Midstocket Development Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC333318 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Midstocket Development Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S A Milne

Mrs G A Milne

REGISTERED OFFICE:

Gilson Gray LLP

Blenheim Gate

Blenheim Place

Aberdeen

Aberdeenshire

AB25 2DZ

REGISTERED NUMBER:

SC333318 (Scotland)

ACCOUNTANTS:

SBP

Accountants

42 Queens Road

Aberdeen

AB15 4YE

FIXED ASSETS

Tangible assets

4

1,159

1,059

Investment property

5

1,180,000

1,181,159

1,181,059

CURRENT ASSETS

Debtors

6

-

9,435

Cash at bank

27,320

20,748

27,320

30,183

CREDITORS

Amounts falling due within one year

7

89,431

72,868

NET CURRENT LIABILITIES

(62,111

)

(42,685

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,119,048

1,138,374

CREDITORS

Amounts falling due after more than one
year

8

(191,613

)

(208,947

)

PROVISIONS FOR LIABILITIES

(36,389

)

(36,764

)

NET ASSETS

891,046

892,663

CAPITAL AND RESERVES

Called up share capital

6

Other reserves

9

181,302

Retained earnings

9

709,738

711,355

SHAREHOLDERS' FUNDS

891,046

892,663

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 22 May 2025 and were signed on its behalf by:

Mr S A Milne - Director

1.	STATUTORY INFORMATION

Midstocket Development 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 the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 December 2023

4,751

6,046

10,797

Additions

-

1,125

Disposals

-

(631

)

(631

)

At 30 November 2024

4,751

6,540

11,291

DEPRECIATION

At 1 December 2023

4,249

5,489

9,738

Charge for year

101

924

1,025

Eliminated on disposal

-

(631

)

(631

)

At 30 November 2024

4,350

5,782

10,132

NET BOOK VALUE

At 30 November 2024

401

758

1,159

At 30 November 2023

502

557

1,059

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2023

and 30 November 2024

1,180,000

NET BOOK VALUE

At 30 November 2024

1,180,000

At 30 November 2023

1,180,000

Fair value at 30 November 2024 is represented by:

£

Valuation in 2016

191,907

Valuation in 2020

31,923

Cost

956,170

1,180,000

If investments properties had not been revalued they would have been included at the following historical cost:

30.11.24

30.11.23

£

Cost

956,170

Investments properties were valued on an open market basis on 16 April 2020 by Ryden LLP .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.24

30.11.23

£

Other debtors

-

9,435

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.24

30.11.23

£

Bank loans and overdrafts

25,500

Trade creditors

1,629

(273

)

Taxation and social security

3,598

12,523

Other creditors

58,704

35,118

89,431

72,868

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

30.11.24

30.11.23

£

Bank loans

191,613

208,947

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

89,613

106,947

9.

RESERVES

Retained

Other

earnings

reserves

Totals

£

At 1 December 2023

711,355

181,302

892,657

Deficit for the year

(1,617

)

(1,617

)

At 30 November 2024

709,738

181,302

891,040

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023:

30.11.24

30.11.23

£

Mr S A Milne

Balance outstanding at start of year

4,718

(6,823

)

Amounts advanced

25,741

32,669

Amounts repaid

(47,585

)

(21,128

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

(17,126

)

4,718

Mrs G A Milne

Balance outstanding at start of year

4,718

(6,823

)

Amounts advanced

25,741

32,669

Amounts repaid

(47,585

)

(21,128

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

(17,126

)

4,718