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Registration number: SC279144

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Meyrick Property Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Meyrick Property Management Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Meyrick Property Management Ltd

Company Information

Directors

Karen Deborah Walker

Rodney Mycock

Stephen Mycock

Company secretary

Karen Deborah Walker

Registered office

3 Mannerston Holdings
Linlithgow
EH49 7LY

Bankers

Royal Bank of Scotland plc
2 La Porte Precinct
Grangemouth
FK3 8AS

Accountants

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Meyrick Property Management Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Meyrick Property Management Ltd for the year ended 31 March 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Meyrick Property Management Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Meyrick Property Management Ltd and state those matters that we have agreed to state to the Board of Directors of Meyrick Property Management Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, ICAS and ICAEW, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Meyrick Property Management Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Meyrick Property Management 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 Meyrick Property Management Ltd. You consider that Meyrick Property Management 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 Meyrick Property Management 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.

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RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

10 July 2024

 

Meyrick Property Management Ltd

(Registration number: SC279144)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

155,380

155,610

Current assets

 

Cash at bank and in hand

 

45,604

39,917

Creditors: Amounts falling due within one year

6

(14,159)

(4,357)

Net current assets

 

31,445

35,560

Total assets less current liabilities

 

186,825

191,170

Creditors: Amounts falling due after more than one year

6

(186,125)

(186,125)

Provisions for liabilities

(72)

(125)

Net assets

 

628

4,920

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

528

4,820

Shareholders' funds

 

628

4,920

For the financial year ending 31 March 2024 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 10 July 2024 and signed on its behalf by:
 

.........................................
Karen Deborah Walker
Company secretary and director

 

Meyrick Property Management Ltd

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

1

General information

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

The address of its registered office is:
3 Mannerston Holdings
Linlithgow
EH49 7LY

These financial statements were authorised for issue by the Board on 10 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Meyrick Property Management Ltd

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

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:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Freehold property

no depreciation currently deemed appropriate

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Meyrick Property Management Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

230

290

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

155,000

5,530

160,530

At 31 March 2024

155,000

5,530

160,530

Depreciation

At 1 April 2023

-

4,920

4,920

Charge for the year

-

230

230

At 31 March 2024

-

5,150

5,150

Carrying amount

At 31 March 2024

155,000

380

155,380

At 31 March 2023

155,000

610

155,610

 

Meyrick Property Management Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,341

2,148

Taxation and social security

 

1,333

1,409

Accruals and deferred income

 

800

800

Other creditors

 

1,685

-

 

14,159

4,357

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

186,125

186,125

2024
£

2023
£

Current loans and borrowings

Director current account

10,341

2,148