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MG & MM DEVELOPMENTS LTD

Registered Number
SC638939
(Scotland)

Unaudited Financial Statements for the Year ended
31 August 2024

MG & MM DEVELOPMENTS LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

Michael Green
Michael Alexander Gorrod Martin

Registered Address

2 Sir George Sharp Court
Thornton
KY1 4BF

Registered Number

SC638939 (Scotland)
MG & MM DEVELOPMENTS LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property356,32856,328
56,32856,328
Current assets
Debtors459155
Cash at bank and on hand20,73021,475
20,78921,630
Creditors amounts falling due within one year5(35,763)(34,995)
Net current assets (liabilities)(14,974)(13,365)
Total assets less current liabilities41,35442,963
Creditors amounts falling due after one year6(56,250)(56,846)
Net assets(14,896)(13,883)
Capital and reserves
Called up share capital1010
Profit and loss account(14,906)(13,893)
Shareholders' funds(14,896)(13,883)
The financial statements were approved and authorised for issue by the Board of Directors on 9 October 2024, and are signed on its behalf by:
Michael Alexander Gorrod Martin
Director
Michael Green
Director

Registered Company No. SC638939
MG & MM DEVELOPMENTS LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The financial statements have been prepared on the going concern basis. The directors find it appropriate for the financial statements to be prepared on this basis despite the net liability position of the company. The company is reliant upon the continued support of the directors who have confirmed they will not withdraw their directors loan account to the detriment of other creditors and will continue to support the company as required.
Turnover policy
Income represents rents receivable in the year.
Current taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. 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
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year22
3.Investment property

£
Fair value at 01 September 2356,328
At 31 August 2456,328
4.Debtors: amounts due within one year

2024

2023

££
Prepayments and accrued income59155
Total59155
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables84-
Other creditors33,97233,348
Accrued liabilities and deferred income1,7071,647
Total35,76334,995
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts56,25056,846
Total56,25056,846
The bank loan is secured over the investment property of the Company.