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REGISTERED NUMBER: 07064375 (England and Wales)















Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 30 June 2024

for

M SCOTT PROPERTY GROUP LIMITED

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Contents of the Consolidated Financial Statements
for the year ended 30 June 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


M SCOTT PROPERTY GROUP LIMITED

Company Information
for the year ended 30 June 2024







Director: M R Scott





Secretary: Ms M A Griffiths





Registered office: Suite 5
Oyster House
Severalls Lane
Colchester
Essex
CO4 9PD





Registered number: 07064375 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
Aissela
46 High Street
Esher
Surrey
KT10 9QY

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Group Strategic Report
for the year ended 30 June 2024


The director presents his strategic report of the company and the group for the year ended 30 June 2024.

The principal activities of the group during the year were that of residential property development, strategic land promotion, boat repairs, maintenance and marina services.

Review of business
The group made significant progress in the year, achieving turnover of £9,825,092 (2023: £7,890,742), gross profit of £3,850,589 (2023: £3,159,709) and operating profit of £841,109 (2023: £654,975 operating loss).

Operationally, the strategic land business has seen a focussed effort resulting in a higher number of planning application submissions, with a strong success rate, which has and continues to drive a higher level of completions and strong profitability. The residential property development business has been impacted by the challenging housing market and wider economic uncertainty; however, the directors remain confident that the impact is on timing of sales, rather than any significant impact on sales values or margin. The performance of the boat repair, maintenance, marina and boat holidays business continues to be poor throughout the period and the directors have taken the decision to pursue a sale of this part of the business in the next financial year.

Overall, with the removal of the underperforming boat and marina businesses, and the strong progression of the strategic land portfolio, the directors consider that the short and medium term prospects of the group are strong.

Principal risks and uncertainties
The macro-economic climate and inflationary pressures on disposable incomes, along with higher interest rates, present a challenge to the group, primarily in the boat and marina business and the residential property development business. The risk has been mitigated by pursuing a sale of the boat and marina business, and by carefully managing housing stock in the residential development business to minimise exposure.

Material price fluctuation continued to impact the residential development business however, through careful planning, a broad supply chain and healthy contingencies in the budgets, the business has remained strongly profitable.

Political and economical policy change presents a risk to the group but overall, with the impact of government focus on house building, there is expected to be a positive impact on the strategic land business as local authorities accelerate development plans to meet quotas.

Financial key performance indicators
The directors believe that the key financial performance indicators are those that communicate the financial
performance and strength of the Company as a whole, these being turnover, gross profit or loss, and profit or loss before tax.

On behalf of the board:





M R Scott - Director


27 February 2025

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Report of the Director
for the year ended 30 June 2024


The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024.

Principal activity
The principal activity of the group in the year under review was that of residential property development, strategic land promotion, boat repairs, maintenance and marina services.

Dividends
The total distribution of dividends for the period ended 30 June 2024 was £Nil.

Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.

Director
M R Scott held office during the whole of the period from 1 July 2023 to the date of this report.

Statement of director's responsibilities
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





M R Scott - Director


27 February 2025

Report of the Independent Auditors to the Members of
M Scott Property Group Limited


Opinion
We have audited the financial statements of M Scott Property Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
M Scott Property Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
M Scott Property Group Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Lorraine Clark ACCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
Aissela
46 High Street
Esher
Surrey
KT10 9QY

3 March 2025

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Consolidated
Income Statement
for the year ended 30 June 2024

Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
Notes £ £

Turnover 3 9,825,092 7,890,742

Cost of sales (5,974,503 ) (4,731,033 )
Gross profit 3,850,589 3,159,709

Administrative expenses (3,055,763 ) (3,843,231 )
794,826 (683,522 )

Other operating income 25,612 28,547
Gain/loss on revaluation of assets 20,671 -
Operating profit/(loss) 5 841,109 (654,975 )

Impairment of fixed assets 6 (105,752 ) -
735,357 (654,975 )

Interest receivable and similar income 33,648 5,117
769,005 (649,858 )

Interest payable and similar expenses 7 (40,603 ) (60,065 )
Profit/(loss) before taxation 728,402 (709,923 )

Tax on profit/(loss) 8 (10,980 ) 2,403
Profit/(loss) for the financial year 717,422 (707,520 )
Profit/(loss) attributable to:
Owners of the parent 717,422 (707,520 )

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Consolidated
Other Comprehensive Income
for the year ended 30 June 2024

Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
Notes £ £

Profit/(loss) for the year 717,422 (707,520 )


Other comprehensive income
Property revaluation (2,003,848 ) -
Hire fleet revaluation (704,663 ) -
Income tax relating to components of other
comprehensive income

-

-
Other comprehensive income for the year,
net of income tax

(2,708,511

)

-
Total comprehensive income for the year (1,991,089 ) (707,520 )

Total comprehensive income attributable to:
Owners of the parent (1,991,089 ) (707,520 )

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Consolidated Balance Sheet
30 June 2024

2024 2023
as restated
Notes £ £ £ £
Fixed assets
Intangible assets 11 121,729 258,525
Tangible assets 12 5,049,858 8,342,305
Investments 13 - -
Investment property 14 419,821 2,536,819
5,591,408 11,137,649

Current assets
Stocks 15 5,728,832 6,325,971
Debtors 16 9,831,292 6,300,588
Cash at bank and in hand 674,371 1,145,752
16,234,495 13,772,311
Creditors
Amounts falling due within one year 17 1,630,751 1,631,753
Net current assets 14,603,744 12,140,558
Total assets less current liabilities 20,195,152 23,278,207

Creditors
Amounts falling due after more than one
year

18

(16,100,034

)

(17,179,274

)

Provisions for liabilities 21 (255,059 ) (267,785 )
Net assets 3,840,059 5,831,148

Capital and reserves
Called up share capital 22 301 301
Revaluation reserve 23 607,715 3,316,226
Retained earnings 23 3,232,043 2,514,621
Shareholders' funds 3,840,059 5,831,148

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





M R Scott - Director


M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Company Balance Sheet
30 June 2024

2024 2023
as restated
Notes £ £ £ £
Fixed assets
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 1,047,152 1,047,253
Investment property 14 - -
1,047,152 1,047,253

Current assets
Debtors 16 1,818,045 2,726,880
Cash in hand 5,172 6,557
1,823,217 2,733,437
Creditors
Amounts falling due within one year 17 6,000 9,000
Net current assets 1,817,217 2,724,437
Total assets less current liabilities 2,864,369 3,771,690

Creditors
Amounts falling due after more than one
year

18

849,140

1,752,170
Net assets 2,015,229 2,019,520

Capital and reserves
Called up share capital 22 301 301
Retained earnings 23 2,014,928 2,019,219
Shareholders' funds 2,015,229 2,019,520

Company's loss for the financial year (4,291 ) (18,003 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





M R Scott - Director


M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Consolidated Statement of Changes in Equity
for the year ended 30 June 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 January 2022 301 3,222,141 3,316,226 6,538,668

Changes in equity
Total comprehensive income - (707,520 ) - (707,520 )
Balance at 30 June 2023 301 2,514,621 3,316,226 5,831,148

Changes in equity
Total comprehensive income - 717,422 (2,708,511 ) (1,991,089 )
Balance at 30 June 2024 301 3,232,043 607,715 3,840,059

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Company Statement of Changes in Equity
for the year ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 301 2,037,222 2,037,523

Changes in equity
Total comprehensive income - (18,003 ) (18,003 )
Balance at 30 June 2023 301 2,019,219 2,019,520

Changes in equity
Total comprehensive income - (4,291 ) (4,291 )
Balance at 30 June 2024 301 2,014,928 2,015,229

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Consolidated Cash Flow Statement
for the year ended 30 June 2024

Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (200,619 ) (1,102,988 )
Interest paid (40,603 ) (60,065 )
Tax paid (221,583 ) (251,105 )
Net cash from operating activities (462,805 ) (1,414,158 )

Cash flows from investing activities
Purchase of intangible fixed assets - (51,000 )
Purchase of tangible fixed assets (45,748 ) (1,272,899 )
Purchase of investment property - (51,281 )
Sale of tangible fixed assets 115,001 55,940
Interest received 33,648 5,117
Net cash from investing activities 102,901 (1,314,123 )

Cash flows from financing activities
Loan repayments in year (111,477 ) (65,658 )
Net cash from financing activities (111,477 ) (65,658 )

Decrease in cash and cash equivalents (471,381 ) (2,793,939 )
Cash and cash equivalents at beginning
of year

2

1,145,752

3,939,691

Cash and cash equivalents at end of year 2 674,371 1,145,752

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 June 2024


1. Reconciliation of profit/(loss) before taxation to cash generated from operations

Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Profit/(loss) before taxation 728,402 (709,923 )
Depreciation charges 393,639 574,006
Loss on disposal of fixed assets 15,292 10,324
Gain on revaluation of fixed assets (20,671 ) -
Amortisation charges 82,173 122,636
Impairment of assets 160,375 -
Finance costs 40,603 60,065
Finance income (33,648 ) (5,117 )
1,366,165 51,991
Decrease in stocks 597,139 114,731
Increase in trade and other debtors (1,195,158 ) (5,118,117 )
(Decrease)/increase in trade and other creditors (968,765 ) 3,848,407
Cash generated from operations (200,619 ) (1,102,988 )

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£ £
Cash and cash equivalents 674,371 1,145,752
Period ended 30 June 2023
30/6/23 1/1/22
as restated
£ £
Cash and cash equivalents 1,145,752 3,939,691


3. Analysis of changes in net funds/(debt)

At 1/7/23 Cash flow At 30/6/24
£ £ £
Net cash
Cash at bank and in hand 1,145,752 (471,381 ) 674,371
1,145,752 (471,381 ) 674,371
Debt
Debts falling due within 1 year (546,019 ) 111,477 (434,542 )
(546,019 ) 111,477 (434,542 )
Total 599,733 (359,904 ) 239,829

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements
for the year ended 30 June 2024


1. Statutory information

M Scott Property Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07064375 and registered office address is Suite 5, Oyster House, Severalls Lane, Colchester, Essex, CO4 9PD.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The comparatives include an 18 month period to 30 June 2023 and are therefore not entirely comparable.

Going concern
The Group meets its day to day working capital requirements through a combination of formal bank borrowings and support from directors. The directors have confirmed that their loans will not be withdrawn in the foreseeable future unless funds permit.

Scott Brundall BS is no longer a going concern owing to the sale during the year of its final asset and Scott BB and Scott BH are both no longer going concerns owing to a post year end sale of their trade and assets. However, as the group continue to operate M Scott Properties and Scott Residential profitably and both have good future outlooks, the directors are satisfied that the group remains a going concern and accordingly the financial statements are prepared on the going concern basis.

Basis of consolidation
The financial statements consolidate the accounts of M Scott Property Group Limited and all of its subsidiary undertakings ('subsidiaries').

All direct subsidiaries are 100% owned. Any intercompany balances, trading or recharges within the group are eliminated upon consolidation. Investment balances are eliminated upon consolidation, with the share capital representing that of the ultimate parent company only.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

Undeveloped land and work in progress
In order to value work in progress, and hence cost of sales in respect of completed sales, the company prepares site valuations which include an estimation of costs to complete and remaining revenues at regular intervals throughout the year, during which site development costs are allocated between units built in the current year and those to be built in future years on the basis of overall site profitability.

Investments impairment
Management consider the balance sheet position and the future forecasts of each subsidiary to consider if they are able to recover the investment value held, with a corresponding provision recorded for any deficit.

Project related development costs
These costs are capitalised when management have an expectation that there will be a successful planning application. Each project is regularly reviewed and written off at the point that management do not believe there will be a successful planning application. Management make an informed judgement based on their experience with similar sites and councils as to the likelihood of the application being successful.

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Depreciation
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets.

Deferred tax
Unrelieved tax losses and other deferred tax assets are only 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.

Stock provision
There is estimation uncertainty in calculating provision for stock where net realisable value is expected to be less than cost. Older stock lines are reviewed and provided for where considered necessary.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Group recognises the following turnover policies:

Sale of standard products and repairs - revenue is recognised by the company on completion of the job.

Sale of boats - revenue is recognised across the life of the build.

Rental of boats - revenue is recognised over the period the boat is occupied.

Management charges - charges in respect of costs recharged within the Group invoiced during the year.

Property sales - A property sale is recognised on legal completion, or where build is complete and contracts have been exchanged at the year end and where legal notice has been served or where the contract specifies a completion date within the same timeframe. Where the company makes sales of social housing, revenue is recognised when the company has fulfilled all of it's obligations as part of the sales contract.

Land and property development - A sale is recognised on legal completion, or when contracts have been exchanged at the year end and when legal notice has been served or where the contract specifies a completion date within the same timeframe.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2016 and 2017, is being amortised evenly over its estimated useful life of 10 years.

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Tangible fixed assets under the revaluation model are stated at fair value less subsequent accumulated
depreciation and any subsequent accumulated impairment losses. Revaluations are made with sufficient
regularity to ensure that the carrying amount does not differ materially from that which would be determined
using fair value at the end of the reporting period. Revaluation gains and losses are reported in other
comprehensive income and accumulated in equity.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property -2% - 10% straight line
Short Leasehold -Straight line over the life of the lease
Improvements to freehold property-10% straight line
Plant and machinery -10% - 25% reducing balance & 10% straight line
Fixtures and fittings -20% - 25% reducing balance
Motor vehicles -25% reducing balance
Computer equipment -25% reducing balance

Hire Fleet included in Plant and machinery are accounted for under the revaluation model. All other asset classes are accounted fo under the cost model.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

If the property is subsequently sold but work continues on the project, then any remaining and future costs are capitalised within the project related development costs.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks and development land are valued at the lower of cost and net realisable value. The cost of work in progress and finished houses includes all appropriate production overheads (excluding interest and depreciation). Net realisable value is based on estimated selling price less the estimated costs of disposal. Development land is included where contracts to purchase have been exchanged prior to the year end.

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Project related prepayments
Costs are capitalized on the balance sheet if they relate to ongoing projects for which there is an expectation of a future successful planning application.

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


3. Turnover

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Marina 2,058,504 2,748,007
Property development 7,766,588 5,142,735
9,825,092 7,890,742

All turnover was generated in the UK.

4. Employees and directors
Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Wages and salaries 2,548,271 3,317,630
Social security costs 200,453 341,420
Other pension costs 48,588 168,620
2,797,312 3,827,670

The average number of employees during the year was as follows:
Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated

Boat servicing and repairs 22 19
Distribution and administration 14 13
Site based construction staff’ 43 39
79 71

The average number of employees by undertakings that were proportionately consolidated during the year was 79 (2023 - 71 ) .

Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Director's remuneration - -

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


5. Operating profit/(loss)

The operating profit (2023 - operating loss) is stated after charging:

Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Hire of plant and machinery 64,972 65,395
Depreciation - owned assets 393,639 574,006
Loss on disposal of fixed assets 15,292 10,324
Goodwill amortisation 82,173 122,636
Auditors' remuneration for parent entity 7,500 7,000
Auditors' remuneration for subsidiaries 34,500 30,000
Auditors' remuneration for non audit work 13,000 10,000

6. Exceptional items
Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Impairment of fixed assets (105,752 ) -

This relates to the amount of fixed asset impairments on the hire fleet, which are shown as part of freehold property in note 12, which is in excess of the portion of the revaluation reserve that is attributable to those assets.

7. Interest payable and similar expenses
Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Bank interest 40,603 57,305
Other interest - 2,760
40,603 60,065

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


8. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Current tax:
UK corporation tax 23,706 -
Prior year over provision - (16,048 )
Total current tax 23,706 (16,048 )

Deferred tax (12,726 ) 13,645
Tax on profit/(loss) 10,980 (2,403 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/1/22
Year ended to
30/6/24 30/6/23
as restated
£ £
Profit/(loss) before tax 728,402 (709,923 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 20 %)

182,101

(141,985

)

Effects of:
Expenses not deductible for tax purposes 41,824 13,182
Income not taxable for tax purposes - (1,641 )
Capital allowances in excess of depreciation - (46,003 )
Depreciation in excess of capital allowances 78,950 -
Utilisation of tax losses (278,570 ) (25,618 )


Under provided (599 ) (16,048 )
Deferred tax (12,726 ) 13,645
Losses carried forward - 202,065
Total tax charge/(credit) 10,980 (2,403 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£ £ £
Property revaluation (2,003,848 ) - (2,003,848 )
Hire fleet revaluation (704,663 ) - (704,663 )
(2,708,511 ) - (2,708,511 )

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


8. Taxation - continued

1/1/22 to 30/6/23
Gross Tax Net
£ £ £
Property revaluation
Hire fleet revaluation
- - -

9. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. Prior year adjustment

The prior year balance sheet has been restated to reclassify all of the prior year WIP costs into project related development costs. There is no change in management's accounting policies however the directors believe that the change in classification better reflects the nature of the costs and provides a more accurate presentation for users of the financial statements.

There has been no impact on the income statement as a result of this prior year adjustment.

11. Intangible fixed assets

Group
Patents and Land
Goodwill licences options Totals
£ £ £ £
Cost
At 1 July 2023 7,236,918 5,550 (726,272 ) 6,516,196
Impairments (49,073 ) (5,550 ) - (54,623 )
At 30 June 2024 7,187,845 - (726,272 ) 6,461,573
Amortisation
At 1 July 2023 6,983,943 - (726,272 ) 6,257,671
Amortisation for year 82,173 - - 82,173
At 30 June 2024 7,066,116 - (726,272 ) 6,339,844
Net book value
At 30 June 2024 121,729 - - 121,729
At 30 June 2023 252,975 5,550 - 258,525

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


12. Tangible fixed assets

Group
Freehold Short Improvements Plant and
property leasehold to property machinery
£ £ £ £
Cost or valuation
At 1 July 2023 4,235,409 187 461,134 4,346,417
Additions - - - 34,010
Disposals - - - (9,648 )
Impairments (1,522,484 ) - (303,998 ) (805,829 )
At 30 June 2024 2,712,925 187 157,136 3,564,950
Depreciation
At 1 July 2023 113,118 - 105,957 1,210,290
Charge for year 24,819 - 51,179 211,100
Eliminated on disposal - - - (8,778 )
At 30 June 2024 137,937 - 157,136 1,412,612
Net book value
At 30 June 2024 2,574,988 187 - 2,152,338
At 30 June 2023 4,122,291 187 355,177 3,136,127

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
Cost or valuation
At 1 July 2023 166,776 330,786 833,786 10,374,495
Additions - - 11,738 45,748
Disposals (134,382 ) - (984,698 ) (1,128,728 )
Impairments - - (181,952 ) (2,814,263 )
At 30 June 2024 32,394 330,786 (321,126 ) 6,477,252
Depreciation
At 1 July 2023 34,756 202,321 365,748 2,032,190
Charge for year 6,799 31,943 67,799 393,639
Eliminated on disposal (17,078 ) - (972,579 ) (998,435 )
At 30 June 2024 24,477 234,264 (539,032 ) 1,427,394
Net book value
At 30 June 2024 7,917 96,522 217,906 5,049,858
At 30 June 2023 132,020 128,465 468,038 8,342,305

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


12. Tangible fixed assets - continued

Group

Cost or valuation at 30 June 2024 is represented by:

Freehold Short Improvements Plant and
property leasehold to property machinery
£ £ £ £
Valuation in 2021 700,000 - - (291,608 )
Valuation in 2024 (1,522,484 ) - (303,998 ) (805,829 )
Cost 3,535,409 187 461,134 4,662,387
2,712,925 187 157,136 3,564,950

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
Valuation in 2021 - - - 408,392
Valuation in 2024 - - (181,952 ) (2,814,263 )
Cost 32,394 330,786 (139,174 ) 8,883,123
32,394 330,786 (321,126 ) 6,477,252

13. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 July 2023 1,047,253
Disposals (101 )
At 30 June 2024 1,047,152
Net book value
At 30 June 2024 1,047,152
At 30 June 2023 1,047,253

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

M Scott Properties Limited
Registered office: UK
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


13. Fixed asset investments - continued

Scott Residential Limited
Registered office: UK
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00

M R Scott Limited
Registered office: UK
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 100.00

Brundall Investments Limited
Registered office: UK
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Turtle Farms Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Scott BMG Limited
Registered office: UK
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Scott BB Limited
Registered office: UK
Nature of business: Boat building, servicing & repairs and marina
%
Class of shares: holding
Ordinary 100.00

Scott BH Limited
Registered office: UK
Nature of business: Chartering boats
%
Class of shares: holding
Ordinary 100.00

Scott Brundall BS Limited
Registered office: UK
Nature of business: Boat broker
%
Class of shares: holding
Ordinary 100.00


M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


13. Fixed asset investments - continued


The registered address of all the above companies is Suite 5 Oyster House, Severalls Lane, Colchester, Essex, England, CO4 9PD.

Of the above companies Brundall Investments Limited and Turtle Farms Limited are the only direct investments for the company. The rest of the companies are indirect investments.

14. Investment property

Group
Total
£
Fair value
At 1 July 2023 2,536,819
Revaluations 20,671
Reclassification/transfer (2,137,669 )
At 30 June 2024 419,821
Net book value
At 30 June 2024 419,821
At 30 June 2023 2,536,819

Fair value at 30 June 2024 is represented by:
£
Valuation in 2024 20,671
Cost 399,150
419,821

15. Stocks

Group
2024 2023
as restated
£ £
Stocks 68,664 62,555
Work-in-progress 5,660,168 6,263,416
5,728,832 6,325,971

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


16. Debtors

Group Company
2024 2023 2024 2023
as restated as restated
£ £ £ £
Amounts falling due within one year:
Trade debtors 791,738 178,210 - -
Amounts owed by group undertakings - - 530,000 530,000
Other debtors 814 8,691 - -
Tax 396,280 198,403 - -
VAT - 23,389 - -
Prepayments and accrued income 159,184 150,661 - -
Project related prepayments 8,213,625 5,402,893 - -
9,561,641 5,962,247 530,000 530,000

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 1,288,045 2,196,880
Other debtors 269,651 338,341 - -
269,651 338,341 1,288,045 2,196,880

Aggregate amounts 9,831,292 6,300,588 1,818,045 2,726,880

17. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
as restated as restated
£ £ £ £
Bank loans and overdrafts (see note 19) 434,542 546,019 - -
Trade creditors 387,555 423,823 - -
Social security and other taxes 60,832 146,871 - -
VAT 201,881 - - -
Other creditors 20,584 52,170 - -
Accruals and deferred income 525,357 462,870 6,000 9,000
1,630,751 1,631,753 6,000 9,000

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

Group Company
2024 2023 2024 2023
as restated as restated
£ £ £ £
Amounts owed to group undertakings - - 831,389 834,417
Other creditors 16,100,034 17,179,274 17,751 917,753
16,100,034 17,179,274 849,140 1,752,170

Included within other creditors are amounts due from related entities for which there are no fixed repayment terms but the director has confirmed that these amounts are not expected to be recalled within 1 year.

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


19. Loans

An analysis of the maturity of loans is given below:

Group
2024 2023
as restated
£ £
Amounts falling due within one year or on demand:
Bank loans 344,485 455,629
Bank overdraft 90,057 90,390
434,542 546,019

Bank facilities of £344,485 (2023: £455,629) are secured over the industrial premises, debentures and bank balances of Scott BB Limited along with a cross guarantee with Scott BMG Limited.

Subsequent to the year-end, the loan has been fully repaid and hence the cross guarantee is no longer applicable from this point.

20. Leasing agreements

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2024 2023
as restated
£ £
Within one year 54,162 48,782
Between one and five years 26,437 68,256
80,599 117,038

21. Provisions for liabilities

Group
2024 2023
as restated
£ £
Deferred tax 255,059 267,785

Group
Deferred tax
£
Balance at 1 July 2023 267,785
Provided during year (12,726 )
Balance at 30 June 2024 255,059

M SCOTT PROPERTY GROUP LIMITED (REGISTERED NUMBER: 07064375)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


22. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£ £
30,100 Ordinary shares £0.01 301 301

23. Reserves

Group
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 July 2023 2,514,621 3,316,226 5,830,847
Profit for the year 717,422 717,422
Hire fleet revaluation - (704,663 ) (704,663 )
Property revaluation - (2,003,848 ) (2,003,848 )
At 30 June 2024 3,232,043 607,715 3,839,758

Company
Retained
earnings
£

At 1 July 2023 2,019,219
Deficit for the year (4,291 )
At 30 June 2024 2,014,928


24. Pension commitments

The Group operates a defined contribution pension scheme. The total contribution made for the period ended 30 June 2024 was £116,882 (2023: £168,620). The amount outstanding at the year end was £20,761 (2023: £40,047).

25. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

As at the year end, the amount due to directors was £16,076,486 (2023: £17,139,660) which is due in 53 weeks. No interest is charged on the loan.

26. Post balance sheet events

On 7 August 2024, the trade and assets of Scott BB and Scott BH were sold for £4,650,000. The group continue to operate Scott Residential and M Scott Properties as trading entities.

27. Ultimate controlling party

The ultimate controlling party is M Scott.