REGISTERED NUMBER: SC370945 (Scotland)

Meritorium Springvalley Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M P Fitzgerald

SECRETARY:

Mr M P Fitzgerald

REGISTERED OFFICE:

11 Dalhousie Crescent

Dalkeith

Midlothian

EH22 3DP

REGISTERED NUMBER:

SC370945 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Starling Bank

7th Floor

Norfolk House

31 St James's Square

London

SW1Y 4JR

FIXED ASSETS

Tangible assets

4

-

14

Investment property

5

193,659

193,659

193,659

193,673

CURRENT ASSETS

Cash at bank

2,452

2,435

CREDITORS

Amounts falling due within one year

6

100,850

100,039

NET CURRENT LIABILITIES

(98,398

)

(97,604

)

TOTAL ASSETS LESS CURRENT LIABILITIES

95,261

96,069

CREDITORS

Amounts falling due after more than one year

7

(20,882

)

(25,911

)

PROVISIONS FOR LIABILITIES

(1,221

)

(1,224

)

NET ASSETS

73,158

68,934

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

47,779

47,779

Retained earnings

25,279

21,055

SHAREHOLDERS' FUNDS

73,158

68,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 14 August 2025 and were signed by:

Mr M P Fitzgerald - Director

1.	STATUTORY INFORMATION

Meritorium Springvalley 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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover and revenue recognition

The turnover shown in the profit and loss account represents rent receivable during the period.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Investment property

Investment properties are shown at their open market value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

This is in accordance with the FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the Companies Act is required in order to give a true and fair view.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2024

and 31 January 2025

919

DEPRECIATION

At 1 February 2024

905

Charge for year

14

At 31 January 2025

919

NET BOOK VALUE

At 31 January 2025

-

At 31 January 2024

14

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2024

and 31 January 2025

193,659

NET BOOK VALUE

At 31 January 2025

193,659

At 31 January 2024

193,659

The investment property portfolio is valued at the open market value by the director.

Fair value at 31 January 2025 is represented by:

£

Valuation in 2015

6,000

Valuation in 2016

3,000

Valuation in 2017

5,000

Valuation in 2018

(3,000

)

Valuation in 2019

18,000

Valuation in 2021

20,000

Valuation in 2022

10,000

Valuation in 2023

(10,000

)

Cost

144,659

193,659

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

3,935

3,662

Taxation and social security

994

569

Other creditors

95,921

95,808

100,850

100,039

The director's current account is interest free, unsecured, and has no fixed term for repayment.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

20,882

25,911

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,720

9,099

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

24,817

29,573

On 8 April 2023, a standard security was created in favour of The Mortgage Works (UK) plc over the property 6 (3F2) Springvalley Terrace, Edinburgh, EH10 4QD.

9.

RESERVES

Fair

value

reserve

£

At 1 February 2024

and 31 January 2025

47,779

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.