Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Seonaid Campbell 04/03/2010 Alan Campbell 30/05/1995 Andrew Campbell 13/08/2021 Jill Sutherland Lloyd 30/05/1995 17 February 2025 The principal activity of the Company continued to be that of property letting. SC158128 2024-05-31 SC158128 bus:Director1 2024-05-31 SC158128 bus:Director2 2024-05-31 SC158128 bus:Director3 2024-05-31 SC158128 bus:Director4 2024-05-31 SC158128 2023-05-31 SC158128 core:CurrentFinancialInstruments 2024-05-31 SC158128 core:CurrentFinancialInstruments 2023-05-31 SC158128 core:ShareCapital 2024-05-31 SC158128 core:ShareCapital 2023-05-31 SC158128 core:FurtherSpecificReserve1ComponentTotalEquity 2024-05-31 SC158128 core:FurtherSpecificReserve1ComponentTotalEquity 2023-05-31 SC158128 core:OtherCapitalReserve 2024-05-31 SC158128 core:OtherCapitalReserve 2023-05-31 SC158128 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC158128 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC158128 core:LandBuildings 2023-05-31 SC158128 core:LeaseholdImprovements 2023-05-31 SC158128 core:InvestmentPropertyIncludedWithinPPE 2023-05-31 SC158128 core:FurnitureFittings 2023-05-31 SC158128 core:ComputerEquipment 2023-05-31 SC158128 core:LandBuildings 2024-05-31 SC158128 core:LeaseholdImprovements 2024-05-31 SC158128 core:InvestmentPropertyIncludedWithinPPE 2024-05-31 SC158128 core:FurnitureFittings 2024-05-31 SC158128 core:ComputerEquipment 2024-05-31 SC158128 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-05-31 SC158128 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-05-31 SC158128 core:ListedExchangeTraded core:WithinOneYear 2024-05-31 SC158128 core:ListedExchangeTraded core:WithinOneYear 2023-05-31 SC158128 core:UnlistedNon-exchangeTraded core:WithinOneYear 2024-05-31 SC158128 core:UnlistedNon-exchangeTraded core:WithinOneYear 2023-05-31 SC158128 core:CurrentFinancialInstruments 1 2024-05-31 SC158128 core:CurrentFinancialInstruments 1 2023-05-31 SC158128 bus:OrdinaryShareClass1 2024-05-31 SC158128 2023-06-01 2024-05-31 SC158128 bus:FilletedAccounts 2023-06-01 2024-05-31 SC158128 bus:SmallEntities 2023-06-01 2024-05-31 SC158128 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC158128 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC158128 bus:Director1 2023-06-01 2024-05-31 SC158128 bus:Director2 2023-06-01 2024-05-31 SC158128 bus:Director3 2023-06-01 2024-05-31 SC158128 bus:Director4 2023-06-01 2024-05-31 SC158128 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 SC158128 core:FurnitureFittings 2023-06-01 2024-05-31 SC158128 core:ComputerEquipment core:TopRangeValue 2023-06-01 2024-05-31 SC158128 2022-06-01 2023-05-31 SC158128 core:LandBuildings 2023-06-01 2024-05-31 SC158128 core:LeaseholdImprovements 2023-06-01 2024-05-31 SC158128 core:InvestmentPropertyIncludedWithinPPE 2023-06-01 2024-05-31 SC158128 core:ComputerEquipment 2023-06-01 2024-05-31 SC158128 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC158128 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC158128 (Scotland)

MHOR PROPERTIES LIMITED

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

MHOR PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

MHOR PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
MHOR PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,902,939 3,806,230
Investments 4 198,716 198,716
5,101,655 4,004,946
Current assets
Debtors 5 523,478 309,530
Investments 6 918,373 1,324,105
Cash at bank and in hand 116,176 644,231
1,558,027 2,277,866
Creditors: amounts falling due within one year 7 ( 2,516,154) ( 2,402,166)
Net current liabilities (958,127) (124,300)
Total assets less current liabilities 4,143,528 3,880,646
Net assets 4,143,528 3,880,646
Capital and reserves
Called-up share capital 8 500 500
Fair value reserve 16,971 16,971
Other reserves 246,490 246,490
Profit and loss account 3,879,567 3,616,685
Total shareholders' funds 4,143,528 3,880,646

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 Mhor Properties Limited (registered number: SC158128) were approved and authorised for issue by the Board of Directors on 17 February 2025. They were signed on its behalf by:

Alan Campbell
Director
MHOR PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
MHOR PROPERTIES LIMITED

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

Mhor Properties 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 17b Henderson Drive, Inverness, IV1 1TR, 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents rent receivable from commercial and residential investment properties held.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

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 10 years straight line
Leasehold improvements depreciated over the life of the lease
Investment property not depreciated
Fixtures and fittings 15 % reducing balance
Computer equipment 25 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 Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Basic financial liabilities
Basic financial liabilities, including creditors and 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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 6

3. Tangible assets

Land and buildings Leasehold improve-
ments
Investment property Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 June 2023 1,648 218,146 3,566,263 25,300 1,933 3,813,290
Additions 0 3,420 1,316,420 1,980 0 1,321,820
Disposals 0 ( 221,566) 0 0 0 ( 221,566)
At 31 May 2024 1,648 0 4,882,683 27,280 1,933 4,913,544
Accumulated depreciation
At 01 June 2023 1,648 0 0 3,479 1,933 7,060
Charge for the financial year 0 0 0 3,545 0 3,545
At 31 May 2024 1,648 0 0 7,024 1,933 10,605
Net book value
At 31 May 2024 0 0 4,882,683 20,256 0 4,902,939
At 31 May 2023 0 218,146 3,566,263 21,821 0 3,806,230

Investment properties

The fair value of investment properties, which are all freehold, is determined annually by the directors, on an open market value for existing use basis.

4. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 148,714 148,714
Other investments and loans 50,002 50,002
198,716 198,716

5. Debtors

2024 2023
£ £
Trade debtors 10,666 16,379
Amounts owed by own subsidiaries 285,836 287,030
Other debtors 226,976 6,121
523,478 309,530

6. Current asset investments

2024 2023
£ £
Listed investments – at fair value 265,590 185,129
Other investments – at cost less impairment 652,783 1,138,976
918,373 1,324,105

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,798 5,386
Amounts owed to connected companies 84,160 52,050
Taxation and social security 211,773 259,947
Other creditors 2,216,423 2,084,783
2,516,154 2,402,166

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 1.00 each 500 500

9. Related party transactions

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

2024 2023
£ £
Amounts due from entities over which the entity has control, joint control or significant influence 290,836 292,030
Amounts due to entities over which the entity has control, joint control or significant influence (10,000) 0

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

Transactions with the entity's directors

2024 2023
£ £
Amounts due to key management personnel 1,416,864 1,554,967

Other related party transactions

2024 2023
£ £
Amounts due to other related parties 574,160 52,050