ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: SC638759

MMMARS DUNDAS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

MMMARS DUNDAS LTD

REGISTERED NUMBER: SC638759

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Stocks	4	11,082,801		11,082,801
Debtors		39,627		-
Cash at bank and in hand	5	153,625		220,478
		11,276,053		11,303,279
Creditors: Amounts falling due within one year	6	(11,364,508)		(11,052,098)

Net (liabilities)/assets			(88,455)		251,181

Capital and reserves
Called up share capital	580	580
Profit and loss account	(89,035)	250,601
	(88,455)	251,181

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

W Laxton

Director

Date: 3 September 2025

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MMMARS DUNDAS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

MMMARS Dundas Ltd is a private company, limited by shares, registered in England and Wales. Its registered and trading address is 19a Rutland Square, Edinburgh, EH1 2BB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements for the Company have been prepared on a going concern basis. The Company recorded a loss after tax for the financial year of 339,636 and had net liablity of 88,455 at the date of the Statement of Financial Position.
The shareholders have confirmed that they have no intention to recall the shareholder loans, or such amounts as would compromise the ability of the Company to meet its obligations for a period of twelve months from the date of signing of the financial statements despite the loans being able to be recalled on demand.
After reviewing the Company's forecasts and projections the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from the sale of properties is recognised on the date of legal completion.

2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

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MMMARS DUNDAS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Stock

Trading stock of properties are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase plus the attendant costs of developing the property to a saleable state.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Property acquisitions and disposals are accounted for when legally binding contracts, which are irrevocable and unconditional, are exchanged.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.8

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.

2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.10

Creditors

Short-term 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.

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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MMMARS DUNDAS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

4.	Stocks
		2024	2023
		£	£

	Property held for development	11,082,801	11,082,801

5.	Cash
		2024	2023
		£	£

	Cash at bank and in hand	153,625	220,478

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	5,103,118	5,194,618
Other taxation and social security	-	7,072
Other creditors	6,261,390	5,824,779
Accruals and deferred income	-	25,629
	11,364,508	11,052,098

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MMMARS DUNDAS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	5,103,118	5,194,618



	5,103,118	5,194,618

The bank loan is secured on the property owned by the Company. Interest is charged on the loan at LIBOR plus 2.5% and is repayable in March 2025. Quarterly instalments are made of £30,500.

	Not later than 1 year	-	86,590
		-	86,590

9.	Related party transactions
	Included within other creditors are shareholder loans totalling £6,261,390 (2023: £5,799,420) which are interest free and repayable on demand.

10.	Controlling party

The Company is a joint venture and the directors consider there to be no single ultimate controlling party.

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