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REGISTERED NUMBER: SC526430 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

M C L PROPERTIES (AYRSHIRE) LTD

M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M C L PROPERTIES (AYRSHIRE) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: A J McClure
Mrs W McClure





SECRETARY: Mrs W McClure





REGISTERED OFFICE: 8 Ronaldshaw Park
AYR
Ayrshire
KA7 2TJ





REGISTERED NUMBER: SC526430 (Scotland)





ACCOUNTANTS: Stewart Gilmour & Co.
Chartered Accountants
24 Beresford Terrace
Ayr
KA7 2EG

M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 612 694
Investment property 5 394,070 347,648
394,682 348,342

CURRENT ASSETS
Debtors 6 583 142
Cash at bank 6,298 37,773
6,881 37,915
CREDITORS
Amounts falling due within one year 7 242,251 264,826
NET CURRENT LIABILITIES (235,370 ) (226,911 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

159,312

121,431

PROVISIONS FOR LIABILITIES - 132
NET ASSETS 159,312 121,299

CAPITAL AND RESERVES
Called up share capital 8 980 980
Fair value reserve 9 46,422 -
Retained earnings 9 111,910 120,319
SHAREHOLDERS' FUNDS 159,312 121,299

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430)

BALANCE SHEET - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





A J McClure - Director


M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

M C L Properties (Ayrshire) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Computer equipment - 20% on reducing balance

Investment properties
In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted account principles set out in frs 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £6953.

Taxation
Taxation for the year 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 1,188 450 1,638
DEPRECIATION
At 1 March 2023 619 325 944
Charge for year 57 25 82
At 29 February 2024 676 350 1,026
NET BOOK VALUE
At 29 February 2024 512 100 612
At 28 February 2023 569 125 694

5. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 March 2023 347,648
Revaluations 46,422
At 29 February 2024 394,070
NET BOOK VALUE
At 29 February 2024 394,070
At 28 February 2023 347,648

Cost or valuation at 29 February 2024 is represented by:
£   
Valuation in 2024 394,070

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 394,070 347,648
Aggregate depreciation (7,881 ) (6,953 )

The investment properties were valued on a fair value basis on 29 February 2024 by Mr A McClure, director. .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 583 142

M C L PROPERTIES (AYRSHIRE) LTD (REGISTERED NUMBER: SC526430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 242,251 264,826

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary £1 500 500
480 Ordinary A £1 480 480
980 980

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 March 2023 120,319 - 120,319
Deficit for the year (8,409 ) (8,409 )
Property Revaluation - 46,422 46,422
At 29 February 2024 111,910 46,422 158,332

10. RELATED PARTY DISCLOSURES

During the year the Company operated a current account with Directors Mr & Mrs A McClure. As at 29th February 2024 the balance owed by the Company to the Directors was £239,850 (2023 £260,826). The development properties were held by the directors on behalf of the Company.