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REGISTERED NUMBER: SC342656 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Murray & Currie Limited

Murray & Currie Limited (Registered number: SC342656)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Murray & Currie Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: S A Currie
R P Murray





REGISTERED OFFICE: 60 Queen Street
Edinburgh
Lothian
EH2 4NA





REGISTERED NUMBER: SC342656 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Murray & Currie Limited (Registered number: SC342656)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 972,802 1,097,813
972,802 1,097,813

CURRENT ASSETS
Debtors 6 747,952 730,275
Cash at bank 963,232 795,941
1,711,184 1,526,216
CREDITORS
Amounts falling due within one year 7 1,195,063 1,123,125
NET CURRENT ASSETS 516,121 403,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,488,923

1,500,904

CREDITORS
Amounts falling due after more than one year 8 (451,332 ) (492,452 )

PROVISIONS FOR LIABILITIES 11 (48,285 ) (62,126 )
NET ASSETS 989,306 946,326

CAPITAL AND RESERVES
Called up share capital 12 200 200
Share premium 29,990 29,990
Revaluation reserve 172,500 172,500
Retained earnings 786,616 743,636
SHAREHOLDERS' FUNDS 989,306 946,326

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Murray & Currie Limited (Registered number: SC342656)

Balance Sheet - continued
31 May 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:




S A Currie - Director



R P Murray - Director


Murray & Currie Limited (Registered number: SC342656)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Murray & Currie 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.

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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life as follows:

Freehold Property-2% on cost
Improvements to property-10% on cost
Fixture and fittings -25% on cost
Motor vehicles -25% on cost
Computer equipment -25% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.

Murray & Currie Limited (Registered number: SC342656)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of seven years.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 23,620
AMORTISATION
At 1 June 2023
and 31 May 2024 23,620
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

Murray & Currie Limited (Registered number: SC342656)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST OR VALUATION
At 1 June 2023 1,118,255 92,850 120,497
Additions - 132 1,117
Disposals (90,140 ) - -
At 31 May 2024 1,028,115 92,982 121,614
DEPRECIATION
At 1 June 2023 84,052 73,054 113,410
Charge for year 20,563 9,088 2,873
Eliminated on disposal (1,803 ) - -
At 31 May 2024 102,812 82,142 116,283
NET BOOK VALUE
At 31 May 2024 925,303 10,840 5,331
At 31 May 2023 1,034,203 19,796 7,087

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 90,177 68,123 1,489,902
Additions 15,000 3,962 20,211
Disposals - - (90,140 )
At 31 May 2024 105,177 72,085 1,419,973
DEPRECIATION
At 1 June 2023 59,064 62,509 392,089
Charge for year 20,957 3,404 56,885
Eliminated on disposal - - (1,803 )
At 31 May 2024 80,021 65,913 447,171
NET BOOK VALUE
At 31 May 2024 25,156 6,172 972,802
At 31 May 2023 31,113 5,614 1,097,813

Cost or valuation at 31 May 2024 is represented by:

Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
Valuation in 2019 230,000 - -
Cost 798,115 92,982 121,614
1,028,115 92,982 121,614

Murray & Currie Limited (Registered number: SC342656)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2019 - - 230,000
Cost 105,177 72,085 1,189,973
105,177 72,085 1,419,973

If freehold property had not been revalued it would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 798,115 798,115

Freehold property was valued on an open market basis on 9 May 2019 by Graham & Sibald .

This valuation is considered by the directors to remain accurate as at 31st May 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 12,034 14,976
Other debtors 735,918 715,299
747,952 730,275

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 9) 14,859 13,316
Trade creditors 10,536 16,849
Taxation and social security 331,320 296,306
Other creditors 838,348 796,654
1,195,063 1,123,125

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 9) 40,353 41,755
Other creditors 410,979 450,697
451,332 492,452

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 14,859 13,316
Between one and five years 40,353 41,755
55,212 55,071

Murray & Currie Limited (Registered number: SC342656)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 20,736 20,772
Between one and five years 17,280 38,081
38,016 58,853

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Mortgage loan 438,564 468,484

Hampden & Co PLC hold a standard security over the property 60 Queen Street, Edinburgh, and the goodwill, so far as heritable of the business carried on from the property in relation to the above loan.

Hampden & Co PLC and The Royal Bank of Scotland PLC also hold a floating charge and negative pledge over the assets of the company.

11. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 48,285 62,126

Deferred
tax
£   
Balance at 1 June 2023 62,126
Provided during year (13,841 )
Balance at 31 May 2024 48,285

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary shares £1 200 200

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
S A Currie
Balance outstanding at start of year 67,635 157,136
Amounts advanced 98,943 89,650
Amounts repaid (98,800 ) (179,151 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 67,778 67,635

Murray & Currie Limited (Registered number: SC342656)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

R P Murray
Balance outstanding at start of year 62,687 74,210
Amounts advanced 88,396 65,877
Amounts repaid (88,959 ) (77,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 62,124 62,687

14. RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:





Related Party




Type of Transaction


Value of
transactions in
year to 31.5.24

Value of
transactions
in year to
31.5.23
Balance
receivable from/
(payable to) by
related party as at
31.5.24

Balance receivable
from/ (payable to)
by related party as
at 31.5.23
£ £ £ £

Currie and Murray
Investments Ltd

Loan

46,376

1,584

538,009

491,633

Relative of Director Purchases 1,914 3,895 - -

Properteam Maintenance
Ltd

Loan

1,835

5,293

7,128

5,293
Purchases 5,515 2,077 - -


The relationship arises as follows:

(1) The directors, are directors of Currie and Murray Investments Ltd

(2) The directors of Properteam Maintenance Ltd are family members of the directors of Murray and Currie Ltd.

15. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.