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Registered number: 13696305
SMcMillan Properties Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Nuvo Scotland Limited
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of SMcMillan Properties Ltd for the year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SMcMillan Properties Ltd which comprise the Profit and Loss Account, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of SMcMillan Properties Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SMcMillan Properties Ltd and state those matters that we have agreed to state to the director of SMcMillan Properties Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SMcMillan Properties Ltd and its director as a body for our work or for this report.
It is your duty to ensure that SMcMillan Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of SMcMillan Properties Ltd . You consider that SMcMillan Properties Ltd 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 accounts of SMcMillan Properties Ltd . 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 financial statements.
27 June 2025
Nuvo Scotland Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeen
AB12 4XX
Page 1
Page 2
Balance Sheet
Registered number: 13696305
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 368 481
Investment Properties 5 135,782 135,782
136,150 136,263
CURRENT ASSETS
Debtors 6 24,800 24,800
Cash at bank and in hand 7,793 3,920
32,593 28,720
Creditors: Amounts Falling Due Within One Year 7 (77,573 ) (76,014 )
NET CURRENT ASSETS (LIABILITIES) (44,980 ) (47,294 )
TOTAL ASSETS LESS CURRENT LIABILITIES 91,170 88,969
Creditors: Amounts Falling Due After More Than One Year 8 (97,465 ) (97,465 )
NET LIABILITIES (6,295 ) (8,496 )
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and Loss Account (6,296 ) (8,497 )
SHAREHOLDERS' FUNDS (6,295) (8,496)
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Page 3
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S McMillan
Director
27 June 2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
SMcMillan Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13696305 . The registered office is Flat 1R, 79 Fonthill Road, Aberdeen, AB11 6UP.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis which assumes the company will continue trading for a period of no less than 12 months from the date of this report.
The director acknowledges the negative balance sheet position and has given assurance that they will continue to support the company in order for it to meet it's obligations as they fall due. Included in Other Creditors is a balance of £76,030 (2023: £74,362) due to a company under common control of the director. No repayments are to be called on until the company is in such a position to be able to make repayments.
2.3. Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
2.4. Investment Properties
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.
Expenses incurred during the acquisition of investment properties are recognised in prepayments until such time the company achieves legal right to ownership of the property and amounts are recognised as investment property additions.
2.5. Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price
including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price. 
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method. 
Financial liabilities are derecognised when the company's contractual obligations are discharged.
Equity instruments 
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. 
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2.6. Rental Income
Property rental income received is recognised on a straight-line basis over the life of the relevant lease agreement
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 November 2023 564
As at 31 October 2024 564
Depreciation
As at 1 November 2023 83
Provided during the period 113
As at 31 October 2024 196
Net Book Value
As at 31 October 2024 368
As at 1 November 2023 481
5. Investment Property
2024
£
Fair Value
As at 1 November 2023 and 31 October 2024 135,782
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 135,782 135,782
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 24,800 24,800
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 840 1,261
Director's loan account 703 391
Amounts owed to associates 76,030 74,362
77,573 76,014
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 97,465 97,465
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 97,465 97,465
9. Secured Creditors
The company has granted a standard security in favour of Charter Court Financial Services Ltd over property known as 14 Block C, Shepherd's Quay, North Shields, NE29 6LJ.
2024 2023
£ £
Bank loans and overdrafts 97,465 97,465
10. Capital Commitments
2024 2023
£ £
At the end of the period 235,000 235,000
As at the year end, the company had substantively entered into agreement to purchase a property for an amount of £235,000.
As of the date of this report, the property developer has entered into liquidation and it is not yet known if the company is contractually required to complete on the purchase. 
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Scott McMillan (391 ) - 312 - (703 )
The above loan is interest free and has no fixed repayment terms.
12. Related Party Transactions
Methodsco Limited is a company under common control of the director.
During the year, Methodsco Limited paid expenses on behalf of the company of £1,668 (2023: £28,653). As at the year end, the company owed £76,030 (2023: £74,362) to Methodsco Limited in respect of these expenses.
The above loans are interest free and have no set repayment terms.
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