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Registration number: SC526311

Stuart Murphy Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Stuart Murphy Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Stuart Murphy Limited

(Registration number: SC526311)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,007,756

1,957,980

Current assets

 

Debtors

5

23,058

11,068

Cash at bank and in hand

 

80,413

57,687

 

103,471

68,755

Creditors: Amounts falling due within one year

6

(84,284)

(71,687)

Net current assets/(liabilities)

 

19,187

(2,932)

Total assets less current liabilities

 

2,026,943

1,955,048

Creditors: Amounts falling due after more than one year

6

(1,431,360)

(1,468,921)

Provisions for liabilities

(59,185)

(26,280)

Net assets

 

536,398

459,847

Capital and reserves

 

Called up share capital

1

1

Other reserves

252,317

235,446

Retained earnings

284,080

224,400

Shareholders' funds

 

536,398

459,847

For the financial year ending 30 April 2024 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 6 January 2025
 

 

Stuart Murphy Limited

(Registration number: SC526311)
Balance Sheet as at 30 April 2024

.........................................
Mr MS Murphy
Director

 

Stuart Murphy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5A St. Colme Street
Edinburgh
Edinburgh
EH3 6AA
United Kingdom

These financial statements were authorised for issue by the director on 6 January 2025.

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 prepared in sterling, which is the functional currency of the entity.

Judgements

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

Turnover comprises the fair value of the rent and service charges receivable for the period in the ordinary course of the company’s activities. Turnover is shown net of 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.

 

Stuart Murphy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and 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.

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 balance sheet 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:

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,

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Stuart Murphy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Investment properties

2024
£

At 1 May

1,957,980

Fair value adjustments

49,776

At 30 April

2,007,756

There has been no valuation of investment properties by an indepedant valuer. The director has considered the market value of the properties and consider that the current value is representative of the market value of the investment properties at the balance sheet date.

5

Debtors

Current

2024
£

2023
£

Prepayments

9,506

11,068

Other debtors

13,552

-

 

23,058

11,068

 

Stuart Murphy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023 - restated
£

Due within one year

 

Loans and borrowings

7

41,437

47,818

Trade creditors

 

3,722

-

Taxation and social security

 

16,473

11,581

Accruals and deferred income

 

3,627

5,758

Other creditors

 

19,025

6,530

 

84,284

71,687

Loans and borrowings due under one year and due over year one are secured by way of a fixed and floating charges on the investment properties concerned in favour of the mortgage providers.

Creditors due under one year has been restated to represent the correct amount due for loans and borrowings under one year.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

523,868

559,545

Other non-current financial liabilities

 

907,492

909,376

 

1,431,360

1,468,921

Included in loans and borrowings due over one year is £907,492 (2023: £909,376) owed to Alpine International Travel Limited. The loan is due for repayment on demand and is provided interest free. Alpine Travel International Limited is related due to their common directorships.

 

Stuart Murphy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

523,868

559,545

2024
£

2023
£

Current loans and borrowings

Bank borrowings

41,437

47,818

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

         

9

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr MS Murphy

-

1,222

(3,366)

(2,144)

         
       

 

Other transactions with the director


This loan is provided interest free and is repayable on demand.

10

Ultimate Controlling Party

The ultimate controlling party is Michael Stuart Murphy, by virtue of their shareholding.