Company registration number SC647011 (Scotland)
MIKANDA PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MIKANDA PROPERTIES LTD
COMPANY INFORMATION
Director
Mr M Watt
Company number
SC647011
Registered office
Drum of Dunnichen
Craichie
Forfar
Angus
DD8 2LW
Accountants
MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
MIKANDA PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
MIKANDA PROPERTIES LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MIKANDA PROPERTIES 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 Mikanda Properties Ltd for the year ended 30 November 2023 set out on pages 2 to 6 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Mikanda Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mikanda Properties Ltd and state those matters that we have agreed to state to the board of directors of Mikanda Properties Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mikanda Properties Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Mikanda Properties 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 Mikanda Properties Ltd. You consider that Mikanda Properties 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 Mikanda Properties 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.

MMG Chartered Accountants
30 August 2024
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
MIKANDA PROPERTIES LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
140
Investment property
4
206,533
206,533
206,533
206,673
Current assets
Debtors
5
1,935
1,784
Cash at bank and in hand
26,405
12,329
28,340
14,113
Creditors: amounts falling due within one year
6
(11,656)
(11,535)
Net current assets
16,684
2,578
Total assets less current liabilities
223,217
209,251
Creditors: amounts falling due after more than one year
7
(169,100)
(155,345)
Provisions for liabilities
(8,731)
(8,705)
Net assets
45,386
45,201
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
37,223
37,223
Profit and loss reserves
(1,837)
(2,022)
Total equity
45,386
45,201
MIKANDA PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
Mr M Watt
Director
Company registration number SC647011 (Scotland)
MIKANDA PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

Mikanda Properties Ltd is a private company limited by shares incorporated in Scotland. The registered office is Drum of Dunnichen, Craichie, Forfar, Angus, DD8 2LW.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
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:

Fixtures and fittings
25% on cost

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.

1.3
Investment property

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 profit and loss account 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.

MIKANDA PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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.

1.6
Leases

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.

2
Employees

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

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
553
Depreciation and impairment
At 1 December 2022
413
Depreciation charged in the year
140
At 30 November 2023
553
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
140
MIKANDA PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
206,533
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
160,579
160,579
Accumulated depreciation
-
-
Carrying amount
160,579
160,579

Investment properties were valued on an open market basis on 30th November by the Directors.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,935
1,784
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
11,656
11,535
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
169,100
155,345
8
Related party transactions
2023
2022
Amounts due to related parties
£
£
Key management personnel
9,000
9,000
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