Company registration number SC703392 (Scotland)
MSBL PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
MSBL PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MSBL PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
627,430
545,000
Current assets
Cash at bank and in hand
3,901
2,063
Creditors: amounts falling due within one year
4
(172,012)
(59,573)
Net current liabilities
(168,111)
(57,510)
Total assets less current liabilities
459,319
487,490
Creditors: amounts falling due after more than one year
5
(488,575)
(514,353)
Net liabilities
(29,256)
(26,863)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(29,356)
(26,963)
Total equity
(29,256)
(26,863)

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

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

The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
Mr M Nickkho-Amiry
Director
Company registration number SC703392 (Scotland)
MSBL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

MSBL Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Norwood, 3 Beech Road, Lenzie, G66 4HN.

1.1
Reporting period

The company was incorporated on 5th July 2021 and commenced trading shortly after. This first set of financial statements for the company therefore cover the period rom 5th July 2021 to 31st July 2022.

1.2
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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

The accounts are prepared on the going concern basis under the historic cost convention and in accordance with applicable accounting standards. The directors acknowledge that the company's liquidity position is reliant on the support of the parent company. After due consideration, the directors are satisfied that the company has adequate resources to continue in operational existence for a period of not less than twelve months from the date of approval of the accounts. true

1.4
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.5
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. The original cost represents the fair value of the properties at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
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.

MSBL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies , are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MSBL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Investment property
2023
£
Fair value
At 1 August 2022
545,000
Additions
82,430
At 31 July 2023
627,430

Investment property comprises 2 properties (2022 - 1). In the opinion of the Directors the historical cost approximates to the fair value of the balance sheet date.

4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
25,778
24,605
Amounts owed to group undertakings
142,234
34,968
Other creditors
4,000
-
0
172,012
59,573
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
488,575
514,353
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Alan Mitchell
Statutory Auditor:
Thomson Cooper
Date of audit report:
2 October 2024
MSBL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
7
Related party transactions

In accordance with section 33.1A of FRS 102, the company is not required to make disclosure of transactions between members of the group.

8
Parent company

The ultimate controlling party is Scotpharm (MNA) Ltd, a company registered in Scotland (SC567980). Scotpharm (MNA) Ltd is controlled by Mr M Nickkho-Amiry by virtue of his own and his family's shareholding in the company. The registered office of Scotpharm (MNA) Limited is Norwood, 3 Beech Road, Lenzie, G66 4HN.

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