Middlebank Limited SC258867 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is letting of own property. Digita Accounts Production Advanced 6.30.9574.0 true SC258867 2023-03-01 2024-02-29 SC258867 2024-02-29 SC258867 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC258867 core:ShareCapital 2024-02-29 SC258867 core:CurrentFinancialInstruments 2024-02-29 SC258867 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC258867 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 SC258867 core:MoreThanFiveYears 1 2024-02-29 SC258867 core:OfficeEquipment 2024-02-29 SC258867 bus:SmallEntities 2023-03-01 2024-02-29 SC258867 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC258867 bus:FilletedAccounts 2023-03-01 2024-02-29 SC258867 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC258867 bus:RegisteredOffice 2023-03-01 2024-02-29 SC258867 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 SC258867 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC258867 core:OfficeEquipment 2023-03-01 2024-02-29 SC258867 countries:Scotland 2023-03-01 2024-02-29 SC258867 2023-02-28 SC258867 core:OfficeEquipment 2023-02-28 SC258867 2022-03-01 2023-02-28 SC258867 2023-02-28 SC258867 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC258867 core:ShareCapital 2023-02-28 SC258867 core:CurrentFinancialInstruments 2023-02-28 SC258867 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC258867 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 SC258867 core:MoreThanFiveYears 1 2023-02-28 SC258867 core:OfficeEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: SC258867

Middlebank Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Middlebank Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Middlebank Limited

(Registration number: SC258867)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

926

1,090

Investment property

5

1,437,999

1,501,015

 

1,438,925

1,502,105

Current assets

 

Debtors

6

16,649

18,214

Cash at bank and in hand

 

26,624

118,473

 

43,273

136,687

Creditors: Amounts falling due within one year

7

(490,344)

(403,186)

Net current liabilities

 

(447,071)

(266,499)

Total assets less current liabilities

 

991,854

1,235,606

Creditors: Amounts falling due after more than one year

7

(8,374)

(330,970)

Provisions for liabilities

(23,097)

(16,231)

Net assets

 

960,383

888,405

Capital and reserves

 

Called up share capital

2

2

Retained earnings

8

960,381

888,403

Shareholders' funds

 

960,383

888,405

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

 

Middlebank Limited

(Registration number: SC258867)
Statement of Financial Position as at 29 February 2024

Approved and authorised by the director on 26 July 2024
 



 

Mrs R J Hutcheson
Company secretary and director

 

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
3 Old Hawkhill
Dundee
DD1 5EU
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax..

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 0 (2023 - 0).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

8,946

8,946

At 29 February 2024

8,946

8,946

Depreciation

At 1 March 2023

7,856

7,856

Charge for the year

164

164

At 29 February 2024

8,020

8,020

Carrying amount

At 29 February 2024

926

926

At 28 February 2023

1,090

1,090

5

Investment properties

2024
£

At 1 March 2023

1,501,015

Additions

7,685

Disposals

(106,837)

Fair value adjustments

36,136

At 29 February 2024

1,437,999

The last valuation of the properties was at 28 February 2024 by the directors and they are of the opinion that they are stated at fair value in these accounts.

 

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

16,649

18,214

 

16,649

18,214

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7,376

64,924

Trade creditors

 

918

-

Taxation and social security

 

28,411

48,626

Accruals and deferred income

 

1,514

3,770

Other creditors

 

452,125

285,866

 

490,344

403,186

The company has granted a bond and floating charge for all sums due to its bankers in support of its loan agreements along with standard securities over its investment properties.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8,374

330,970

2024
£

2023
£

Due after more than five years

After more than five years by instalments

-

86,151

-

-

The company has granted a bond and floating charge for all sums due to its bankers in support of its loan agreements along with standard securities over its investment properties.

Creditors include bank loans repayable by instalments of £Nil (2022 - £86,151) due after more than five years.

 

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Reserves

2024

2023

£

£

Profit and loss account - distributable reserves

861,913

819,206

Revaluation on investment properties - undistributable reserve

121,564

85,428

Deferred tax - undistributable reserves

(23,096)

(16,231)

960,381

888,403