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REGISTERED NUMBER: SC425376 (Scotland)





















Unaudited Financial Statements

For The Year Ended 30 November 2023

for

Mcmillan & Co Residential Ltd

Mcmillan & Co Residential Ltd (Registered number: SC425376)






Contents of the Financial Statements
For The Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Mcmillan & Co Residential Ltd

Company Information
For The Year Ended 30 November 2023







DIRECTORS: K G McMillan
Mrs D.F. McMillan





REGISTERED OFFICE: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
G32 8FH





REGISTERED NUMBER: SC425376 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Mcmillan & Co Residential Ltd (Registered number: SC425376)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,239,931 12,107,615

CURRENT ASSETS
Debtors 5 633,346 654,982
Cash at bank 119,741 389,257
753,087 1,044,239
CREDITORS
Amounts falling due within one year 6 330,267 376,700
NET CURRENT ASSETS 422,820 667,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,662,751

12,775,154

CREDITORS
Amounts falling due after more than one
year

7

(9,772,140

)

(11,022,956

)

PROVISIONS FOR LIABILITIES (6,254 ) -
NET ASSETS 1,884,357 1,752,198

CAPITAL AND RESERVES
Called up share capital 3,500,000 3,500,000
Revaluation reserve 9 200,018 200,018
Retained earnings (1,815,661 ) (1,947,820 )
SHAREHOLDERS' FUNDS 1,884,357 1,752,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

Mcmillan & Co Residential Ltd (Registered number: SC425376)

Balance Sheet - continued
30 November 2023


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 30 August 2024 and were signed on its behalf by:





K G McMillan - Director


Mcmillan & Co Residential Ltd (Registered number: SC425376)

Notes to the Financial Statements
For The Year Ended 30 November 2023

1. STATUTORY INFORMATION

Mcmillan & Co Residential 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
Turnover represents rental income in relation to properties owned by the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.


Mcmillan & Co Residential Ltd (Registered number: SC425376)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2022 13,918,325 78,979 41,607 47,592 14,086,503
Additions 276,322 25,200 - - 301,522
Disposals (1,030,551 ) - - - (1,030,551 )
At 30 November 2023 13,164,096 104,179 41,607 47,592 13,357,474
DEPRECIATION
At 1 December 2022 1,876,851 58,260 30,269 13,508 1,978,888
Charge for year 263,282 20,836 1,701 11,666 297,485
Eliminated on disposal (158,830 ) - - - (158,830 )
At 30 November 2023 1,981,303 79,096 31,970 25,174 2,117,543
NET BOOK VALUE
At 30 November 2023 11,182,793 25,083 9,637 22,418 11,239,931
At 30 November 2022 12,041,474 20,719 11,338 34,084 12,107,615

Mcmillan & Co Residential Ltd (Registered number: SC425376)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 November 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2014 232,579 - - - 232,579
Cost 12,931,517 104,179 41,607 47,592 13,124,895
13,164,096 104,179 41,607 47,592 13,357,474

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 14,075,541 14,075,541
Aggregate depreciation 1,436,835 1,436,835

Freehold Land & Buildings were valued on a realistic basis basis on 1 September 2014 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other debtors 633,346 654,982

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 10,124 9,874
Hire purchase contracts 8,412 8,443
Trade creditors - 17,724
Taxation and social security 82,434 79,186
Other creditors 229,297 261,473
330,267 376,700

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 9,742,547 11,002,553
Hire purchase contracts 29,593 20,403
9,772,140 11,022,956

Mcmillan & Co Residential Ltd (Registered number: SC425376)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Bank loans are on a part capital repayment, part interest only basis. The interest amount is variable and the capital element has not been identified. As a result the accounts do not disclose the amount repayable within 1 year, between 1 and 2 years and more than 5 years.

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 9,752,671 11,012,427

The bank loans are secured against the properties.

9. RESERVES
Revaluation
reserve
£   
At 1 December 2022
and 30 November 2023 200,018

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Mcmillan & Co Residential Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mcmillan & Co Residential Ltd for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Mcmillan & Co Residential Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mcmillan & Co Residential Ltd and state those matters that we have agreed to state to the Board of Directors of Mcmillan & Co Residential Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mcmillan & Co Residential 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 Mcmillan & Co Residential Ltd. You consider that Mcmillan & Co Residential 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 Mcmillan & Co Residential 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.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


30 August 2024