Registered number
SC452749
Newton Mearns Projects Limited
Filleted Accounts
30 June 2024
Newton Mearns Projects Limited
Registered number: SC452749
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 544 680
Current assets
Stocks 6,973,076 6,973,076
Debtors 4 - 1,125
Cash at bank and in hand 100 100
6,973,176 6,974,301
Creditors: amounts falling due within one year 5 (7,461,399) (6,844,907)
Net current (liabilities)/assets (488,223) 129,394
Total assets less current liabilities (487,679) 130,074
Creditors: amounts falling due after more than one year 6 (38,767) (38,767)
Net (liabilities)/assets (526,446) 91,307
Capital and reserves
Called up share capital 3,000 3,000
Profit and loss account (529,446) 88,307
Shareholders' funds (526,446) 91,307
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dinesh Parmanand
Director
Approved by the board on 6 November 2024
Newton Mearns Projects Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
At the time of approving the financial statements, the directors have indicated their willingness to continue financial support of the company. For this reason the going concern basis has been adopted for the preparation of the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 July 2023 4,250
At 30 June 2024 4,250
Depreciation
At 1 July 2023 3,570
Charge for the year 136
At 30 June 2024 3,706
Net book value
At 30 June 2024 544
At 30 June 2023 680
4 Debtors 2024 2023
£ £
Other debtors - 1,125
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,000,000 3,607,500
Trade creditors - 183,683
Accrued charges 750 1,800
Taxation and social security costs 610 610
Other creditors 2,460,039 3,051,314
7,461,399 6,844,907
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,767 38,767
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 5,000,000 3,607,500
The secured loan is with Rivkin Capital PTE Ltd, an asset based lender based in Singapore. The loan is secured over the main asset of the company, being the Land and currently classified as Stock/Work in Progress.
8 Related party transactions
Other creditors includes an aggregate amount of £2,460,039 (2023 3,051,314), of which £600,000 is due to the company's minority shareholder. These amounts are repayable on demand and do not bear interest.

Other creditors also comprises amounts due to two of the company's directors totalling £1,691,905 (2023 - £2,283,180). The loans are interest free and there are no fixed terms for repayment.
9 Controlling party
The director, Dinesh Parmanand, held a 90% beneficial interest in the share capital of the company.
10 Other information
Newton Mearns Projects Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Trident House
175 Renfrew Road
Paisley
PA3 4EF
Newton Mearns Projects Limited SC452749 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts July 2024 Dinesh Parmanand No description of principal activity SC452749 2022-07-01 2023-06-30 SC452749 core:WithinOneYear 2023-06-30 SC452749 core:AfterOneYear 2023-06-30 SC452749 core:ShareCapital 2023-06-30 SC452749 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC452749 2023-07-01 2024-06-30 SC452749 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC452749 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC452749 bus:Director40 2023-07-01 2024-06-30 SC452749 1 2023-07-01 2024-06-30 SC452749 2 2023-07-01 2024-06-30 SC452749 core:PlantMachinery 2023-07-01 2024-06-30 SC452749 countries:England 2023-07-01 2024-06-30 SC452749 bus:FRS102 2023-07-01 2024-06-30 SC452749 bus:FilletedAccounts 2023-07-01 2024-06-30 SC452749 2024-06-30 SC452749 core:WithinOneYear 2024-06-30 SC452749 core:AfterOneYear 2024-06-30 SC452749 core:ShareCapital 2024-06-30 SC452749 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC452749 core:PlantMachinery 2024-06-30 SC452749 2023-06-30 SC452749 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure