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Registered number: SC759231

Middlemist Property Ltd

FINANCIAL STATEMENTS
FOR THE 378 DAY PERIOD ENDED 29 FEBRUARY 2024

Prepared By:
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ

Middlemist Property Ltd

FINANCIAL STATEMENTS
FOR THE 378 DAY PERIOD ENDED 29 FEBRUARY 2024
DIRECTORS
Lisa Middlemist (appointed 17 February 2023)
REGISTERED OFFICE
Unit G6 The Granary Business Centre
Coal Road
Cupar
Fife
KY15 5YQ
COMPANY DETAILS
Private company limited by shares registered in SC - Scotland, registered number SC759231
ACCOUNTANTS
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ

Middlemist Property Ltd

FINANCIAL STATEMENTS
FOR THE378 DAY PERIODENDED29 FEBRUARY 2024
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Middlemist Property Ltd

BALANCE SHEET AT 29 February 2024
2024
Notes£
FIXED ASSETS
Tangible assets3137,315
CURRENT ASSETS
Debtors5119
Cash at bank and in hand714
833
CREDITORS: Amounts falling due within one year643,686
NET CURRENT LIABILITIES(42,853)
TOTAL ASSETS LESS CURRENT LIABILITIES94,462
CREDITORS: Amounts falling due after more than one year796,678
NET LIABILITIES(2,216)
CAPITAL AND RESERVES
Called up share capital82
Profit and loss account(2,218)
SHAREHOLDERS' FUNDS(2,216)
For the year ending 29 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 24 October 2024 and signed on their behalf by
.............................
Lisa Middlemist (appointed 17 February 2023)
Director

Middlemist Property Ltd

NOTES TO THE ACCOUNTS
FOR THE 378 DAY PERIOD ENDED 29 FEBRUARY 2024
1. ACCOUNTING POLICIES
1a. General Information & Basis of Accounting
The company is limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements. The company's place of business is Edenside Works, Station Road, Cupar.
The financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 including Section 1A Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. 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 presented unless otherwise shown.
1b. Turnover
Turnover represents the amounts receivable arising from the supply of goods net of trade discounts.
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover is recognised as the fair value of the consideration received or receivable for services provided in the normal course of business, net of trade discounts.
1c. Tangible Fixed Assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
1d. Investment Properties
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in net gains/(losses) on investments in the Statement of Financial Activities.
1e. Cash And Cash Equivalents
Cash and cash equivalents are basic financial instruments which 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.

Middlemist Property Ltd

1f. Financial Instruments
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.
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at 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 operations 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.
1g. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
1h. Critical Accounting Estimates And Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2. EMPLOYEES
2024
No.No.
Average number of employees-

Middlemist Property Ltd

3. TANGIBLE FIXED ASSETS
Land And
BuildingsTotal
££
Cost
Additions137,315137,315
At 29 February 2024137,315137,315
Depreciation
At 29 February 2024--
Net Book Amounts
At 29 February 2024137,315137,315
Included in Land and Buildings are investment properties measued at fair value of £137,315.
4. INVESTMENT PROPERTIES
Investment
PropertiesTotal
££
Fair value
Additions137,315137,315
At 29 February 2024137,315137,315
The investment properties were valued at fair value by the director at 29 February 2024.
5. DEBTORS 2024
£
Amounts falling due within one year:
Other debtors119
119
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Bank loans and overdrafts2,201
Other creditors41,485
43,686

Middlemist Property Ltd

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
£
Bank loans and overdrafts96,678
96,678
Included within creditors due after more than one year are:
Amounts falling due after more than five years
- repayable by installments85,846
The company obtained a commerical bank loan of £102,009 which is repayble in instalments over 20 years. The loan is secured with a standard security over the company's investment property.
8. SHARE CAPITAL 2024
£
Allotted, issued and fully paid:
2 Ordinary shares of £1 each2
2
New shares issued during period:
2 Ordinary shares of £1 each2
2
9. RELATED PARTY TRANSACTIONS
Included in other creditors is an interest free loan from Middlemist Design Ltd, a company in which Lisa Middlemist is a shareholder, of £40,243.