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REGISTERED NUMBER: SC760990 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 3 MARCH 2023 TO 31 MARCH 2024

FOR

MJ PROPERTY SCOTLAND LTD

MJ PROPERTY SCOTLAND LTD (REGISTERED NUMBER: SC760990)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Period 3 March 2023 to 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MJ PROPERTY SCOTLAND LTD

COMPANY INFORMATION
For The Period 3 March 2023 to 31 March 2024







DIRECTORS: B O Bolton
J MacCrone





REGISTERED OFFICE: Broombank
North Connel
Oban
PA37 1RD





REGISTERED NUMBER: SC760990 (Scotland)





ACCOUNTANTS: Andy Newiss & Co Ltd
Broombank
North Connel
Oban
Argyll
PA37 1RD

MJ PROPERTY SCOTLAND LTD (REGISTERED NUMBER: SC760990)

BALANCE SHEET
31 March 2024

Notes £    £   
FIXED ASSETS
Investment property 4 104,656

CURRENT ASSETS
Debtors 5 200
Cash at bank 8,195
8,395
CREDITORS
Amounts falling due within one year 6 19,825
NET CURRENT LIABILITIES (11,430 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,226

CREDITORS
Amounts falling due after more than one
year

7

111,129
NET LIABILITIES (17,903 )

CAPITAL AND RESERVES
Called up share capital 200
Retained earnings (18,103 )
SHAREHOLDERS' FUNDS (17,903 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MJ PROPERTY SCOTLAND LTD (REGISTERED NUMBER: SC760990)

BALANCE SHEET - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2024 and were signed on its behalf by:





J MacCrone - Director


MJ PROPERTY SCOTLAND LTD (REGISTERED NUMBER: SC760990)

NOTES TO THE FINANCIAL STATEMENTS
For The Period 3 March 2023 to 31 March 2024

1. STATUTORY INFORMATION

MJ Property Scotland Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving
these financial statements. The directors note that the business has net liabilities of £17,903.

The Company is supported through a loan from Mull Joiners Limited. The directors of Mull Joiners Limited have provided assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and for the foreseeable future.

After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Furthermore, the directors are willing to support the company to ensure that it can meet its costs as they fall due. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover comprises the gross consideration received or receivable from tenants, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
The directors consider the fair value of the property to be £104,656. This reflects the purchase price plus the cost of remedial works undertaken to the property prior to it being let.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MJ PROPERTY SCOTLAND LTD (REGISTERED NUMBER: SC760990)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 3 March 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 3 March 2023
and 31 March 2024 104,656
NET BOOK VALUE
At 31 March 2024 104,656
At 2 March 2023 104,656

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other debtors 200

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 13
Other creditors 19,812
19,825

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans 79,050
Amounts owed to related parties 32,079
111,129

MJ PROPERTY SCOTLAND LTD (REGISTERED NUMBER: SC760990)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 3 March 2023 to 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
£   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 79,050

8. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 79,050

Lendinvest hold security over the heritable property Flat 2/2 139 Gatehouse Street, Glasgow, G32 9BZ.

9. RELATED PARTY DISCLOSURES

Amounts due to owners holding a participating interest in the entity £32,079 (2023 Nil)

The amounts above are unsecured, interest is charged and a signed loan agreement specifies the loan terms.