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COMPANY REGISTRATION NUMBER: SC223803
Meadowplace Investments Limited
Filleted Unaudited Abridged Financial Statements
31 March 2024
Meadowplace Investments Limited
Abridged Statement of Financial Position
31 March 2024
31 Mar 24
30 Sep 22
Note
£
£
Fixed assets
Investment Property
5
303,803
280,000
Current assets
Debtors
433,960
460,138
Cash at bank and in hand
117,785
92,643
---------
---------
551,745
552,781
Creditors: amounts falling due within one year
24,071
49,622
---------
---------
Net current assets
527,674
503,159
---------
---------
Total assets less current liabilities
831,477
783,159
Provisions for liabilities
Deferred taxation
11,728
11,728
---------
---------
Net assets
819,749
771,431
---------
---------
Meadowplace Investments Limited
Abridged Statement of Financial Position (continued)
31 March 2024
31 Mar 24
30 Sep 22
Note
£
£
Capital and reserves
Called up share capital
7
2
2
Revaluation reserve
118,272
118,272
Profit and loss account
701,475
653,157
---------
---------
Shareholders funds
819,749
771,431
---------
---------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the period ending 31 March 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 abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 2 October 2024 , and are signed on behalf of the board by:
James Laverty
Director
Company registration number: SC223803
Meadowplace Investments Limited
Notes to the Abridged Financial Statements
Period from 1 October 2022 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Meadowplace Buildings, Bell Street, Dundee, Tayside, DD1 1EJ.
2. Statement of compliance
These abridged 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 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. 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. These financial statements are for a longer period of 18 months which has been done for consistency of period end with its related entity. That means that comparative amounts presented within these financial statements are not entirely comparable as they are for a shorter 12 month period.
Going concern
The Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents rental income receivable from the letting of investment property.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Fixed assets, which comprise investment properties for commercial rent, are initially recorded at cost and then subject to revaluation annually by the directors.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tax on profit
Major components of tax expense
Period from
1 Oct 22 to
Year to
31 Mar 24
30 Sep 22
£
£
Current tax:
UK current tax expense
12,366
9,604
--------
-------
Tax on profit
12,366
9,604
--------
-------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the period was £Nil (2022: £ 1,933 ).
5. Investment property
£
Cost or valuation
At 1 October 2022
280,000
Additions
23,803
---------
At 31 March 2024
303,803
---------
Depreciation
At 1 October 2022 and 31 March 2024
---------
Carrying amount
At 31 March 2024
303,803
---------
At 30 September 2022
280,000
---------
The company's properties were last revalued by the directors in 2009. The valuations were prepared on an open market basis, assuming vacant possession. The surplus arising on this revaluation was credited to the revaluation reserve. The directors have reviewed the values carried in the accounts and are of the opinion that the current market values are not materially different from the values reflected in these accounts.
Investment Property held at valuation
In respect of investment property held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 March 2024
Aggregate cost
150,000
Aggregate depreciation
---------
Carrying value
150,000
---------
At 30 September 2022
Aggregate cost
150,000
Aggregate depreciation
---------
Carrying value
150,000
---------
6. Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
31 Mar 24
30 Sep 22
£
£
Included in provisions for liabilities
11,728
11,728
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Mar 24
30 Sep 22
£
£
Fair value adjustment of investment property
11,728
11,728
--------
--------
7. Called up share capital
Issued, called up and fully paid
31 Mar 24
30 Sep 22
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
8. Related party transactions
The company was under the control of the directors, Mr John Muir and Mr Jim Laverty, throughout the current and previous year. At the year end, the balance due from the directors to the company was £192,780 (2022 - £178,830). This balance is held as part of other debtors. It is subject to interest at 2.25%. The directors are the principal partners in Muir Myles Laverty, Solicitors, the company's main tenants. At the year end, the company was due to receive £141,310 from Muir Myles Laverty (2022 - £201,815).