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Registration number: SC660124

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M & L Hutchison Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

M & L Hutchison Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

M & L Hutchison Ltd

Company Information

Directors

Michael Brown Hutchison

Laura Hutchison

Registered office

10 Creran Drive
Denny
FK6 5LT

Bankers

Adam & Company
24-25 St Andrews Square
Edinburgh
EH2 1AF

Accountants

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
M & L Hutchison Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of M & L Hutchison Ltd for the year ended 30 April 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of M & L Hutchison Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of M & L Hutchison Ltd and state those matters that we have agreed to state to the Board of Directors of M & L Hutchison Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, ICAS and ICAEW, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M & L Hutchison Ltd and its Board of Directors as a body for our work or for this report.
 

We have not been instructed to carry out an audit or a review of the accounts of M & L Hutchison Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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....................................................................

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

28 August 2024

 

M & L Hutchison Ltd

(Registration number: SC660124)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,007,692

2,007,692

Investments

5

250,000

250,000

Other financial assets

6

182

-

 

2,257,874

2,257,692

Current assets

 

Debtors

7

548,400

598,076

Cash at bank and in hand

 

60,625

31,634

 

609,025

629,710

Creditors: Amounts falling due within one year

8

(1,690,193)

(1,758,366)

Net current liabilities

 

(1,081,168)

(1,128,656)

Total assets less current liabilities

 

1,176,706

1,129,036

Creditors: Amounts falling due after more than one year

8

(1,231,659)

(1,231,659)

Net liabilities

 

(54,953)

(102,623)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(55,053)

(102,723)

Shareholders' deficit

 

(54,953)

(102,623)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Michael Brown Hutchison
Director

 

M & L Hutchison Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
10 Creran Drive
Denny
FK6 5LT

These financial statements were authorised for issue by the Board on 28 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

none applicable

Freehold properties

none considered appropriate at this time

 

M & L Hutchison Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

M & L Hutchison Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

2,002,692

5,000

2,007,692

At 30 April 2024

2,002,692

5,000

2,007,692

Depreciation

Carrying amount

At 30 April 2024

2,002,692

5,000

2,007,692

At 30 April 2023

2,002,692

5,000

2,007,692

5

Investments

2024
£

2023
£

Investments in joint ventures

250,000

250,000

Joint ventures

£

Cost

At 1 May 2023

250,000

Provision

Carrying amount

At 30 April 2024

250,000

At 30 April 2023

250,000

 

M & L Hutchison Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Joint ventures

REWD LADZ Ltd

4 Baron's Court, Grangemouth FK3 8BH

Ordinary £1

49%

49%

 

Scotland

     

Joint ventures

REWD LADZ Ltd

The principal activity of REWD LADZ Ltd is letting or operating of owned or leased real estate.

6

Other financial assets (current and non-current)

Total
£

Non-current financial assets

Cost or valuation

Additions

182

At 30 April 2024

182

Impairment

Carrying amount

At 30 April 2024

182

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

(298)

Amounts owed by related parties

-

500,000

Prepayments

 

548,400

-

Other debtors

 

-

98,374

   

548,400

598,076

 

M & L Hutchison Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,686,967

1,755,140

Taxation and social security

 

226

226

Accruals and deferred income

 

3,000

3,000

 

1,690,193

1,758,366

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,231,659

1,231,659

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,231,659

1,231,659

2024
£

2023
£

Current loans and borrowings

Bank borrowings

42,800

42,800

Director current account

1,644,167

1,712,340

1,686,967

1,755,140