Company Registration No. SC381572 (Scotland)
MUS DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MUS DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MUS DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
1,326,660
1,314,588
Debtors
3
16,180
30,000
Cash at bank and in hand
4,255
1,646
1,347,095
1,346,234
Creditors: amounts falling due within one year
5
(5,871)
(5,834)
Net current assets
1,341,224
1,340,400
Creditors: amounts falling due after more than one year
6
(1,349,197)
(1,349,197)
Net liabilities
(7,973)
(8,797)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(8,073)
(8,897)
Total equity
(7,973)
(8,797)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 5 March 2025
J GORDON
J Gordon
Director
Company Registration No. SC381572
MUS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

MUS Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is Whitehill Farm, Newtown St Boswells, Melrose, Roxburghshire, TD6 0SQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At 31 March 2024 the company had net liabilities of £7,973. Included within these liabilities istrue a loan from the company director of £1,349,197. The director has confirmed that the loan will not be repaid until funds permit, and that the company will continue to be supported and will have adequate working capital to execute its operations over the next twelve months. The director, is therefore satisfied that, having made an informed judgement, at the time of approving the financial statements, there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income

Revenue from rental income is recognised in the period in which it relates to.

1.4
Work in progress

Work in progress is stated at the lower of cost and net realisable value.

1.5
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 current liabilities.

1.6
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

MUS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
380
-
0
Other debtors
15,800
30,000
16,180
30,000
4
Stocks
2024
2023
£
£
Work in progress
1,326,660
1,314,588
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,590
2,500
Taxation and social security
1,051
1,104
Other creditors
2,230
2,230
5,871
5,834
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,349,197
1,349,197
7
Related party transactions

During the current year there was no movement on directors balances, resulting in amounts due from the company at the year end of £1,349,197 (2023 - £1,349,197). The loan is unsecured and interest free with no fixed repayment terms in place.

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