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REGISTERED NUMBER: SC587090 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

McGregor Property Development Ltd

McGregor Property Development Ltd (Registered number: SC587090)






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

Report of the Accountants 7

McGregor Property Development Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr Ryan McGregor
Mr Gerald McGregor
Mrs Carla Gordon





REGISTERED OFFICE: Block 2 Unit 20
51 Eastmuir Street
Glasgow
G32 0HS





REGISTERED NUMBER: SC587090 (Scotland)





ACCOUNTANTS: Wallace White Accountants
2nd Floor
22-24 Blythswood Square
Glasgow
G2 4BG

McGregor Property Development Ltd (Registered number: SC587090)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 650,000 650,000

CURRENT ASSETS
Debtors 5 400 -
Cash at bank 1,145 1,574
1,545 1,574
CREDITORS
Amounts falling due within one year 6 9,280 8,678
NET CURRENT LIABILITIES (7,735 ) (7,104 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

642,265

642,896

CREDITORS
Amounts falling due after more than one year 7 378,928 384,466
NET ASSETS 263,337 258,430

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 229,543 229,543
Retained earnings 33,694 28,787
SHAREHOLDERS' FUNDS 263,337 258,430

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.

McGregor Property Development Ltd (Registered number: SC587090)

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 31 October 2024 and were signed on its behalf by:




Mrs Carla Gordon - Director Mr Ryan McGregor - Director




Mr Gerald McGregor - Director


McGregor Property Development Ltd (Registered number: SC587090)

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

1. STATUTORY INFORMATION

McGregor Property Development 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 as modified by the revaluation of certain assets.

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.

In accordance with SSAP 19, no depreciation is provided in respect of land and buildings with over 20 years to run. This treatment is a departure from the requirements of the Companies Act concerning depreciation of fixed assets, however land and buildings are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot reasonably be separately identified or quantified.

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 3 (2023 - 3 ) .

McGregor Property Development Ltd (Registered number: SC587090)

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

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 February 2023
and 31 January 2024 650,000
NET BOOK VALUE
At 31 January 2024 650,000
At 31 January 2023 650,000

Cost or valuation at 31 January 2024 is represented by:

Land and
buildings
£   
Valuation in 2023 650,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 400 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Taxation and social security 7,480 6,878
Other creditors 1,800 1,800
9,280 8,678

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 286,000 288,014
Other creditors 92,928 96,452
378,928 384,466

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 286,000 288,014

McGregor Property Development Ltd (Registered number: SC587090)

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

8. RESERVES
Revaluation
reserve
£   
At 1 February 2023
and 31 January 2024 229,543

McGregor Property Development Ltd

Report of the Accountants to the Directors of
McGregor Property Development Ltd

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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2024 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Wallace White Accountants
2nd Floor
22-24 Blythswood Square
Glasgow
G2 4BG


31 October 2024