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REGISTERED NUMBER: SC425376 (Scotland)





















Unaudited Financial Statements

For The Year Ended 30 November 2024

for

Mcmillan & Co Residential Ltd

Mcmillan & Co Residential Ltd (Registered number: SC425376)






Contents of the Financial Statements
For The Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Mcmillan & Co Residential Ltd

Company Information
For The Year Ended 30 November 2024







DIRECTORS: K G McMillan
Mrs D.F. McMillan





REGISTERED OFFICE: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
G32 8FH





REGISTERED NUMBER: SC425376 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Mcmillan & Co Residential Ltd (Registered number: SC425376)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 9,979,783 11,239,931

CURRENT ASSETS
Debtors 5 1,014,694 633,346
Cash at bank 4,201 119,741
1,018,895 753,087
CREDITORS
Amounts falling due within one year 6 615,328 330,267
NET CURRENT ASSETS 403,567 422,820
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,383,350

11,662,751

CREDITORS
Amounts falling due after more than one
year

7

(8,326,258

)

(9,772,140

)

PROVISIONS FOR LIABILITIES (3,289 ) (6,254 )
NET ASSETS 2,053,803 1,884,357

CAPITAL AND RESERVES
Called up share capital 3,500,000 3,500,000
Revaluation reserve 9 200,018 200,018
Retained earnings (1,646,215 ) (1,815,661 )
SHAREHOLDERS' FUNDS 2,053,803 1,884,357

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.

Mcmillan & Co Residential Ltd (Registered number: SC425376)

Balance Sheet - continued
30 November 2024


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 29 August 2025 and were signed on its behalf by:





K G McMillan - Director


Mcmillan & Co Residential Ltd (Registered number: SC425376)

Notes to the Financial Statements
For The Year Ended 30 November 2024

1. STATUTORY INFORMATION

Mcmillan & Co Residential Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents rental income in relation to properties owned by the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 33% on cost and 25% on reducing balance

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.


Mcmillan & Co Residential Ltd (Registered number: SC425376)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2023 13,164,096 104,179 41,607 47,592 13,357,474
Additions 76,311 25,860 - 29,844 132,015
Disposals (1,357,243 ) - - (14,980 ) (1,372,223 )
At 30 November 2024 11,883,164 130,039 41,607 62,456 12,117,266
DEPRECIATION
At 1 December 2023 1,981,303 79,096 31,970 25,174 2,117,543
Charge for year 237,662 12,535 1,445 15,313 266,955
Eliminated on disposal (232,035 ) - - (14,980 ) (247,015 )
At 30 November 2024 1,986,930 91,631 33,415 25,507 2,137,483
NET BOOK VALUE
At 30 November 2024 9,896,234 38,408 8,192 36,949 9,979,783
At 30 November 2023 11,182,793 25,083 9,637 22,418 11,239,931

Mcmillan & Co Residential Ltd (Registered number: SC425376)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 November 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2014 232,579 - - - 232,579
Cost 11,650,585 130,039 41,607 62,456 11,884,687
11,883,164 130,039 41,607 62,456 12,117,266

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.11.24 30.11.23
£    £   
Cost 14,075,541 14,075,541
Aggregate depreciation 1,436,835 1,436,835

Freehold Land & Buildings were valued on a realistic basis basis on 1 September 2014 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Other debtors 1,014,694 633,346

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts 10,119 10,124
Hire purchase contracts and finance leases 22,429 8,412
Trade creditors 6,588 -
Amounts owed to associates 122,561 -
Taxation and social security 83,285 82,434
Other creditors 370,346 229,297
615,328 330,267

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Bank loans 8,293,294 9,742,547
Hire purchase contracts and finance leases 32,964 29,593
8,326,258 9,772,140

Bank loans are on a part capital repayment, part interest only basis. The interest amount is variable and the capital element has not been identified. As a result the accounts do not disclose the amount repayable within 1 year, between 1 and 2 years and more than 5 years.

Mcmillan & Co Residential Ltd (Registered number: SC425376)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Bank loans 8,303,413 9,752,671

The bank loans are secured against the properties.

9. RESERVES
Revaluation
reserve
£   
At 1 December 2023
and 30 November 2024 200,018

10. RELATED PARTY DISCLOSURES

The company has a loan account with the director. At the end of the financial year the director owed 583,514 (2023 - £406,737) to the company.


The director is also the director of Glasgow City B&B Ltd. At the end of the financial year the company was due £122,561 (2023 - £Nil) from Glasgow City B&B Ltd.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Mcmillan & Co Residential Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mcmillan & Co Residential Ltd for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Mcmillan & Co Residential Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mcmillan & Co Residential Ltd and state those matters that we have agreed to state to the Board of Directors of Mcmillan & Co Residential Ltd, as a body, in this report in accordance with the requirements of 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mcmillan & Co Residential 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 profit of Mcmillan & Co Residential Ltd. You consider that Mcmillan & Co Residential 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 financial statements of Mcmillan & Co Residential 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.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


29 August 2025