General Information
MATCHLESS PROPERTIES LIMITED is a private company, limited by shares, registered in Scotland, registration number SC649709, registration address 42 MUIRFIELD CRESCENT, DUNDEE SCOTLAND, DD3 8PT.
The presentation currency is £ sterling.
Reporting Period :
FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity's reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
Previous years figures have been restated where appropriate.
| 1. |
Accounting policies
Significant accounting policies
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principalaccounting policies adopted are set out below.
The Financial Statements of Matchless Properties Limited for the year ended 31 March 2025 ( Comparative Period ended 1 January 2023 to 31 March 2024) are prepared in accordance with FRS 102, the Financials Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and machinery etc |
3 Years |
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
|
| 2. |
Average number of employees
Average number of employees during the year was 2 (2024 : 2).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Investment properties |
|
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 April 2024 |
383,679 |
|
1,330 |
|
385,009 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| Revaluations |
(9,679) |
|
- |
|
(9,679) |
| At 31 March 2025 |
374,000 |
|
1,330 |
|
375,330 |
| Depreciation |
| At 01 April 2024 |
- |
|
711 |
|
711 |
| Charge for year |
- |
|
619 |
|
619 |
| On disposals |
- |
|
- |
|
- |
| At 31 March 2025 |
- |
|
1,330 |
|
1,330 |
| Net book values |
| Closing balance as at 31 March 2025 |
374,000 |
|
- |
|
374,000 |
| Opening balance as at 01 April 2024 |
383,679 |
|
619 |
|
384,298 |
Investment property comprises a small number of properties in Aberdeen. The company has used an historical cost method plus subsequent revaluation method to determine the value per the accounts.
|
| 4. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Other Debtors |
3,056 |
|
2,081 |
|
3,056 |
|
2,081 |
|
| 5. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Taxation and Social Security |
1,108 |
|
454 |
| Other Creditors |
109,974 |
|
112,291 |
|
111,082 |
|
112,745 |
|
| 6. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
269,118 |
|
268,816 |
|
269,118 |
|
268,816 |
|
| 7. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
10
Ordinary shares of £1.00 each |
10 |
|
10 |
|
10 |
|
10 |
|
| 8. |
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are 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.
|
| 9. |
Reporting period comparatives
The Financial Statements of Matchless Properties Limited for the year ended 31 March 2025.
The comparative information is for the longer Period starting from 1 January 2023 to 31 March 2024.
The prior period accounting period was extended to make the financial year aligning with March year end and comparative amounts presented in the financial statements (including related notes) are not entirely comparable.
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3
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