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REGISTERED NUMBER: SC192298 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

THE MARTIN PROPERTY COMPANY LIMITED

THE MARTIN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC192298)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


THE MARTIN PROPERTY COMPANY LIMITED

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mrs D J Martin
Mrs J M Martin





REGISTERED OFFICE: 13 Glasgow Road
Paisley
Renfrewshire
PA1 3QS





REGISTERED NUMBER: SC192298 (Scotland)





ACCOUNTANTS: Profit Counts Limited
13 Glasgow Road
Paisley
Renfrewshire
PA1 3QS

THE MARTIN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC192298)

Abridged Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 240,000 465,000

CURRENT ASSETS
Cash at bank and in hand 146,968 16,527

CREDITORS
Amounts falling due within one year (34,237 ) (20,150 )
NET CURRENT ASSETS/(LIABILITIES) 112,731 (3,623 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

352,731

461,377

CREDITORS
Amounts falling due after more than one
year

-

(110,000

)

PROVISIONS FOR LIABILITIES (3,742 ) (21,468 )
NET ASSETS 348,989 329,909

CAPITAL AND RESERVES
Called up share capital 6 4 4
Retained earnings 7 348,985 329,905
SHAREHOLDERS' FUNDS 348,989 329,909

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





Mrs D J Martin - Director


THE MARTIN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC192298)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

The Martin Property Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of rents receivable from investment properties.

Investment property
Investment properties are shown in the balance sheet at fair value. Any change in fair value is taken to the profit and loss account each year.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY

The assets included are used for the purpose of generating rental income.

During the year investment property with a historic cost of £80,500 and a revalued cost of £250,00 was disposed of. The remaining investment property was revalued and the value increased by £25,000.

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2017 591,000
Valuation in 2018 (230,000 )
Valuation in 2020 14,000
Valuation in 2021 20,000
Valuation in 2022 15,000
Valuation in 2023 55,000
Valuation in 2024 (250,000 )
Valuation in 2024 25,000
240,000

THE MARTIN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: SC192298)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. INVESTMENT PROPERTY - continued

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 140,000 220,500

Investment property was valued on an open market basis on 31 December 2024 by the client .

5. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 110,000

Standard securities and a bond & floating charge have been granted to the company's bankers for all sums due or becoming due.

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4 Ordinary £1 4 4

7. RESERVES
Retained
earnings
£   

At 1 January 2024 329,905
Profit for the year 21,080
Dividends (2,000 )
At 31 December 2024 348,985

8. RELATED PARTY DISCLOSURES

Included within creditors due within one year is £4,000 (2023 - £15,970) due to the Directors, and immediate family members. This is an interest free loan and there are no fixed terms for repayment.

During the year the DIrectors received a Dividend of £500 each (2023 :£2,000 each)