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REGISTERED NUMBER: SC640770 (Scotland)




















Macbie Tower Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023






Macbie Tower Ltd (Registered number: SC640770)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Macbie Tower Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr E M Jarvie
Mrs S R Jarvie





REGISTERED OFFICE: Tower House
Macbiehill
West Linton
EH46 7AZ





REGISTERED NUMBER: SC640770 (Scotland)





ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT

Macbie Tower Ltd (Registered number: SC640770)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 59,056 66,579
Investment property 5 250,000 240,814
309,056 307,393

CURRENT ASSETS
Cash at bank 6,836 10,029

CREDITORS
Amounts falling due within one year 6 316,840 344,552
NET CURRENT LIABILITIES (310,004 ) (334,523 )
TOTAL ASSETS LESS CURRENT LIABILITIES (948 ) (27,130 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 7 9,186 -
Retained earnings 7 (10,234 ) (27,230 )
SHAREHOLDERS' FUNDS (948 ) (27,130 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:



Mr E M Jarvie - Director


Macbie Tower Ltd (Registered number: SC640770)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Macbie Tower Ltd 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Turnover represents rental income, which is recognised in accordance with lease agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Macbie Tower Ltd (Registered number: SC640770)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on the going concern basis, which assumes that the company will continue to trade for the foreseeable future. In order to do so the company will require the continued support of its directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 75,235
DEPRECIATION
At 1 January 2023 8,656
Charge for year 7,523
At 31 December 2023 16,179
NET BOOK VALUE
At 31 December 2023 59,056
At 31 December 2022 66,579

5. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 January 2023 240,814
Revaluations 9,186
At 31 December 2023 250,000
NET BOOK VALUE
At 31 December 2023 250,000
At 31 December 2022 240,814

The investment property is shown at the directors' estimated valuation of open market value as at 31 December 2023. The directors are not professional valuers.

Macbie Tower Ltd (Registered number: SC640770)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY - continued

Cost or valuation at 31 December 2023 is represented by:
£   
Valuation in 2023 9,186
Cost 240,814
250,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 240,814 240,814

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 6,491
Other creditors 316,840 338,061
316,840 344,552

Included in other creditors is the balance due on the directors' current account of £315,404 (2022: £336,789). This balance is interest-free, unsecured, and repayable on demand.

7. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 (27,230 ) - (27,230 )
Profit for the year 26,182 26,182
Valuation Increase (9,186 ) 9,186 -
At 31 December 2023 (10,234 ) 9,186 (1,048 )

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.