Company registration number SC561150 (Scotland)
MAY APARTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
MAY APARTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MAY APARTMENTS LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,463,609
1,479,960
Investment property
4
556,030
556,030
Investments
5
-
0
100
2,019,639
2,036,090
Current assets
Stocks
-
300
Debtors
6
34,733
91,004
Cash at bank and in hand
13,956
75,909
48,689
167,213
Creditors: amounts falling due within one year
7
(8,150)
(109,311)
Net current assets
40,539
57,902
Total assets less current liabilities
2,060,178
2,093,992
Creditors: amounts falling due after more than one year
8
-
0
(28,418)
Provisions for liabilities
(8,552)
(2,682)
Net assets
2,051,626
2,062,892
Capital and reserves
Called up share capital
9
2,000,000
2,000,000
Profit and loss reserves
51,626
62,892
Total equity
2,051,626
2,062,892

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MAY APARTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 December 2024 and are signed on its behalf by:
R Yan
Director
Company Registration No. SC561150
MAY APARTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

May Apartments Ltd is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1 Kings Inch Place, Renfrew, Scotland, PA4 8WF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
100 years straight line
Plant and equipment
4 years straight line
Fixtures and fittings
7 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

MAY APARTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
MAY APARTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Tangible fixed assets
Freehold property
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
1,254,571
184,030
12,346
100,517
1,551,464
Depreciation and impairment
At 1 August 2022
-
0
7,361
12,057
52,086
71,504
Depreciation charged in the year
-
0
1,840
151
14,360
16,351
At 31 July 2023
-
0
9,201
12,208
66,446
87,855
Carrying amount
At 31 July 2023
1,254,571
174,829
138
34,071
1,463,609
At 31 July 2022
1,254,571
176,669
289
48,431
1,479,960
4
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
556,030
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
-
0
100
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 August 2022
100
Disposals
(100)
At 31 July 2023
-
Carrying amount
At 31 July 2023
-
At 31 July 2022
100
MAY APARTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
34,733
91,004
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
9,916
Taxation and social security
4,199
7,371
Other creditors
3,951
92,024
8,150
109,311
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
28,418
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000
MAY APARTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2023
2022
Amounts due to related parties
£
£
Key management personnel
-
89,548

The above loans are unsecured, interest free and have no fixed terms of repayment.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
28,519
88,875

The above loans are unsecured, interest free and have no fixed terms of repayment.

11
Directors' transactions

Directors loans are unsecured, interest free and have no fixed terms of repayment.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
-
(89,548)
94,000
4,452
(89,548)
94,000
4,452
2023-07-312022-08-01false02 December 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityR YanM LifalsefalseSC5611502022-08-012023-07-31SC5611502023-07-31SC5611502022-07-31SC561150core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-31SC561150core:LeaseholdImprovements2023-07-31SC561150core:PlantMachinery2023-07-31SC561150core:FurnitureFittings2023-07-31SC561150core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-31SC561150core:LeaseholdImprovements2022-07-31SC561150core:PlantMachinery2022-07-31SC561150core:FurnitureFittings2022-07-31SC561150core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-31SC561150core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-31SC561150core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-31SC561150core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-31SC561150core:CurrentFinancialInstruments2023-07-31SC561150core:CurrentFinancialInstruments2022-07-31SC561150core:ShareCapital2023-07-31SC561150core:ShareCapital2022-07-31SC561150core:RetainedEarningsAccumulatedLosses2023-07-31SC561150core:RetainedEarningsAccumulatedLosses2022-07-31SC561150bus:Director12022-08-012023-07-31SC561150core:LeaseholdImprovements2022-08-012023-07-31SC561150core:PlantMachinery2022-08-012023-07-31SC561150core:FurnitureFittings2022-08-012023-07-31SC5611502021-08-012022-07-31SC561150core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-31SC561150core:LeaseholdImprovements2022-07-31SC561150core:PlantMachinery2022-07-31SC561150core:FurnitureFittings2022-07-31SC5611502022-07-31SC561150core:LandBuildingscore:OwnedOrFreeholdAssets2022-08-012023-07-31SC561150core:WithinOneYear2023-07-31SC561150core:WithinOneYear2022-07-31SC561150core:Non-currentFinancialInstruments2023-07-31SC561150core:Non-currentFinancialInstruments2022-07-31SC561150bus:PrivateLimitedCompanyLtd2022-08-012023-07-31SC561150bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-31SC561150bus:FRS1022022-08-012023-07-31SC561150bus:AuditExemptWithAccountantsReport2022-08-012023-07-31SC561150bus:Director22022-08-012023-07-31SC561150bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP