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Registration number: SC388200

Megalops Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Megalops Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Megalops Limited

Company Information

Director

Corin MacInnes Smith

Registered office

6 Atholl Crescent
PERTH
PH1 5JN

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

Megalops Limited

(Registration number: SC388200)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

25,400

29,882

Investment property

5

870,000

870,000

 

895,400

899,882

Current assets

 

Debtors

6

1,071

-

Creditors: Amounts falling due within one year

7

(97,255)

(37,318)

Net current liabilities

 

(96,184)

(37,318)

Total assets less current liabilities

 

799,216

862,564

Creditors: Amounts falling due after more than one year

7

(555,936)

(562,013)

Provisions for liabilities

(4,187)

(4,998)

Net assets

 

239,093

295,553

Capital and reserves

 

Called up share capital

8

286,501

286,501

Retained earnings

(47,408)

9,052

Shareholders' funds

 

239,093

295,553

 

Megalops Limited

(Registration number: SC388200)
Statement of Financial Position as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 November 2024
 

.........................................
Corin MacInnes Smith
Director

 

Megalops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6 Atholl Crescent
PERTH
PH1 5JN

These financial statements were authorised for issue by the director on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (GBP) and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Megalops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

15% reducing balance

Motor vehicles

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Megalops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Megalops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

65,017

22,594

87,611

At 30 November 2023

65,017

22,594

87,611

Depreciation

At 1 December 2022

54,340

3,389

57,729

Charge for the year

1,601

2,881

4,482

At 30 November 2023

55,941

6,270

62,211

Carrying amount

At 30 November 2023

9,076

16,324

25,400

At 30 November 2022

10,677

19,205

29,882

5

Investment properties

2023
£

At 1 December 2022

870,000

At 30 November 2023

870,000

The property was professionally revalued by J&H Mitchell W.S. during August 2020. The Director is satisfied that this value is appropriate to be used for the fair value of the property as at 30 November 2023.

 

Megalops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

2023
£

2022
£

Trade debtors

1,071

-

1,071

-

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

22,312

11,413

Amounts owed to related parties

10,000

-

Taxation and social security

 

49

9,606

Accruals and deferred income

 

2,410

2,255

Other creditors

 

62,484

14,044

 

97,255

37,318

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

555,936

562,013

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

Preference shares of £1 each

286,500

286,500

286,500

286,500

286,501

286,501

286,501

286,501

 

Megalops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,250

6,250

Bank overdrafts

16,062

5,163

22,312

11,413

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

555,936

562,013

Included in Bank Borrowings is £519,388 (2022 - £520,365) due to Allica Bank Limited. Allica Bank Limited holds security over the investment property owned by the company. Allica Bank Limited also holds a floating charge over all of the property or undertaking of the company.