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REGISTERED NUMBER: SC138578 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

MacGregor Properties Limited

MacGregor Properties Limited (Registered number: SC138578)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

MacGregor Properties Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs M J Ross
R J MacGregor
A W Macgregor
J W MacGregor



SECRETARY: Mrs M J Ross



REGISTERED OFFICE: 15-17 Henderson Road
Inverness
IV1 1SN



REGISTERED NUMBER: SC138578 (Scotland)



ACCOUNTANTS: McInnes & Co
Flat 10, Killearn Court
2 The Square
Killearn
G63 9NG



BANKERS: Virgin Money
15 Academy Street
Inverness
IV1 1JN

MacGregor Properties Limited (Registered number: SC138578)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 364,827 325,494
Investments 5 480,375 480,375
Investment property 6 16,682,250 15,149,615
17,527,452 15,955,484

CURRENT ASSETS
Debtors 7 3,557 473,431
Prepayments and accrued income 8,180 6,688
Cash at bank 1,674,700 2,252,867
1,686,437 2,732,986
CREDITORS
Amounts falling due within one year 8 (757,597 ) (760,151 )
NET CURRENT ASSETS 928,840 1,972,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,456,292

17,928,319

PROVISIONS FOR LIABILITIES 10 (220,152 ) (164,982 )
NET ASSETS 18,236,140 17,763,337

CAPITAL AND RESERVES
Called up share capital 394,096 394,096
Share premium 965,530 965,530
Non-distributable reserve 11 5,316,004 5,316,004
Retained earnings 11,560,510 11,087,707
SHAREHOLDERS' FUNDS 18,236,140 17,763,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

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

MacGregor Properties Limited (Registered number: SC138578)

Balance Sheet - continued
31 March 2024


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 19 September 2024 and were signed on its behalf by:




A W Macgregor - Director



J W MacGregor - Director


MacGregor Properties Limited (Registered number: SC138578)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

MacGregor Properties 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. 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.

Preparation of consolidated financial statements
The financial statements contain information about MacGregor Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 10 - 25% on reducing balance
Motor vehicles - 20 - 35% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

No depreciation is provided.

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.


MacGregor Properties Limited (Registered number: SC138578)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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.

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 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 37,000 765,461 802,461
Additions - 113,082 113,082
Disposals - (65,537 ) (65,537 )
At 31 March 2024 37,000 813,006 850,006
DEPRECIATION
At 1 April 2023 21,339 455,628 476,967
Charge for year 740 55,259 55,999
Eliminated on disposal - (47,787 ) (47,787 )
At 31 March 2024 22,079 463,100 485,179
NET BOOK VALUE
At 31 March 2024 14,921 349,906 364,827
At 31 March 2023 15,661 309,833 325,494

MacGregor Properties Limited (Registered number: SC138578)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 480,375
NET BOOK VALUE
At 31 March 2024 480,375
At 31 March 2023 480,375

Highland Locksmiths & Security Systems Limited is a 100% subsidiary undertaking of the company.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 15,149,615
Additions 1,532,635
At 31 March 2024 16,682,250
NET BOOK VALUE
At 31 March 2024 16,682,250
At 31 March 2023 15,149,615

The most recent external valuation of a number of properties was carried out on 9 July 2019 by Graham & Sibbald, Chartered Surveyors. The valuations were carried out in accordance with RICS Valuation - Global Standards 2017 and incorporating IVSC International Valuation standards.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 15,149,615
Valuation in 2024 1,532,635
16,682,250

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 3,557 473,431

MacGregor Properties Limited (Registered number: SC138578)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 12,614 10,651
Taxation and social security 195,816 205,848
Other creditors 549,167 543,652
757,597 760,151

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 65,249 68,398
Between one and five years 260,996 273,592
In more than five years 391,490 375,788
717,735 717,778

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 220,152 164,982

Deferred
tax
£   
Balance at 1 April 2023 164,982
Provided during year 55,170
Balance at 31 March 2024 220,152

The provision for deferred taxation is made up as follows:



20242023
£   £   

Accelerated capital allowances220,152164,982
Tax Losses carried forward(252,363)(252,363)
Deferred tax arising on fair value adjustment(626,050)(626,050)
Deferred tax not provided878,413878,412
220,152164,982

MacGregor Properties Limited (Registered number: SC138578)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. RESERVES
Non-distributable
reserve
£   
At 1 April 2023
and 31 March 2024 5,316,004

12. RELATED PARTY DISCLOSURES

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.

In the directors' opinion, the company's ultimate controlling parties are J W MacGregor, R J MacGregor, A W MacGregor and Mrs M J Ross.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
MacGregor Properties Limited

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 MacGregor Properties Limited for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet 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 MacGregor Properties 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 MacGregor Properties Limited and state those matters that we have agreed to state to the Board of Directors of MacGregor Properties Limited, 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 MacGregor Properties 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 profit of MacGregor Properties Limited. You consider that MacGregor Properties 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 MacGregor Properties 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.






McInnes & Co
Flat 10, Killearn Court
2 The Square
Killearn
G63 9NG


23 September 2024