Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mr B Malarkey 27/07/2018 Mr S McCann 27/07/2018 01 November 2024 The principal activity of the Company during the financial year was property development. SC603794 2023-08-31 SC603794 bus:Director1 2023-08-31 SC603794 bus:Director2 2023-08-31 SC603794 2022-08-31 SC603794 core:CurrentFinancialInstruments 2023-08-31 SC603794 core:CurrentFinancialInstruments 2022-08-31 SC603794 core:ShareCapital 2023-08-31 SC603794 core:ShareCapital 2022-08-31 SC603794 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC603794 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC603794 core:OtherPropertyPlantEquipment 2022-08-31 SC603794 core:OtherPropertyPlantEquipment 2023-08-31 SC603794 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-08-31 SC603794 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-08-31 SC603794 bus:OrdinaryShareClass1 2023-08-31 SC603794 bus:OrdinaryShareClass2 2023-08-31 SC603794 2022-09-01 2023-08-31 SC603794 bus:FilletedAccounts 2022-09-01 2023-08-31 SC603794 bus:SmallEntities 2022-09-01 2023-08-31 SC603794 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC603794 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC603794 bus:Director1 2022-09-01 2023-08-31 SC603794 bus:Director2 2022-09-01 2023-08-31 SC603794 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-09-01 2023-08-31 SC603794 2021-09-01 2022-08-31 SC603794 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 SC603794 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC603794 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 SC603794 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 SC603794 bus:OrdinaryShareClass2 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC603794 (Scotland)

MANSION KINGDOM HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

MANSION KINGDOM HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

MANSION KINGDOM HOMES LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
MANSION KINGDOM HOMES LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,232 3,642
2,232 3,642
Current assets
Stocks 5,020,076 4,610,814
Debtors 4 4,180,637 1,769,928
Cash at bank and in hand 34,129 317,645
9,234,842 6,698,387
Creditors: amounts falling due within one year 5 ( 9,118,206) ( 6,815,643)
Net current assets/(liabilities) 116,636 (117,256)
Total assets less current liabilities 118,868 (113,614)
Net assets/(liabilities) 118,868 ( 113,614)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 118,866 ( 113,616 )
Total shareholders' funds/(deficit) 118,868 ( 113,614)

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mansion Kingdom Homes Limited (registered number: SC603794) were approved and authorised for issue by the Board of Directors on 01 November 2024. They were signed on its behalf by:

Mr S McCann
Director
MANSION KINGDOM HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
MANSION KINGDOM HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mansion Kingdom Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Johnston Carmichael LLP, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised at legal completion in respect of the the total proceeds received for the sale of property.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost net realisable value.

Stocks include raw materials for the construction of homes and work in progress which consists of the cost of development land, direct materials, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.  Net realisable value is based on estimated selling price less anticipated costs to completion and disposal.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from connected companies, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2022 5,640 5,640
At 31 August 2023 5,640 5,640
Accumulated depreciation
At 01 September 2022 1,998 1,998
Charge for the financial year 1,410 1,410
At 31 August 2023 3,408 3,408
Net book value
At 31 August 2023 2,232 2,232
At 31 August 2022 3,642 3,642

4. Debtors

2023 2022
£ £
Amounts owed by related parties 4,153,288 1,669,719
Other debtors 27,349 100,209
4,180,637 1,769,928

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 172,858 291,854
Amounts owed to related parties 8,844,540 6,513,664
Taxation and social security 36,779 6,525
Other creditors 64,029 3,600
9,118,206 6,815,643

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 A ordinary share of £ 1.00 1 1
1 B ordinary share of £ 1.00 1 1
2 2

7. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts owed to related parties 8,844,540 6,513,664
Amounts owed from related parties 4,153,288 1,669,719