Registered number
SC656791
Mourne Kingdom Property Limited
Filleted Accounts
31 March 2024
Mourne Kingdom Property Limited
Registered number: SC656791
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 225,244 201,213
Current assets
Cash at bank and in hand 510 274
Creditors: amounts falling due within one year 4 (110,949) (81,356)
Net current liabilities (110,439) (81,082)
Total assets less current liabilities 114,805 120,131
Creditors: amounts falling due after more than one year 5 (147,736) (149,889)
Net liabilities (32,931) (29,758)
Capital and reserves
Profit and loss account (32,931) (29,758)
Shareholders' funds (32,931) (29,758)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Sinclair
Director
Approved by the board on 22 November 2024
Mourne Kingdom Property Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from tletting of owned property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 25% by Reducing Balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax asset is recognised in respect of a tax loss that can be carried forwards to be offset against profits from the same trade.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 0
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 1 April 2023 196,100 12,118 208,218
Additions 25,309 - 25,309
At 31 March 2024 221,409 12,118 233,527
Depreciation
At 1 April 2023 - 7,005 7,005
Charge for the year - 1,278 1,278
At 31 March 2024 - 8,283 8,283
Net book value
At 31 March 2024 221,409 3,835 225,244
At 31 March 2023 196,100 5,113 201,213
4 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 110,949 81,356
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 144,710 144,710
Obligations under finance lease and hire purchase contracts 3,026 5,179
147,736 149,889
6 Other information
Mourne Kingdom Property Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
26 David Street
Kirkcaldy
Fife
KY1 1XA
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