Company registration number SC200449 (Scotland)
MN Stewart Ltd.
Unaudited financial statements
for the year ended 30 November 2023
Pages for filing with registrar
MN Stewart Ltd.
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of MN Stewart Ltd.
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MN Stewart Ltd. for the year ended 30 November 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the Board of Directors of MN Stewart Ltd., as a body, in accordance with the terms of our engagement letter dated 21 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of MN Stewart Ltd. and state those matters that we have agreed to state to the Board of Directors of MN Stewart Ltd., as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MN Stewart Ltd. and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MN Stewart Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MN Stewart Ltd. You consider that MN Stewart 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 financial statements of MN Stewart 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 financial statements.

James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
2 August 2024
MN Stewart Ltd.
Statement of financial position
as at 30 November 2023
30 November 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,205,371
1,003,061
Investment property
4
5,593,798
5,593,798
Investments
5
100
100
6,799,269
6,596,959
Current assets
Stocks
3,550
5,000
Debtors
1,879,676
1,049,493
Cash at bank and in hand
2,034,693
1,793,724
3,917,919
2,848,217
Creditors: amounts falling due within one year
(904,718)
(601,207)
Net current assets
3,013,201
2,247,010
Total assets less current liabilities
9,812,470
8,843,969
Creditors: amounts falling due after more than one year
(18,400)
(19,200)
Provisions for liabilities
(178,618)
(149,593)
Net assets
9,615,452
8,675,176
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss reserves
9,585,452
8,645,176
Total equity
9,615,452
8,675,176
MN Stewart Ltd.
Statement of financial position (continued)
as at 30 November 2023
30 November 2023
3

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Euan F. Stewart
Director
Company registration number SC200449 (Scotland)
MN Stewart Ltd.
Notes to the financial statements
for the year ended 30 November 2023
4
1
Accounting policies
Company information

MN Stewart Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Ashley Cottage, Dunecht, Westhill, Aberdeenshire, AB32 7EQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line; no depreciation is provided on land
Tenant's improvements
10% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance and 4% & 33.3% straight line
Motor vehicles
25% 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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

MN Stewart Ltd.
Notes to the financial statements (continued)
for the year ended 30 November 2023
1
Accounting policies (continued)
5
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MN Stewart Ltd.
Notes to the financial statements (continued)
for the year ended 30 November 2023
1
Accounting policies (continued)
6
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
24
22
MN Stewart Ltd.
Notes to the financial statements (continued)
for the year ended 30 November 2023
7
3
Tangible fixed assets
Total
£
Cost
At 1 December 2022
2,031,524
Additions
477,601
Disposals
(109,500)
At 30 November 2023
2,399,625
Depreciation and impairment
At 1 December 2022
1,028,463
Depreciation charged in the year
224,672
Eliminated in respect of disposals
(58,881)
At 30 November 2023
1,194,254
Carrying amount
At 30 November 2023
1,205,371
At 30 November 2022
1,003,061
4
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
5,593,798

Investment property comprises properties held by the company in Aberdeenshire. The fair value of the investment properties has been arrived at on the basis of valuations carried out in March 2022 by Michael Stewart, director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
100
100
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