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REGISTERED NUMBER: SC685728 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

MAINS OF DYCE PROPERTY LTD

MAINS OF DYCE PROPERTY LTD (REGISTERED NUMBER: SC685728)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAINS OF DYCE PROPERTY LTD

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mrs D K Hutchison
S Hutchison





REGISTERED OFFICE: 1st Floor, 5 Abercrombie Court
Prospect Road
Arnhall Business Park
Westhill
Aberdeenshire
AB32 6FE





REGISTERED NUMBER: SC685728 (Scotland)





ACCOUNTANTS: Fyfe Moir & Associates
1st Floor, 5 Abercrombie Crt
Prospect Road,
Westhill
Aberdeenshire
Grampian
AB32 6FE

MAINS OF DYCE PROPERTY LTD (REGISTERED NUMBER: SC685728)

Balance Sheet
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 327,373 252,055

CURRENT ASSETS
Cash at bank 737 1,193

CREDITORS
Amounts falling due within one year 5 155,352 117,949
NET CURRENT LIABILITIES (154,615 ) (116,756 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

172,758

135,299

CREDITORS
Amounts falling due after more than one
year

6

170,718

136,124
NET ASSETS/(LIABILITIES) 2,040 (825 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,940 (925 )
SHAREHOLDERS' FUNDS 2,040 (825 )

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

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

MAINS OF DYCE PROPERTY LTD (REGISTERED NUMBER: SC685728)

Balance Sheet - continued
31 JANUARY 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 30 October 2024 and were signed on its behalf by:





Mrs D K Hutchison - Director


MAINS OF DYCE PROPERTY LTD (REGISTERED NUMBER: SC685728)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Mains of Dyce Property Ltd 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 February 2023 252,055
Additions 75,318
At 31 January 2024 327,373
NET BOOK VALUE
At 31 January 2024 327,373
At 31 January 2023 252,055

MAINS OF DYCE PROPERTY LTD (REGISTERED NUMBER: SC685728)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts (see note 7) 4,921 4,734
Trade creditors 1,206 67
Tax 672 -
Other creditors 566 566
Directors' current accounts 147,267 111,862
Accrued expenses 720 720
155,352 117,949

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans (see note 7) 170,718 136,124

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 149,019 115,247

7. LOANS

An analysis of the maturity of loans is given below:

31.1.24 31.1.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 4,921 4,734

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,115 4,921

Amounts falling due between two and five years:
Bank loans - 2-5 years 16,584 15,956

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 149,019 115,247

MAINS OF DYCE PROPERTY LTD (REGISTERED NUMBER: SC685728)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 175,639 -

A Floating Charge was created on 21st May 2021 in favour of The Mortgage Works (UK) PLC against property 39 Tornashean Gardens, Dyce, Aberdeen.

A Floating Charge was created on 13th July 2022 in favour of The Mortgage Works (UK) PLC against 31 Wagley Place, Bucksburn, Aberdeen.

A Floating Charge was created on 11th December 2023 in favour of The Mortgage Works (UK) PLC covering all and whole of the dwellinghouse 16 Stronsay Crescent, Aberdeen.

A Floating Charge was created on 12th January 2024 in favour of the Mortgage Works (UK) PLC against 16 Stronsay Crescent, Aberdeen.