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REGISTERED NUMBER: SC155930 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

FOR

M BRUCE & PARTNERS LIMITED

M BRUCE & PARTNERS LIMITED (REGISTERED NUMBER: SC155930)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


M BRUCE & PARTNERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DIRECTORS: Mr W M Bruce
Mr F D Fairlie



SECRETARY: Mrs V M Leeming



REGISTERED OFFICE: Logie House
Ellon
Aberdeenshire
AB41 8LH



REGISTERED NUMBER: SC155930 (Scotland)



ACCOUNTANTS: Bain Henry Reid
Chartered Accountants
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY



BANKERS: Bank of Scotland plc
5 The Square
Ellon
Aberdeenshire
AB41 9JB



SOLICITORS: Laurie & Company
17 Victoria Street
Aberdeen
AB10 1UU

M BRUCE & PARTNERS LIMITED (REGISTERED NUMBER: SC155930)

BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,845,121 3,417,376
Investments 5 155,000 70,800
Investment property 6 3,725,378 2,322,103
6,725,499 5,810,279

CURRENT ASSETS
Stocks 1,760,281 1,794,724
Debtors 7 1,474,696 248,353
Cash at bank 781,826 853,127
4,016,803 2,896,204
CREDITORS
Amounts falling due within one year 8 741,822 863,935
NET CURRENT ASSETS 3,274,981 2,032,269
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,000,480

7,842,548

CAPITAL AND RESERVES
Called up share capital 4,021,002 4,021,002
Revaluation reserve 1,158,794 70,800
Retained earnings 4,820,684 3,750,746
SHAREHOLDERS' FUNDS 10,000,480 7,842,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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.

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 20 January 2025 and were signed on its behalf by:





Mr W M Bruce - Director


M BRUCE & PARTNERS LIMITED (REGISTERED NUMBER: SC155930)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. STATUTORY INFORMATION

M Bruce & Partners Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is carried at fair value. Revaluation gains and losses are recognised in the income statement. Deferred taxation is provided on gains at the rate expected to apply when the property is sold and on losses where these losses are expected to reverse in the future.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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.

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 year 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.

Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future, and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

M BRUCE & PARTNERS LIMITED (REGISTERED NUMBER: SC155930)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 6 April 2023 3,410,477 711,439 4,121,916
Additions 4,156 - 4,156
Revaluations 1,003,794 - 1,003,794
Reclassification (1,576,315 ) - (1,576,315 )
At 5 April 2024 2,842,112 711,439 3,553,551
DEPRECIATION
At 6 April 2023 - 704,540 704,540
Charge for year - 3,890 3,890
At 5 April 2024 - 708,430 708,430
NET BOOK VALUE
At 5 April 2024 2,842,112 3,009 2,845,121
At 5 April 2023 3,410,477 6,899 3,417,376


5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Fishing, at valuation 155,000 70,800

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023 2,322,103
Additions 4,156
Revaluations 1,159,119
Reclassification 240,000
At 5 April 2024 3,725,378
NET BOOK VALUE
At 5 April 2024 3,725,378
At 5 April 2023 2,322,103


M BRUCE & PARTNERS LIMITED (REGISTERED NUMBER: SC155930)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 96,980 74,793
Other debtors 1,357,642 21,327
Other loans - 133,203
Prepayments 20,074 19,030
1,474,696 248,353

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 50,714 28,357
Social security and other taxes 1,461 3,335
VAT 2,660 5,357
W H Bruces Trust 632,145 771,260
Accruals and deferred income 54,842 55,626
741,822 863,935

9. ULTIMATE CONTROLLING PARTY

The Trustees of W H Bruce's Trust control the company by virtue of an interest of 100% of the issued share capital.