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2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Turnover |
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Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
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Tangible assets and depreciation |
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Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows: |
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Plant and machinery |
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20% straight line |
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Motor vehicles |
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20% straight line |
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The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Investment properties |
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Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business.
Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account. |
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Trade and other debtors |
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Borrowing costs |
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Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
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Trade and other creditors |
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Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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8. |
Related party transactions |
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Balance |
Balance |
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2024 |
2023 |
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£ |
£ |
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Derrylodge Property Management |
10,618 |
10,618 |
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Peel Properties |
240,000 |
240,000 |
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Milltown Taverns |
251,707 |
238,707 |
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Property Estate Management |
94,350 |
93,425 |
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Dromhill Properties |
(36,866) |
13,134 |
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MPS Estate Management |
21,046 |
24,421 |
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Milltown Rental |
339,754 |
321,754 |
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DM MPS Property Ltd |
92,554 |
- |
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Annahaia Consultancy |
(148,000) |
(110,000) |
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Dromhill Properties 2 |
108,619 |
- |
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DSC Elgin Properties |
161,328 |
- |
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Client Account |
(210,192) |
- |
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───────── |
───────── |
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924,918 |
832,059 |
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═════════ |
═════════ |
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The following amounts are due to other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Murdock Property Services |
741 |
117,854 |
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═════════ |
═════════ |
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Net balances with other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Derrylodge Property Management |
10,618 |
10,618 |
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Peel Properties |
240,000 |
240,000 |
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Milltown Taverns |
251,707 |
238,707 |
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Property Estate Management |
94,350 |
93,425 |
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Dromhill Properties |
(36,866) |
13,134 |
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MPS Estate Management |
21,046 |
24,421 |
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Milltown Rental |
339,754 |
321,754 |
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DM MPS Property Ltd |
92,554 |
- |
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Murdock Property Services |
(741) |
(117,854) |
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Annahaia Consultancy |
(148,000) |
(110,000) |
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Dromhill Properties 2 |
108,619 |
- |
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DSC Elgin Properties |
161,328 |
- |
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Client Account |
(210,192) |
- |
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───────── |
───────── |
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924,177 |
714,205 |
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In the opinion of the directors these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company. |