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2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC585103
2023-02-01
2024-01-31
SC585103
2024-01-31
SC585103
2023-01-31
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2023-01-31
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2023-01-31
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2024-01-31
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2024-01-31
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2024-01-31
SC585103
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2023-01-31
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2024-01-31
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2024-01-31
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2024-01-31
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2024-01-31
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2024-01-31
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2024-01-31
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2023-01-31
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2024-01-31
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2024-01-31
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2023-01-31
COMPANY REGISTRATION NUMBER:
SC585103
New City Vision (MMR) Maxwell Road Limited |
|
Filleted Unaudited Financial Statements |
|
New City Vision (MMR) Maxwell Road Limited |
|
Statement of Financial Position |
|
31 January 2024
Fixed assets
Current assets
Stocks |
8,128,736 |
|
5,598,665 |
Debtors |
5 |
213,520 |
|
160,866 |
Cash at bank and in hand |
569,818 |
|
6,542,814 |
|
------------ |
|
------------- |
|
8,912,074 |
|
12,302,345 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
8,878,044 |
|
12,079,104 |
|
------------ |
|
------------- |
Net current assets |
|
34,030 |
223,241 |
|
|
-------- |
--------- |
Total assets less current liabilities |
|
34,031 |
223,242 |
|
|
-------- |
--------- |
Net assets |
|
34,031 |
223,242 |
|
|
-------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
7 |
|
100 |
100 |
Profit and loss account |
|
33,931 |
223,142 |
|
|
-------- |
--------- |
Shareholders funds |
|
34,031 |
223,242 |
|
|
-------- |
--------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC585103
New City Vision (MMR) Maxwell Road Limited |
|
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 13 Newton Place, Glasgow, G3 7PR, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currently of the entity.
Going concern
The financial statements have been prepared on a going concern basis, which is dependent on the ongoing support of the director. The director has assessed the Company's ability to continue as a going concern and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The shareholders are not seeking immediate repayment of their loans, thus the director continues to adopt the going concern basis of accounting in the financial statements.
Revenue recognition
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stock is measured at cost plus attributable profit, less foreseeable losses and progress billings. The company applies the percentage-of-completion method to recognise revenue and expenses for long-term construction contracts: - Cost comprises all costs directly related to the construction process, including direct materials, direct labour, and a proportion of construction overheads (such as site administration costs, equipment usage, and depreciation directly related to the project). - Percentage of Completion Method: The percentage of completion is calculated based on the proportion of costs incurred to date to the total estimated project cost or using surveys of work performed. The related revenue is recognised in line with this stage of completion. - Attributable Profit: A proportion of the expected contract profit is recognised in line with the stage of completion.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price, unless the arrangement constitute a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument.
At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Investments
|
Shares in group undertakings |
|
£ |
|
|
Cost |
|
At 1 February 2023 and 31 January 2024 |
1 |
|
---- |
Impairment |
|
At 1 February 2023 and 31 January 2024 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 January 2024 |
1 |
|
---- |
At 31 January 2023 |
1 |
|
---- |
|
|
5.
Debtors
Amounts owed by group undertakings |
166,178 |
155,088 |
Other debtors |
47,342 |
5,778 |
|
--------- |
--------- |
|
213,520 |
160,866 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
Trade creditors |
17,224 |
12,538 |
Amounts owed to group undertakings |
1,107,709 |
834,119 |
Corporation tax |
– |
57,293 |
Other creditors |
7,753,111 |
11,175,154 |
|
------------ |
------------- |
|
8,878,044 |
12,079,104 |
|
------------ |
------------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
8.
Related party transactions
Included in amounts owed to group undertakings is £
516,612
(2023: £ 533,844
) owed to New City Vision (MMR) Estates Limited
, £ 589,821
(2023: £ 299,231
) owed to New City Vision (MMR) Contracts Limited
and £ 231
(2023: £nil) owed to New City Vision Rothesay. Included in amounts owed by group undertakings is £ 155,729
(2023: £ 153,015
) owed by New City Vision (Tollcross) Limited
. The loans are interest free and are repayable on demand.