Company registration number SC553645 (Scotland)
MEARNS GEOSCIENCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
MEARNS GEOSCIENCE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
MEARNS GEOSCIENCE LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MEARNS GEOSCIENCE LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mearns Geoscience Limited for the year ended 31 January 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of Mearns Geoscience Limited, as a body, in accordance with the terms of our engagement letter dated 6 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Mearns Geoscience Limited and state those matters that we have agreed to state to the board of directors of Mearns Geoscience Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mearns Geoscience Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mearns Geoscience Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mearns Geoscience Limited. You consider that Mearns Geoscience Limited 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 financial statements of Mearns Geoscience Limited. 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 financial statements.
A.J.B. Scholes Ltd
Chartered Accountants
75 High Street
Laurencekirk
AB30 1BH
17 April 2025
MEARNS GEOSCIENCE LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
42
371
Investments
5
18,500
29,880
18,542
30,251
Current assets
Debtors
6
248
728
Cash at bank
18,903
20,364
19,151
21,092
Creditors: amounts falling due within one year
7
(1,072)
(1,073)
Net current assets
18,079
20,019
Net assets
36,621
50,270
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
36,611
50,260
Total equity
36,621
50,270
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 January 2025 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 member has 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 17 April 2025
Mr Simon R Gould
Director
Company Registration No. SC553645
MEARNS GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
Mearns Geoscience Limited is a private company limited by shares incorporated in Scotland. The registered office is Bank House, Fettercairn, Laurencekirk, Aberdeenshire, AB30 1XX.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation investments. The principal accounting policies adopted are set out below.
1.2
Going concern
The director is of the opinion that the company can continue to meet its obligations as they fall due for the foreseeable future. As a consequence, the director has prepared the financial statements on the going concern basis.true
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
25% straight line
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.
1.4
Fixed asset investments
Investments are measured at fair value with changes in fair value being recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments, investments, bank, trade debtors, trade creditors and loans from related parties. Investments are measured at the year end based on the fair value of shares. Cash at bank in the balance sheet is held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Loans from related parties are measured at the undiscounted amounts payable.
MEARNS GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
1
4
Tangible fixed assets
Office equipment
£
Cost
At 1 February 2024 and 31 January 2025
3,897
Depreciation and impairment
At 1 February 2024
3,526
Depreciation charged in the year
329
At 31 January 2025
3,855
Carrying amount
At 31 January 2025
42
At 31 January 2024
371
MEARNS GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
18,500
29,880
Movements in fixed asset investments
Investment
£
Cost or valuation
At 1 February 2024
29,880
Valuation changes
2,150
Disposals
(13,530)
At 31 January 2025
18,500
Carrying amount
At 31 January 2025
18,500
At 31 January 2024
29,880
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
248
728
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
100
100
Other creditors
972
973
1,072
1,073
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10