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REGISTERED NUMBER: SC621510 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

MURLEY PROPERTY LIMITED

MURLEY PROPERTY LIMITED (REGISTERED NUMBER: SC621510)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

MURLEY PROPERTY LIMITED

COMPANY INFORMATION
for the Year Ended 29 February 2024







DIRECTORS: Mr R Murray
Mr S K K Harley





REGISTERED OFFICE: 22 Palmerston Street
Montrose
Angus
DD10 9HR





REGISTERED NUMBER: SC621510 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

MURLEY PROPERTY LIMITED (REGISTERED NUMBER: SC621510)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 162,426 162,426

CURRENT ASSETS
Cash at bank 2,477 3,340

CREDITORS
Amounts falling due within one year 5 146,815 145,741
NET CURRENT LIABILITIES (144,338 ) (142,401 )
TOTAL ASSETS LESS CURRENT LIABILITIES 18,088 20,025

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 7 23,766 23,766
Retained earnings (5,680 ) (3,743 )
18,088 20,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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 10 September 2024 and were signed on its behalf by:





Mr R Murray - Director


MURLEY PROPERTY LIMITED (REGISTERED NUMBER: SC621510)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Murley Property Limited 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 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans, are initially recognised at transaction price and are subsequently carried at amortised cost.
Financial liabilities are derecognised when the company's contractual obligations are discharged.

MURLEY PROPERTY LIMITED (REGISTERED NUMBER: SC621510)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 162,426
NET BOOK VALUE
At 29 February 2024 162,426
At 28 February 2023 162,426

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 105,980 105,980
Other creditors 40,835 39,761
146,815 145,741

6. SECURED DEBTS

There are floating charges against the company issued by The Mortgage Works (UK) PLC.

7. RESERVES
Revaluation
reserve
£   
At 1 March 2023
and 29 February 2024 23,766

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr R Murray
Balance outstanding at start of year (18,468 ) (18,156 )
Amounts repaid (312 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (18,780 ) (18,468 )

MURLEY PROPERTY LIMITED (REGISTERED NUMBER: SC621510)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr S K K Harley
Balance outstanding at start of year (20,334 ) (20,022 )
Amounts repaid (312 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (20,646 ) (20,334 )

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MURLEY PROPERTY LIMITED (REGISTERED NUMBER: SC621510)

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 Murley Property Limited for the year ended 29 February 2024 which comprise the Income Statement, 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Murley Property Limited, 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 Murley Property Limited and state those matters that we have agreed to state to the Board of Directors of Murley Property Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. 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 Murley Property Limited 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 loss of Murley Property Limited. You consider that Murley Property Limited 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 Murley Property Limited. 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.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


10 September 2024