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REGISTERED NUMBER: SC118260 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

COLIN MURRAY DEVELOPMENT LIMITED

COLIN MURRAY DEVELOPMENT LIMITED (REGISTERED NUMBER: SC118260)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COLIN MURRAY DEVELOPMENT LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: C M Murray
Mrs J Murray
R C Murray
Mrs R Hutchison



SECRETARY: Mrs J Murray



REGISTERED OFFICE: 9 Glasgow Road
Paisley
PA1 3QS



REGISTERED NUMBER: SC118260 (Scotland)



ACCOUNTANTS: John M Taylor & Co
Chartered Accountants
9 Glasgow Road
PAISLEY
Renfrewshire
PA1 3QS



BANKERS: Handelsbanken plc
First Floor
Camas House
Fairways Business Park
Inverness
IV2 6AA

COLIN MURRAY DEVELOPMENT LIMITED (REGISTERED NUMBER: SC118260)

BALANCE SHEET
31 December 2023

31.12.22 31.12.23
£    £    Notes £    £   
FIXED ASSETS
2,357,895 Tangible assets 5 2,071,385
55,001 Investments 6 55,001
249,671 Investment property 7 -
2,662,567 2,126,386

CURRENT ASSETS
109,581 Stocks 109,581
93,518 Debtors 8 5,960
100,989 Cash at bank 2,002,465
304,088 2,118,006
CREDITORS
170,540 Amounts falling due within one year 9 890,608
133,548 NET CURRENT ASSETS 1,227,398
2,796,115 TOTAL ASSETS LESS CURRENT
LIABILITIES

3,353,784

270,661 PROVISIONS FOR LIABILITIES 266,940
2,525,454 NET ASSETS 3,086,844

CAPITAL AND RESERVES
15,000 Called up share capital 15,000
2,510,454 Retained earnings 3,071,844
2,525,454 SHAREHOLDERS' FUNDS 3,086,844

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

COLIN MURRAY DEVELOPMENT LIMITED (REGISTERED NUMBER: SC118260)

BALANCE SHEET - continued
31 December 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 10 September 2024 and were signed on its behalf by:




C M Murray - Director



Mrs J Murray - Director


COLIN MURRAY DEVELOPMENT LIMITED (REGISTERED NUMBER: SC118260)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Colin Murray Development 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover represents the sale of land on which residential buildings are built, in the year when the houses have been completed and title conveyed, exclusive of value added tax.

Revenue is recognised when title is passed to the customer and the risks and rewards of ownership have been passed to them. Revenue is measured at the value of consideration received or receivable for land and buildings provided in the normal course of business, net of discounts and value added tax.

Other income
Rents received are measured at the the rental income due for the accounting period, net of value added tax and are in respect of land rented to third parties.

Mineral royalties are in respect of mineral extractions by third parties, including subsidiaries, and are based on royalties due for extractions during the accounting period, stated net of value added tax.

Management charges are stated net of value added tax and in respect of charges raised to subsidiaries.

COLIN MURRAY DEVELOPMENT LIMITED (REGISTERED NUMBER: SC118260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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 - 1% on cost
Improvements to property - 1% on cost
Plant & machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment. Provision is made against the carrying value when the directors consider that there has been a permanent diminution in value.

Investment property
Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date with changes in fair value recognised in profit and loss. Revaluations are conducted annually by the director.

Stocks
Stock is valued at the lower of cost and expected selling price less costs to complete and sell and refers to house building and other land development costs.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Taxation
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

COLIN MURRAY DEVELOPMENT LIMITED (REGISTERED NUMBER: SC118260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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.

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 the profit and loss account in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Financial instruments
The company mainly enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties and loans to and from related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset settle the liability simultaneously.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Dividends received are included in the company financial statements in the period in which the related dividends are actually paid, or in respect of the final dividend for the year, approved by shareholders.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

COLIN MURRAY DEVELOPMENT LIMITED (REGISTERED NUMBER: SC118260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to Plant & and
Totals property property machinery fittings
£    £    £    £    £   
COST
At 1 January 2023 2,928,833 2,627,334 122,762 173,508 5,229
Disposals (377,792 ) (248,846 ) (13,826 ) (109,891 ) (5,229 )
At 31 December 2023 2,551,041 2,378,488 108,936 63,617 -
DEPRECIATION
At 1 January 2023 570,938 378,308 38,190 150,375 4,065
Charge for year 24,325 22,384 1,089 852 -
Eliminated on disposal (115,607 ) (16,000 ) (3,103 ) (92,439 ) (4,065 )
At 31 December 2023 479,656 384,692 36,176 58,788 -
NET BOOK VALUE
At 31 December 2023 2,071,385 1,993,796 72,760 4,829 -
At 31 December 2022 2,357,895 2,249,026 84,572 23,133 1,164

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 55,001
NET BOOK VALUE
At 31 December 2023 55,001
At 31 December 2022 55,001

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 249,671
Disposals (249,671 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 249,671

COLIN MURRAY DEVELOPMENT LIMITED (REGISTERED NUMBER: SC118260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,820 1,820
Amounts owed by group undertakings - 83,205
Other debtors 4,140 8,493
5,960 93,518

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 349,580 49,489
Trade creditors 7,302 7,602
Amounts owed to group undertakings 440,001 15,251
Taxation and social security 25,222 1,717
Other creditors 68,503 96,481
890,608 170,540

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 349,580 49,489

The company, together with Las Plant Hire Ltd and Limehillock Quarries Ltd, has entered into a group overdraft facility provided by Handelsbanken plc.

Each of the companies has granted a first and only Bond and Floating charge in favour of Svenska Handelsbanken AB (publ), the parent company of Handelsbanken plc, as security for those advances.

In addition:
- there is also an unlimited intercompany composite guarantee granted by this company, Las Plant Hire
Ltd and Limehillock Quarries Ltd in respect of each company's borrowing from the Bank.

- the Bank holds a first standard security granted by Colin Murray Development Ltd over land that the
company owns.

11. ULTIMATE CONTROLLING PARTY

C M Murray and Mrs J Murray control the company, as a result of holding the majority of the issued share
capital in the company between them.