Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr A L Grant 01/06/2007 Mr D S Neck 01/05/2008 22 February 2024 The principal activity of the Company during the financial year continued to be that of property development and management. SC324791 2023-05-31 SC324791 bus:Director1 2023-05-31 SC324791 bus:Director2 2023-05-31 SC324791 2022-05-31 SC324791 core:CurrentFinancialInstruments 2023-05-31 SC324791 core:CurrentFinancialInstruments 2022-05-31 SC324791 core:ShareCapital 2023-05-31 SC324791 core:ShareCapital 2022-05-31 SC324791 core:RevaluationReserve 2023-05-31 SC324791 core:RevaluationReserve 2022-05-31 SC324791 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC324791 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC324791 core:OtherPropertyPlantEquipment 2022-05-31 SC324791 core:OtherPropertyPlantEquipment 2023-05-31 SC324791 bus:OrdinaryShareClass1 2023-05-31 SC324791 core:KeyManagementPersonnel 2023-05-31 SC324791 core:KeyManagementPersonnel 2022-05-31 SC324791 2022-06-01 2023-05-31 SC324791 bus:FullAccounts 2022-06-01 2023-05-31 SC324791 bus:SmallEntities 2022-06-01 2023-05-31 SC324791 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC324791 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC324791 bus:Director1 2022-06-01 2023-05-31 SC324791 bus:Director2 2022-06-01 2023-05-31 SC324791 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-06-01 2023-05-31 SC324791 2021-06-01 2022-05-31 SC324791 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 SC324791 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC324791 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 SC324791 core:KeyManagementPersonnel 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC324791 (Scotland)

MILTON BURN DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH THE REGISTRAR

MILTON BURN DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

MILTON BURN DEVELOPMENTS LIMITED

BALANCE SHEET

AS AT 31 MAY 2023
MILTON BURN DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 102 348
Investment property 4 185,000 185,000
185,102 185,348
Current assets
Stocks 5 75,655 0
Debtors 6 0 23
Cash at bank and in hand 7 6,682 2,513
82,337 2,536
Creditors: amounts falling due within one year 8 ( 670,699) ( 589,043)
Net current liabilities (588,362) (586,507)
Total assets less current liabilities (403,260) (401,159)
Net liabilities ( 403,260) ( 401,159)
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 3,734 3,734
Profit and loss account ( 407,094 ) ( 404,993 )
Total shareholder's deficit ( 403,260) ( 401,159)

For the financial year ending 31 May 2023 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 Milton Burn Developments Limited (registered number: SC324791) were approved and authorised for issue by the Director on 22 February 2024. They were signed on its behalf by:

Mr A L Grant
Director
MILTON BURN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
MILTON BURN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
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

Milton Burn Developments Limited (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 Heathfield County Place, Pitcairngreen, Perth, PH1 3LS, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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

The financial statements have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors confirm that they will continue to support the company for at least twelve months following the date of approval of these accounts. They have also confirmed that they will not seek repayment of the directors' loan balances until all other creditors have been met.

Turnover

Turnover represents amounts receivable for the sale of land and property and management services.

Revenue is recognised on the accruals basis.

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, 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:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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 bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2022 736 736
At 31 May 2023 736 736
Accumulated depreciation
At 01 June 2022 388 388
Charge for the financial year 246 246
At 31 May 2023 634 634
Net book value
At 31 May 2023 102 102
At 31 May 2022 348 348

4. Investment property

Investment property
£
Valuation
As at 01 June 2022 185,000
As at 31 May 2023 185,000

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 28 March 2022 by DM Hall LLP, Chartered Surveyors.

5. Stocks

2023 2022
£ £
Work in progress 75,655 0

6. Debtors

2023 2022
£ £
Other debtors 0 23

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 6,682 2,513

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 85 18
Other taxation and social security 90 0
Other creditors 670,524 589,025
670,699 589,043

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2023 2022
£ £
Key management personnel 668,525 587,025

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