Registered number
SC363746
Morton & Ritchie (Properties) Ltd
Unaudited Filleted Accounts
31 March 2024
Morton & Ritchie (Properties) Ltd
Registered number: SC363746
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 4 576,200 576,200
Current assets
Debtors 5 7,296 1,882
Cash at bank and in hand 536,698 538,857
543,994 540,739
Creditors: amounts falling due within one year 6 (18,262) (16,146)
Net current assets 525,732 524,593
Total assets less current liabilities 1,101,932 1,100,793
Provisions for liabilities (75,778) (75,778)
Net assets 1,026,154 1,025,015
Capital and reserves
Called up share capital 14,000 14,000
Profit and loss account 1,012,154 1,011,015
Shareholders' funds 1,026,154 1,025,015
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr George Morton
Director
Approved by the board on 16 August 2024
Morton & Ritchie (Properties) Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
IT equipment 33% on cost
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is intilally 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. The surplus or deficit on revaluation is recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 849
At 31 March 2024 849
Depreciation
At 1 April 2023 849
At 31 March 2024 849
Net book value
At 31 March 2024 -
4 Investment property
Investment
property
£
Cost
At 1 April 2023 576,200
At 31 March 2024 576,200
Historical cost
At 1 April 2023 161,488
At 31 March 2024 161,488
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The directors are satisfied that the financial statements reflect the fair value of the investment property at 31 March 2024.
5 Debtors 2024 2023
£ £
Prepayments and accrued income 7,296 1,882
6 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 9,679 7,763
Accruals and deferred income 8,583 8,383
18,262 16,146
7 Other information
Morton & Ritchie (Properties) Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
15 Robert Bruce Court
Larbert
Stirlingshire
FK5 4HP
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