Company registration number SC231831 (Scotland)
MARYFIELD DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
MARYFIELD DEVELOPMENTS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MARYFIELD DEVELOPMENTS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D W McKinlay
Mr E Hernon
Secretary
Mr E Hernon
Company number
SC231831
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
MARYFIELD DEVELOPMENTS LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,920
65,106
Investment property
4
559,942
559,942
624,862
625,048
Current assets
Debtors
5
443
Cash at bank and in hand
216,639
132,465
216,639
132,908
Creditors: amounts falling due within one year
6
(31,858)
(32,057)
Net current assets
184,781
100,851
Total assets less current liabilities
809,643
725,899
Provisions for liabilities
7
(8,789)
(8,684)
Net assets
800,854
717,215
Capital and reserves
Called up share capital
9
400
400
Revaluation reserve
53,969
53,969
Profit and loss reserves
746,485
662,846
Total equity
800,854
717,215
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MARYFIELD DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 November 2024 and are signed on its behalf by:
Mr E Hernon
Director
Company Registration No. SC231831
MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Maryfield Developments Limited is a private company limited by shares incorporated in Scotland. The company registered number is SC231831. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents rental income receivable during the year, exclusive of Value Added Tax. Turnover is recognised at the point at which the Company has fulfilled its contractual obligations to the tenants.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land
Not depreciated
Plant and machinery
25% reducing balance
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 the profit and loss account.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
3
Tangible fixed assets
Land
Plant and machinery
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
64,363
1,033
65,396
Depreciation and impairment
At 1 June 2023
290
290
Depreciation charged in the year
186
186
At 31 May 2024
476
476
Carrying amount
At 31 May 2024
64,363
557
64,920
At 31 May 2023
64,363
743
65,106
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
559,942
The property was valued by the directors at the balance sheet date. No adjustment to the carrying value was considered necessary. The valuation was carried out on an open market basis.
No tax would arise on the sale of the property at 31 May 2024.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
443
MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
30,101
14,307
Other creditors
1,757
17,750
31,858
32,057
A bond and floating charge are secured over the assets of the company.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
8,789
8,684
8
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
8,789
8,684
2024
Movements in the year:
£
Liability at 1 June 2023
8,684
Charge to profit or loss
105
Liability at 31 May 2024
8,789
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
400 Ordinary shares of £1
400
400
MARYFIELD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
10
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102" The Financial Reporting Standard applicable in the UK and Republic of Ireland".