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Registration number: SC321560

M&S Character Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

M&S Character Homes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

M&S Character Homes Limited

Company Information

Director

Mr M Mitchell

Company secretary

Mr M Mitchell

Registered office

10 South Street
Milnathort
KY13 9XA

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

M&S Character Homes Limited

(Registration number: SC321560)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

9,559

17,787

Current assets

 

Stocks

5

20,798

20,546

Debtors

6

-

12,029

Cash at bank and in hand

 

2,614

8,488

 

23,412

41,063

Creditors: Amounts falling due within one year

7

(13,126)

(14,406)

Net current assets

 

10,286

26,657

Total assets less current liabilities

 

19,845

44,444

Creditors: Amounts falling due after more than one year

7

(25,647)

(29,931)

Net (liabilities)/assets

 

(5,802)

14,513

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(6,802)

13,513

Shareholders' (deficit)/funds

 

(5,802)

14,513

 

M&S Character Homes Limited

(Registration number: SC321560)
Balance Sheet as at 30 April 2024

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 January 2025
 

.........................................
Mr M Mitchell
Company secretary and director

 

M&S Character Homes 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 Scotland.

The address of its registered office is:
10 South Street
Milnathort
KY13 9XA

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.

Revenue recognition

Turnover represents the value, excluding value added tax, of services supplied during the year.

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.

Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reproted in the profit and loss account becasue 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.

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.

 

M&S Character Homes Limited

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

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:

Asset class

Depreciation method and rate

Plant & Machinery

15% straight line

Motor vehicles

25% straight line

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

M&S Character Homes Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible Assets

Office equipment
 £

Motor Vehicles
 £

Plant & Machinery
 £

Total
£

Cost or valuation

At 1 May 2023

21,693

33,343

54,892

109,928

At 30 April 2024

21,693

33,343

54,892

109,928

Depreciation

At 1 May 2023

19,668

27,789

44,684

92,141

Charge for the year

703

5,566

1,959

8,228

At 30 April 2024

20,371

33,355

46,643

100,369

Carrying amount

At 30 April 2024

1,322

(12)

8,249

9,559

At 30 April 2023

2,025

5,554

10,208

17,787

5

Stocks

2024
£

2023
£

Work in progress

20,798

20,546

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

12,029

 

M&S Character Homes Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

818

3,879

Directors current accounts

9,930

5,409

Other taxation and social security

 

227

2,128

Accruals and deferred income

 

1,251

1,251

Other creditors

 

900

1,739

 

13,126

14,406

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

25,647

29,931

 

M&S Character Homes Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000