Silverfin false false 31/08/2024 01/09/2023 31/08/2024 Dorothy Michie 21/08/2006 William Michie 21/08/2006 06 February 2025 The principal activity of the company continued to be that of residential property rental. SC307214 2024-08-31 SC307214 bus:Director1 2024-08-31 SC307214 bus:Director2 2024-08-31 SC307214 2023-08-31 SC307214 core:CurrentFinancialInstruments 2024-08-31 SC307214 core:CurrentFinancialInstruments 2023-08-31 SC307214 core:ShareCapital 2024-08-31 SC307214 core:ShareCapital 2023-08-31 SC307214 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC307214 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC307214 core:OtherPropertyPlantEquipment 2023-08-31 SC307214 core:OtherPropertyPlantEquipment 2024-08-31 SC307214 bus:OrdinaryShareClass1 2024-08-31 SC307214 2023-09-01 2024-08-31 SC307214 bus:FilletedAccounts 2023-09-01 2024-08-31 SC307214 bus:SmallEntities 2023-09-01 2024-08-31 SC307214 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC307214 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC307214 bus:Director1 2023-09-01 2024-08-31 SC307214 bus:Director2 2023-09-01 2024-08-31 SC307214 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-09-01 2024-08-31 SC307214 2022-09-01 2023-08-31 SC307214 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 SC307214 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC307214 (Scotland)

W & D MICHIE LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

W & D MICHIE LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

W & D MICHIE LIMITED

BALANCE SHEET

As at 31 August 2024
W & D MICHIE LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 207,082 207,082
207,082 207,082
Current assets
Cash at bank and in hand 186 1,068
186 1,068
Creditors: amounts falling due within one year 5 ( 136,154) ( 138,845)
Net current liabilities (135,968) (137,777)
Total assets less current liabilities 71,114 69,305
Net assets 71,114 69,305
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 71,014 69,205
Total shareholders' funds 71,114 69,305

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of W & D Michie Limited (registered number: SC307214) were approved and authorised for issue by the Board of Directors on 06 February 2025. They were signed on its behalf by:

William Michie
Director
W & D MICHIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
W & D MICHIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W & D Michie Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 55 Queens Road, Fraserburgh, AB43 9PS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

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.

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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2023 4,874 4,874
At 31 August 2024 4,874 4,874
Accumulated depreciation
At 01 September 2023 4,874 4,874
At 31 August 2024 4,874 4,874
Net book value
At 31 August 2024 0 0
At 31 August 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 September 2023 207,082
As at 31 August 2024 207,082

The directors consider the fair value of the investment property is not materially different from its cost price.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Corporation tax 424 122
Other creditors 135,730 138,723
136,154 138,845

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

As at 31 August 2024, the company was due the directors £134,730 (2023 - £137,724). This loan is interest free with no set repayment terms