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COMPANY REGISTRATION NUMBER: SC498013
Minor Lime Limited
Filleted Unaudited Financial Statements
29 February 2024
Minor Lime Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,259,693
1,259,693
Current assets
Debtors
6
1,748
1,033
Cash at bank and in hand
11,203
1,093
--------
-------
12,951
2,126
Creditors: amounts falling due within one year
7
396,743
430,286
---------
---------
Net current liabilities
383,792
428,160
------------
------------
Total assets less current liabilities
875,901
831,533
Creditors: amounts falling due after more than one year
8
560,728
549,693
Provisions
Deferred tax
25,308
25,308
---------
---------
Net assets
289,865
256,532
---------
---------
Capital and reserves
Called up share capital
10
2
2
Fair value reserve (undistributable)
11
100,561
100,561
Profit and loss account
11
189,302
155,969
---------
---------
Shareholders funds
289,865
256,532
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 financial statements for the year 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 financial statements .
Minor Lime Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mr K Moir
Director
Company registration number: SC498013
Minor Lime Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Invermark Terrace, Broughty Ferry, Dundee, DD5 2QU.
2. Statement of compliance
These 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 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.
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
Turnover shown in the Statement of Comprehensive Income represents property rental amounts charged during the year.
Corporation and deferred 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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Fixed assets also include investment property for commercial rent.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies act 2006 is required in order to give a true and fair view.
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 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
2024
2023
£
£
Current tax:
UK current tax expense
8,288
7,078
-------
-------
Tax on profit
8,288
7,078
-------
-------
5. Tangible assets
Investment Property
Equipment
Total
£
£
£
Cost or valuation
At 1 March 2023 and 29 February 2024
1,259,691
600
1,260,291
------------
----
------------
Depreciation
At 1 March 2023 and 29 February 2024
598
598
------------
----
------------
Carrying amount
At 29 February 2024
1,259,691
2
1,259,693
------------
----
------------
At 28 February 2023
1,259,691
2
1,259,693
------------
----
------------
The company's investment property was revalued by the directors as at the year end.
Tangible assets held at valuation
In respect of tangible assets 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:
Investment Property
£
At 29 February 2024
Aggregate cost
1,133,822
Aggregate depreciation
------------
Carrying value
1,133,822
------------
At 28 February 2023
Aggregate cost
1,133,822
Aggregate depreciation
------------
Carrying value
1,133,822
------------
6. Debtors
2024
2023
£
£
Other debtors
1,748
1,033
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
45,329
45,329
Corporation tax
8,288
7,078
Other creditors
343,126
377,879
---------
---------
396,743
430,286
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
560,728
549,693
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £383,066 (2023: £367,032) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank have a bond and floating charge for all monies due to them by the company. They also hold a standard security over the company's Investment Properties.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
25,308
25,308
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
25,308
25,308
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Fair value reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The Fair value reserve is undistributable.
12. Transactions with directors
The company is owned by the directors. There is no ultimate controlling party. At the year end the directors were due to be repaid £314,187 (2023 - £350,941). The loan is interest free with no set repayment terms and repayable on demand.