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COMPANY REGISTRATION NUMBER: SC631896
New City Vision (MMR) Estates Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
New City Vision (MMR) Estates Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
104
104
Current assets
Debtors
5
560,888
535,573
Creditors: amounts falling due within one year
6
579,500
550,932
---------
---------
Net current liabilities
18,612
15,359
--------
--------
Total assets less current liabilities
( 18,508)
( 15,255)
--------
--------
Net liabilities
( 18,508)
( 15,255)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 18,510)
( 15,257)
--------
--------
Shareholder deficit
( 18,508)
( 15,255)
--------
--------
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his 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:
Mr H J O'Donnell
Director
Company registration number: SC631896
New City Vision (MMR) Estates 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.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
104
----
Impairment
At 1 February 2023 and 31 January 2024
----
Carrying amount
At 31 January 2024
104
----
At 31 January 2023
104
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
New City Vision (MMR) Maxwell Road Limited
Ordinary
51
New City Vision (Carmyle) Limited
Ordinary
100
New City Vision (Rothesay) Limited
Ordinary
100
New City Vision (Tollcross) Limited
Ordinary
51
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings in which the company has a participating interest
560,888
535,573
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
234
Amounts owed to group undertakings
51
51
Other creditors
579,215
550,881
---------
---------
579,500
550,932
---------
---------
7. Related party transactions
Included in amounts owed by group undertakings is £ 516,612 (2023: £ 533,844 ) due from New City Vision (MMR) Maxwell Road Limited . The loan is interest free and is repayable on demand. Included in amounts owed by group undertakings is £ 28,214 (2023: £ 28,214 ) due from New City Vision (Carmyle) Limited . The loan is interest free and is repayable on demand. Included in amounts owed by group undertakings is £ 16,062 (2023: £ 1,729 ) due from New City Vision (Rothesay) Limited . The loan is interest free and is repayable on demand. Included in other creditors is £576,173 (2023: £547,359) due to Mr H J O'Donnell , director. The loan is interest free and is repayable on demand.