Company Registration No. SC433727 (Scotland)
MMC GP LONDON (SCOTLAND) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MMC GP LONDON (SCOTLAND) LIMITED
COMPANY INFORMATION
Directors
B F Macfarlane
A Miah
Company number
SC433727
Registered office
50 Lothian Road
Festival Square
Edinburgh
United Kingdom
EH3 9WJ
Accountants
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
MMC GP LONDON (SCOTLAND) LIMITED
CONTENTS
Page
Directors' report
1
Statement of comprehensive income
2
Balance sheet
3
Statement of changes in equity
4
Statement of cash flows
5
Notes to the financial statements
6 - 8
MMC GP LONDON (SCOTLAND) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
The company has taken advantage of the exemption for preparing a Strategic report. The exemption is available under s414B of the Companies Act 2006.
Principal activities
The principal activity of the company continued to be that of a general partner.
Results and dividends
The results for the year are set out on page 2.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B F Macfarlane
A Miah
Qualifying third party indemnity provisions
MMC Ventures Limited, the company's immediate and ultimate parent undertaking has arranged and provided qualifying third party indemnity provisions for the benefit of the directors during the year. These provisions remain in force at the reporting date.
Financial instruments
The company's financial risk management objectives, policies and exposure to financial risk are not considered material for the assessment of the company's assets, liabilities, financial position or result for the period and as such, no further disclosure is considered necessary.
On behalf of the board
A Miah
Director
8 February 2025
MMC GP LONDON (SCOTLAND) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
2024
2023
Notes
£
£
Profit before taxation
Tax on profit
5
Profit and total comprehensive income for the financial year
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
MMC GP LONDON (SCOTLAND) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
6
1
1
Net current assets
1
1
Capital and reserves
Called up share capital
7
1
1
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The financial statements were approved by the board of directors and authorised for issue on 8 February 2025 and are signed on its behalf by:
A Miah
Director
Company Registration No. SC433727
MMC GP LONDON (SCOTLAND) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Share capital
£
Balance at 1 January 2023
1
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
Balance at 31 December 2023
1
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
Balance at 31 December 2024
1
MMC GP LONDON (SCOTLAND) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2024
2023
Notes
£
£
Cash flows from operating activities
Cash generated from operations
9
Net cash generated from operating activities
Net cash from investing activities
-
-
Net cash from financing activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
MMC GP LONDON (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Company information
MMC GP London (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is 50 Lothian Road, Festival Square, Edinburgh, United Kingdom, EH3 9WJ.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include certain debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MMC GP LONDON (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
It is the view of the directors that there are no key judgements or sources of estimation uncertainty which have a material impact on the recognition and measurement of amounts reported in these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Directors' remuneration
No remuneration was paid to the directors in the current or prior year.
5
Taxation
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
Taxation charge in the financial statements
-
-
A change to the UK Corporation tax rate to 25% took effect from 1 April 2023.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Unpaid share capital
1
1
7
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary share of £1 each
1
1
1
1
MMC GP LONDON (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Share capital
(Continued)
- 8 -
The company's ordinary share of £1 was issued at par value on incorporation and remains unpaid at the reporting date.
8
Ultimate controlling party
The company's immediate and ultimate parent undertaking is MMC Ventures Limited, a company incorporated in England whose registered address is 3rd Floor 24 High Holborn, London, United Kingdom, WC1V 6AZ.
The ultimate controlling party is B F Macfarlane.
9
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
Cash generated from operations
-
-
10
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
-
-
-
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