3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC084765 2023-08-01 2024-07-31 SC084765 2024-07-31 SC084765 2023-07-31 SC084765 2022-08-01 2023-07-31 SC084765 2023-07-31 SC084765 2022-07-31 SC084765 core:FurnitureFittings 2023-08-01 2024-07-31 SC084765 bus:Director2 2023-08-01 2024-07-31 SC084765 core:LandBuildings 2024-07-31 SC084765 core:FurnitureFittings 2024-07-31 SC084765 core:WithinOneYear 2024-07-31 SC084765 core:WithinOneYear 2023-07-31 SC084765 core:ShareCapital 2024-07-31 SC084765 core:ShareCapital 2023-07-31 SC084765 core:RevaluationReserve 2024-07-31 SC084765 core:RevaluationReserve 2023-07-31 SC084765 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC084765 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC084765 core:LandBuildings 2023-07-31 SC084765 bus:SmallEntities 2023-08-01 2024-07-31 SC084765 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC084765 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC084765 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC084765 bus:FullAccounts 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: SC084765
Manor Executive Suites Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2024
Manor Executive Suites Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
6,000,000
6,000,000
Current assets
Debtors
6
2,131,868
2,074,841
Cash at bank and in hand
387,470
397,480
------------
------------
2,519,338
2,472,321
Creditors: amounts falling due within one year
7
3,190,233
3,202,416
------------
------------
Net current liabilities
670,895
730,095
------------
------------
Total assets less current liabilities
5,329,105
5,269,905
Provisions
Taxation including deferred tax
687,162
687,162
------------
------------
Net assets
4,641,943
4,582,743
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
3,438,860
3,438,860
Profit and loss account
1,202,983
1,143,783
------------
------------
Shareholders funds
4,641,943
4,582,743
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
S D Crabb
Director
Company registration number: SC084765
Manor Executive Suites Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 14 Riversdale Crescent, Edinburgh, EH12 5QT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets. The financial statements are prepared in sterling,which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for property rental during the year, stated net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 August 2023 and 31 July 2024
6,000,000
229,821
6,229,821
------------
---------
------------
Depreciation
At 1 August 2023 and 31 July 2024
229,821
229,821
------------
---------
------------
Carrying amount
At 31 July 2024
6,000,000
6,000,000
------------
---------
------------
At 31 July 2023
6,000,000
6,000,000
------------
---------
------------
The investment property was revalued on 10 January 2019 by Shepherds Chartered Surveyors, an independent firm. The directors consider the valuation at this date to be consistent with the value as at 31 July 2024 and this has been reflected in the financial statements. The investment property has been valued on a market value basis. If the company's properties were sold for their carrying amount at the balance sheet date it is estimated that there would be a resultant tax liability of £687,162 (2023: £687,162).
6. Debtors
2024
2023
£
£
Trade debtors
1,150
Amounts owed by group and connected undertakings
2,128,832
2,071,046
Other debtors
3,036
2,645
------------
------------
2,131,868
2,074,841
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,815
12,835
Corporation tax
19,733
23,111
Social security and other taxes
2,081
1,453
Other creditors
3,165,604
3,165,017
------------
------------
3,190,233
3,202,416
------------
------------
8. Related party transactions
As at 31 July 2024, the company owed £3,093,106 (2023: £3,093,106) to the directors and family members. As at 31 July 2024, the company was owed £2,128,832 (2023: £2,071,046) by companies in which R Rennie, J Rennie and S Crabb are also directors. These loans have no fixed repayment terms and no interest is payable.