Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Charles Milne 23/12/1999 Amanda Taylor 17/05/2000 26 February 2025 The principal activity of the Company during the financial year is that of building and selling residential homes. SC202064 2024-05-31 SC202064 bus:Director1 2024-05-31 SC202064 bus:Director2 2024-05-31 SC202064 2023-05-31 SC202064 core:CurrentFinancialInstruments 2024-05-31 SC202064 core:CurrentFinancialInstruments 2023-05-31 SC202064 core:Non-currentFinancialInstruments 2024-05-31 SC202064 core:Non-currentFinancialInstruments 2023-05-31 SC202064 core:ShareCapital 2024-05-31 SC202064 core:ShareCapital 2023-05-31 SC202064 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC202064 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC202064 core:LandBuildings 2023-05-31 SC202064 core:PlantMachinery 2023-05-31 SC202064 core:Vehicles 2023-05-31 SC202064 core:LandBuildings 2024-05-31 SC202064 core:PlantMachinery 2024-05-31 SC202064 core:Vehicles 2024-05-31 SC202064 core:CostValuation 2023-05-31 SC202064 core:CostValuation 2024-05-31 SC202064 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-05-31 SC202064 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-05-31 SC202064 2022-05-31 SC202064 bus:OrdinaryShareClass1 2024-05-31 SC202064 2023-06-01 2024-05-31 SC202064 bus:FilletedAccounts 2023-06-01 2024-05-31 SC202064 bus:SmallEntities 2023-06-01 2024-05-31 SC202064 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC202064 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC202064 bus:Director1 2023-06-01 2024-05-31 SC202064 bus:Director2 2023-06-01 2024-05-31 SC202064 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 SC202064 core:PlantMachinery 2023-06-01 2024-05-31 SC202064 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 SC202064 core:Vehicles 2023-06-01 2024-05-31 SC202064 2022-06-01 2023-05-31 SC202064 core:LandBuildings 2023-06-01 2024-05-31 SC202064 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC202064 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC202064 (Scotland)

MILNE PROPERTY DEVELOPMENTS LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

MILNE PROPERTY DEVELOPMENTS LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

MILNE PROPERTY DEVELOPMENTS LTD.

BALANCE SHEET

AS AT 31 MAY 2024
MILNE PROPERTY DEVELOPMENTS LTD.

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 50,923 67,113
Investment property 4 1,691,068 1,616,068
Investments 5 2 2
1,741,993 1,683,183
Current assets
Debtors 6 1,731,712 2,057,769
1,731,712 2,057,769
Creditors: amounts falling due within one year 7 ( 672,585) ( 1,071,575)
Net current assets 1,059,127 986,194
Total assets less current liabilities 2,801,120 2,669,377
Creditors: amounts falling due after more than one year 8 ( 10,506) ( 20,752)
Provision for liabilities 9 ( 97,405) ( 97,405)
Net assets 2,693,209 2,551,220
Capital and reserves
Called-up share capital 10 46,000 46,000
Profit and loss account 2,647,209 2,505,220
Total shareholders' funds 2,693,209 2,551,220

For the financial year ending 31 May 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 Milne Property Developments Ltd. (registered number: SC202064) were approved and authorised for issue by the Board of Directors on 26 February 2025. They were signed on its behalf by:

Charles Milne
Director
MILNE PROPERTY DEVELOPMENTS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
MILNE PROPERTY DEVELOPMENTS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Milne Property Developments Ltd. (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 119 High Street, Buckie, Banffshire, AB56 4DX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Sales of newly constructed private houses are included in turnover upon the procurement of legally binding contracts and habitation certificates. Where sales are made under a shared equity scheme, the full sales price of the property is recognised on the procurement of a legally binding contract and habitation certificate. A proportion of the sales value is offered to customers by way of an interest free loan. These loans are secured over the properties to which they relate and are due for repayment at the earlier of the tenth anniversary of the shared equity sale and the re-sale of the property. The loans are reviewed regularly and provisions recorded for any amounts not deemed recoverable.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Land and buildings 5 years straight line
Plant and machinery 25 % reducing balance
5 years straight line
Vehicles 25 % reducing balance

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.

Leases

The Company as lessee
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 (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) 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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 June 2023 90,439 304,541 18,919 413,899
Additions 0 706 0 706
At 31 May 2024 90,439 305,247 18,919 414,605
Accumulated depreciation
At 01 June 2023 90,439 242,587 13,760 346,786
Charge for the financial year 0 15,606 1,290 16,896
At 31 May 2024 90,439 258,193 15,050 363,682
Net book value
At 31 May 2024 0 47,054 3,869 50,923
At 31 May 2023 0 61,954 5,159 67,113

4. Investment property

Investment property
£
Valuation
As at 01 June 2023 1,616,068
Additions 75,000
As at 31 May 2024 1,691,068

The valuation of the investment properties of £1,691,068 has been deemed to reflect the market value of the properties as at 31 May 2024 by the directors. The valuation was based on recent market transactions on arm's length terms for similar properties.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 June 2023 2 2
At 31 May 2024 2 2
Carrying value at 31 May 2024 2 2
Carrying value at 31 May 2023 2 2

6. Debtors

2024 2023
£ £
Trade debtors 39,821 93,048
Amounts recoverable on contracts 1,674,040 1,954,561
VAT recoverable 9,690 9,309
Other debtors 8,161 851
1,731,712 2,057,769

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 15,162 21,146
Trade creditors 391,839 307,097
Amounts owed to Group undertakings 145,825 307,676
Amounts owed to related parties 40,000 332,000
Taxation and social security 0 36,243
Other creditors 79,759 67,413
672,585 1,071,575

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,506 20,752

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 97,405) ( 94,605)
Charged to the Profit and Loss Account 0 ( 2,800)
At the end of financial year ( 97,405) ( 97,405)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
46,000 Ordinary shares of £ 1.00 each 46,000 46,000

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts due to other related parties 479,322 800,191
Amounts due from other related parties (47,982) (93,899)

Other related parties represent entities over which the directors have control or significant influence or entities controlled by an immediate family member.

These balances are interest free and have no fixed terms of repayment.

Amounts due to related parties are subject to a cross-guarantee of £500,000 between Milne Property Developments Ltd. and it's subsidiary Seafield Arms Hotel (Cullen) Limited. This balance is secured over the Seafield Arms Hotel, located at 17 Seafield Street, Cullen, AB56 4SG.