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Registration number: SC538395

MacPhail Property Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

MacPhail Property Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

MacPhail Property Services Ltd

Company Information

Director

Mr Peter David MacPhail

Registered office

Police Station Main Street
Bridge Of Earn
Perth
PH2 9PJ

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

MacPhail Property Services Ltd

(Registration number: SC538395)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

709

Investment property

5

402,467

218,668

 

402,467

219,377

Current assets

 

Cash at bank and in hand

 

3,424

2,517

Creditors: Amounts falling due within one year

6

(359,318)

(201,968)

Net current liabilities

 

(355,894)

(199,451)

Total assets less current liabilities

 

46,573

19,926

Creditors: Amounts falling due after more than one year

6

(6,064)

(7,158)

Net assets

 

40,509

12,768

Capital and reserves

 

Called up share capital

100

100

Retained earnings

40,409

12,668

Shareholders' funds

 

40,509

12,768

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 March 2025
 

.........................................
Mr Peter David MacPhail
Director

 

MacPhail Property Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

Cost at 25%

 

MacPhail Property Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

MacPhail Property Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

945

945

Disposals

(945)

(945)

At 30 June 2024

-

-

Depreciation

At 1 July 2023

236

236

Eliminated on disposal

(236)

(236)

At 30 June 2024

-

-

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

709

709

5

Investment properties

2024
£

At 1 July

218,668

Additions

183,799

At 30 June

402,467

There has been no valuation of investment property by an independent valuer.

 

MacPhail Property Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

1,190

1,189

Taxation and social security

 

6,602

6,706

Other creditors

 

351,526

194,073

 

359,318

201,968

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

6,064

7,158

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,064

7,158

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,190

1,189

8

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Peter David MacPhail

260,032

91,626

 

260,032

91,626

 

MacPhail Property Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The maximum balance outstanding during the year amounted to £260,032.

The director's current account is repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MacPhail Property Services Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MacPhail Property Services Ltd for the year ended 30 June 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of MacPhail Property Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MacPhail Property Services Ltd and state those matters that we have agreed to state to the Board of Directors of MacPhail Property Services Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MacPhail Property Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MacPhail Property Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MacPhail Property Services Ltd. You consider that MacPhail Property Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MacPhail Property Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

26 March 2025