REGISTERED NUMBER: |
Macbie Tower Ltd |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings | 7 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
Turnover represents rental income, which is recognised in accordance with lease agreements. |
Tangible fixed assets |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 January 2023 |
Revaluations |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other creditors |
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. |