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No description of principal activity
2022-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
iso4217:GBP
SC223803
2022-10-01
2024-03-31
SC223803
2024-03-31
SC223803
2022-09-30
SC223803
2021-10-01
2022-09-30
SC223803
2022-09-30
SC223803
2021-09-30
SC223803
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2024-03-31
SC223803
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2024-03-31
SC223803
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2024-03-31
SC223803
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2022-09-30
SC223803
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2022-10-01
2024-03-31
SC223803
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2021-10-01
2022-09-30
SC223803
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2024-03-31
SC223803
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2022-09-30
SC223803
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SC223803
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2022-09-30
SC223803
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2024-03-31
SC223803
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SC223803
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2022-10-01
2024-03-31
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COMPANY REGISTRATION NUMBER:
SC223803
Meadowplace Investments Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
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:
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).