REGISTERED NUMBER: SC743049 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2025

for

1MG Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

6

DIRECTORS:

Mrs Joanne Knox

Mr Alan Robert Knox

REGISTERED OFFICE:

1 Mcmillan Gardens

Airdrie

ML6 9GF

REGISTERED NUMBER:

SC743049 (Scotland)

ACCOUNTANTS:

Wallace White Accountants

2nd Floor

22-24 Blythswood Square

Glasgow

G2 4BG

FIXED ASSETS

Tangible assets

4

633

2,499

Investment property

5

374,018

374,018

374,651

376,517

CURRENT ASSETS

Cash at bank and in hand

2,059

3,354

CREDITORS

Amounts falling due within one year

6

13,887

1,710

NET CURRENT (LIABILITIES)/ASSETS

(11,828

)

1,644

TOTAL ASSETS LESS CURRENT LIABILITIES

362,823

378,161

CREDITORS

Amounts falling due after more than one year

7

395,551

393,041

NET LIABILITIES

(32,728

)

(14,880

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(32,828

)

(14,980

)

(32,728

)

(14,880

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 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.

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 11 November 2025 and were signed on its behalf by:

Mrs Joanne Knox - Director

Mr Alan Robert Knox - Director

1.	STATUTORY INFORMATION

1MG Properties 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

As at 31st August 2025 the company had net liabilities of £32,728 (2024 - £14,880). The largest liability owed by the company is to another company under common control of the directors, which will not seek repayment of this liability to the detriment of the ability of the company to trade as a going concern. As such the financial statements have been prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2024

and 31 August 2025

5,655

DEPRECIATION

At 1 September 2024

3,156

Charge for year

1,866

At 31 August 2025

5,022

NET BOOK VALUE

At 31 August 2025

633

At 31 August 2024

2,499

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2024

and 31 August 2025

374,018

NET BOOK VALUE

At 31 August 2025

374,018

At 31 August 2024

374,018

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

as restated

£

£

Other creditors

13,887

1,710

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.25

31.8.24

as restated

£

£

Bank loans

158,993

158,993

Amounts owed to participating interests

236,558

234,048

395,551

393,041

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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 August 2025 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Wallace White Accountants

2nd Floor

22-24 Blythswood Square

Glasgow

G2 4BG

11 November 2025