Company registration number SC784483 (Scotland)
A & A Munro Ltd
Unaudited financial statements
for the period ended 31 October 2024
Pages for filing with registrar
A & A Munro Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of A & A Munro Ltd
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 A & A Munro Ltd for the period ended 31 October 2024 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://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of A & A Munro Ltd, as a body, in accordance with the terms of our engagement letter dated 13 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of A & A Munro Ltd and state those matters that we have agreed to state to the board of directors of A & A Munro Ltd, 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 A & A Munro Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that A & A Munro Ltd 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 A & A Munro Ltd. You consider that A & A Munro Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of A & A Munro 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 statutory financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
1 July 2025
A & A Munro Ltd
Balance sheet
as at 31 October 2024
2
2024
Notes
£
£
Fixed assets
Investment property
2
1,440,000
Current assets
Debtors
29,177
Cash at bank and in hand
5,367
34,544
Creditors: amounts falling due within one year
(2,883)
Net current assets
31,661
Total assets less current liabilities
1,471,661
Creditors: amounts falling due after more than one year
3
(1,483,027)
Net liabilities
(11,366)
Capital and reserves
Called up share capital
20
Profit and loss reserves
(11,386)
Total equity
(11,366)

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period 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.

A & A Munro Ltd
Balance sheet (continued)
as at 31 October 2024
3
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
Anna Munro
Alexander Munro
Director
Director
Company registration number SC784483 (Scotland)
A & A Munro Ltd
Notes to the financial statements
for the period ended 31 October 2024
4
1
Accounting policies
Company information

A & A Munro Ltd is a private company limited by shares incorporated in Scotland. The registered office is Upper Westwood, Kinellar, Aberdeen, AB21 0SR.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

A & A Munro Ltd
Notes to the financial statements (continued)
for the period ended 31 October 2024
1
Accounting policies (continued)
5
1.3
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.4
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Investment property
2024
£
Fair value
At 2 October 2023
-
0
Additions
1,440,000
At 31 October 2024
1,440,000

Investment property comprises 17 flats in Aberdeen and Edinburgh. The fair value of the investment property has been arrived at August 2024 on the basis of a valuation carried out at VAS Group, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

A & A Munro Ltd
Notes to the financial statements (continued)
for the period ended 31 October 2024
6
3
Creditors: amounts falling due after more than one year

Secured creditors totalling £931,000 are included within creditors: amounts falling due after more than one year.

 

Bank borrowings are secured by Standard Securities over the company's properties.

Creditors which fall due after five years are as follows:
2024
£
Payable by instalments
931,000
4
Going concern

The company has net liabilities of £11,366, but included in creditors is the sum of £552,027 owed to the directors and their other company. The directors have confirmed that they will not call in this amount for as long as necessary to ensure the ongoing viability of the company. The directors therefore consider it to be appropriate for the accounts to be prepared on the going concern basis.

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