IRIS Accounts Production v24.1.0.578 SC624508 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6245082023-03-31SC6245082024-03-31SC6245082023-04-012024-03-31SC6245082022-03-31SC6245082022-04-012023-03-31SC6245082023-03-31SC624508ns15:Scotland2023-04-012024-03-31SC624508ns14:PoundSterling2023-04-012024-03-31SC624508ns10:Director12023-04-012024-03-31SC624508ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC624508ns10:SmallEntities2023-04-012024-03-31SC624508ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-31SC624508ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC624508ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC624508ns10:FullAccounts2023-04-012024-03-31SC624508ns10:Director22023-04-012024-03-31SC624508ns10:RegisteredOffice2023-04-012024-03-31SC624508ns5:CurrentFinancialInstruments2024-03-31SC624508ns5:CurrentFinancialInstruments2023-03-31SC624508ns5:Non-currentFinancialInstruments2024-03-31SC624508ns5:Non-currentFinancialInstruments2023-03-31SC624508ns5:ShareCapital2024-03-31SC624508ns5:ShareCapital2023-03-31SC624508ns5:RetainedEarningsAccumulatedLosses2024-03-31SC624508ns5:RetainedEarningsAccumulatedLosses2023-03-31SC624508ns5:PlantMachinery2023-04-012024-03-31SC624508ns5:PlantMachinery2023-03-31SC624508ns5:PlantMachinery2024-03-31SC624508ns5:PlantMachinery2023-03-31SC624508ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-31SC624508ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-31SC624508ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-31SC624508ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-31
REGISTERED NUMBER: SC624508 (Scotland)











Unaudited Financial Statements

for the Year Ended 31 March 2024

for

MLO Assets Limited

MLO Assets Limited (Registered number: SC624508)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MLO Assets Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: L O'Neill
M O'Neill





REGISTERED OFFICE: 11 Clay Court
Motherwell
ML1 2TR





REGISTERED NUMBER: SC624508 (Scotland)





ACCOUNTANTS: Wallace and Company C.A.
10 Clydesdale Street
Hamilton
Strathclyde
ML3 0DP

MLO Assets Limited (Registered number: SC624508)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 40,267 54,490

CURRENT ASSETS
Cash at bank 22,830 44,993

CREDITORS
Amounts falling due within one year 6 32,058 38,156
NET CURRENT (LIABILITIES)/ASSETS (9,228 ) 6,837
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,039

61,327

CREDITORS
Amounts falling due after more than one
year

7

(13,434

)

(28,451

)

PROVISIONS FOR LIABILITIES (6,175 ) (8,186 )
NET ASSETS 11,430 24,690

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 11,330 24,590
SHAREHOLDERS' FUNDS 11,430 24,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

MLO Assets Limited (Registered number: SC624508)

Balance Sheet - continued
31 March 2024


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 9 April 2024 and were signed on its behalf by:





M O'Neill - Director


MLO Assets Limited (Registered number: SC624508)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

MLO Assets Limited 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 25% on reducing balance

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 liabilities; including creditors, bank loans and preference shares that are classified as debt, are initially 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


MLO Assets Limited (Registered number: SC624508)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 100,203
DEPRECIATION
At 1 April 2023 45,713
Charge for year 14,223
At 31 March 2024 59,936
NET BOOK VALUE
At 31 March 2024 40,267
At 31 March 2023 54,490

MLO Assets Limited (Registered number: SC624508)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 80,139
DEPRECIATION
At 1 April 2023 35,061
Charge for year 11,269
At 31 March 2024 46,330
NET BOOK VALUE
At 31 March 2024 33,809
At 31 March 2023 45,078

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 15,016 15,016
Taxation and social security 14,130 19,329
Other creditors 2,912 3,811
32,058 38,156

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 13,434 28,451

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 28,450 43,467