Company registration number SC448097 (Scotland)
Muirfield (Scotland) Ltd
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with registrar
Muirfield (Scotland) Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Muirfield (Scotland) Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Muirfield (Scotland) Ltd for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Muirfield (Scotland) Ltd, as a body, in accordance with the terms of our engagement letter dated 18 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Muirfield (Scotland) Ltd and state those matters that we have agreed to state to the board of directors of Muirfield (Scotland) Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Muirfield (Scotland) Ltd and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Muirfield (Scotland) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Muirfield (Scotland) Ltd. You consider that Muirfield (Scotland) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Muirfield (Scotland) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
30 January 2025
Muirfield (Scotland) Ltd
Balance sheet
as at 30 April 2024
30 April 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,821
24,589
Investments
4
50
50
12,871
24,639
Current assets
Stocks
90,000
71,600
Debtors
769,763
742,173
Cash at bank and in hand
67,324
37,499
927,087
851,272
Creditors: amounts falling due within one year
(912,590)
(843,708)
Net current assets
14,497
7,564
Total assets less current liabilities
27,368
32,203
Creditors: amounts falling due after more than one year
(11,536)
(21,828)
Net assets
15,832
10,375
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
15,732
10,275
Total equity
15,832
10,375
Muirfield (Scotland) Ltd
Balance sheet (continued)
as at 30 April 2024
30 April 2024
3
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 30 April 2024 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.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Graeme R. Dickie
Director
Company registration number SC448097 (Scotland)
Muirfield (Scotland) Ltd
Notes to the financial statements
for the year ended 30 April 2024
4
1
Accounting policies
Company information
Muirfield (Scotland) Ltd is a private company limited by shares incorporated in Scotland. The registered office is Muirfield House, Auchnagatt, Ellon, Aberdeenshire, AB41 8UH.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Plant and equipment
20% straight line
Fixtures and fittings
20% reducing balance
Motor vehicles
20% 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
Fixed asset investments
Investments 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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Muirfield (Scotland) Ltd
Notes to the financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
5
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
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.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Muirfield (Scotland) Ltd
Notes to the financial statements (continued)
for the year ended 30 April 2024
6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Total
£
Cost
At 1 May 2023
75,257
Additions
1,175
At 30 April 2024
76,432
Depreciation and impairment
At 1 May 2023
50,668
Depreciation charged in the year
12,943
At 30 April 2024
63,611
Carrying amount
At 30 April 2024
12,821
At 30 April 2023
24,589
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
50
50
Muirfield (Scotland) Ltd
Notes to the financial statements (continued)
for the year ended 30 April 2024
7
5
Directors' transactions
During the year the following director entered into advances and credits with the company:
Description
Opening debit balance
Amounts advanced
Amounts credited
Closing debit balance
£
£
£
£
Graeme R. Dickie - director's loan
(549,696)
(12,842)
5,115
(557,423)
(549,696)
(12,842)
5,115
(557,423)