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Company No: SC690393 (Scotland)

M & N PROPERTIES (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH THE REGISTRAR

M & N PROPERTIES (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025

Contents

M & N PROPERTIES (SCOTLAND) LTD

BALANCE SHEET

AS AT 28 FEBRUARY 2025
M & N PROPERTIES (SCOTLAND) LTD

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 10,940 12,870
Investment property 4 684,525 562,778
695,465 575,648
Current assets
Debtors 1,701 1,685
Cash at bank and in hand 44,809 13,093
46,510 14,778
Creditors: amounts falling due within one year 5 ( 547,881) ( 464,242)
Net current liabilities (501,371) (449,464)
Total assets less current liabilities 194,094 126,184
Provision for liabilities ( 2,735) ( 3,218)
Net assets 191,359 122,966
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 191,259 122,866
Total shareholders' funds 191,359 122,966

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M & N Properties (Scotland) Ltd (registered number: SC690393) were approved and authorised for issue by the Board of Directors on 18 April 2025. They were signed on its behalf by:

Neil Mcandrew
Director
M & N PROPERTIES (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025
M & N PROPERTIES (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025
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

M & N Properties (Scotland) Ltd (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 33 Duff Avenue, Elgin, IV30 1QS, Scotland, 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

Although the financial statements have net current liabilities of £501,371 (2024 - £449,464) they have been prepared on a going concern basis as the directors consider it appropriate to do so. 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. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent received provided in the normal course of business, and is shown net of VAT, where applicable. The fair value of consideration takes into account trade discounts and discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Plant and machinery etc. 15 % reducing balance

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 Profit and Loss Account as described below.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are 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.

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

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2024 19,000 19,000
At 28 February 2025 19,000 19,000
Accumulated depreciation
At 01 March 2024 6,130 6,130
Charge for the financial year 1,930 1,930
At 28 February 2025 8,060 8,060
Net book value
At 28 February 2025 10,940 10,940
At 29 February 2024 12,870 12,870

4. Investment property

Investment property
£
Valuation
As at 01 March 2024 562,778
Additions 121,747
As at 28 February 2025 684,525

At the year end, the directors believe the cost of £684,525 remains a true representation of the market value of the properties.

5. Creditors: amounts falling due within one year

2025 2024
£ £
Amounts owed to related parties 30,150 80,150
Taxation and social security 22,630 19,941
Other creditors 495,101 364,151
547,881 464,242

6. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2025 2024
£ £
Amounts owed to Entities with control, joint control or significant influence over the company 30,150 80,150

The loans are unsecured, interest free and have no fixed terms of repayment.

Transactions with the entity's directors

2025 2024
£ £
Key Management Personnel 491,476 361,476

The loans are unsecured, interest free and have no fixed terms of repayment.