024 6,130 6,130
Net book value
At 29 February 2024 12,870 12,870
At 28 February 2023 15,141 15,141

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 418,078
Additions 144,700
As at 29 February 2024 562,778

At the year end, the directors believe the cost of £562,778 remains a true representation of the market value of the properties.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to related parties 80,150 140,000
Taxation and social security 19,941 12,306
Other creditors 364,151 284,002
464,242 436,308

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed to Entities with control, joint control or significant influence over the company 80,150 140,000

The loans are unsecured, interest free and have no fixed terms of repayment.

Transactions with the entity's directors

2024 2023
£ £
Key Management Personnel 361,476 281,476

The loans are unsecured, interest free and have no fixed terms of repayment.