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COMPANY REGISTRATION NUMBER:
SC347979
Filleted Unaudited Financial Statements |
|
Year ended 29 February 2024
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
St Mungo Assets Limited |
|
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of St Mungo Assets Limited for the year ended 29 February 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of St Mungo Assets Limited. Our work has been undertaken solely to prepare for your approval the financial statements of St Mungo Assets Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St Mungo Assets Limited and its director for our work or for this report.
It is your duty to ensure that St Mungo Assets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of St Mungo Assets Limited. You consider that St Mungo Assets Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of St Mungo Assets Limited. 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 financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
8 November 2024
Statement of Financial Position |
|
29 February 2024
Current assets
Debtors |
4 |
870,261 |
|
892,771 |
Cash at bank and in hand |
598 |
|
16,709 |
|
--------- |
|
--------- |
|
870,859 |
|
909,480 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
11,880 |
|
34,862 |
|
--------- |
|
--------- |
Net current assets |
|
858,979 |
874,618 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
858,979 |
874,618 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
19,167 |
29,167 |
|
|
--------- |
--------- |
Net assets |
|
839,812 |
845,451 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
839,811 |
845,450 |
|
|
--------- |
--------- |
Shareholders funds |
|
839,812 |
845,451 |
|
|
--------- |
--------- |
|
|
|
|
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 29 February 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 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 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
8 November 2024
, and are signed on behalf of the board by:
Company registration number:
SC347979
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
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.
Income tax
The taxation expense represents the aggregate amount of current 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
870,261 |
892,771 |
|
--------- |
--------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
780 |
– |
Corporation tax |
– |
3,152 |
Other creditors |
1,100 |
21,710 |
|
-------- |
-------- |
|
11,880 |
34,862 |
|
-------- |
-------- |
|
|
|
The company has granted a floating charge over all property and undertaking of the company in favour of
Mr T Wallace
, director and his wife.
6.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
19,167 |
29,167 |
|
-------- |
-------- |
|
|
|
7.
Director's advances, credits and guarantees
At the period end the company was owed £2,390 from
Mr T Wallace
, director. (2023: £20,610 was owed to Mr Wallace).
8.
Related party transactions
At the year end the company was owed £851,001 from its parent company, Fairways Investments (Scotland) Limited, which is shown in Other Debtors. (2023: £838,692). It was also owed £8,983 from The Thomas Wallace Car Sales Limited Small Self Administered Scheme, an entity in which the director, Thomas Wallace, has an interest. (2023: £8,983). The company also provided loan funds to Akiko Limited, a company in which the director, Thomas Wallace's son has an interest. At the year end an amount of £7,000 was owed from that company. (2023: £25,000).
9.
Controlling party
The company's parent is Fairways Investments (Scotland) Limited, a company registered in Scotland. Mr Wallace, director, retains ultimate control of
St Mungo Assets Limited
by virtue of his interest in Fairways Investments (Scotland) Limited.