MULGUY PROPERTIES LTD


Directors	MCCOMB, Drew Alexander
	MCCOMB, Gordon Lowe


Registered Address	Flat 3/1, 6 Crossveggate
	Milngavie
	Glasgow
	G62 6RA


Registered Number	SC476649 (Scotland)

Statement of Financial Position
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		9,319		1,910
Investment property	4		566,000		525,176
			575,319		527,086
Current assets
Debtors	5	7,626		5,215
Cash at bank and on hand		208,779		215,021
		216,405		220,236
Creditors amounts falling due within one year	6	(2,292)		(2,183)
Net current assets (liabilities)			214,113		218,053
Total assets less current liabilities			789,432		745,139
Creditors amounts falling due after one year	7		(704,417)		(704,835)
Provisions for liabilities	8		(9,528)		(363)
Net assets			75,487		39,941
Capital and reserves
Called up share capital			1,002		1,002
Revaluation reserve			33,068		-
Profit and loss account			41,417		38,939
Shareholders' funds			75,487		39,941

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 14 October 2026, and are signed on its behalf by:

MCCOMB, Gordon Lowe
Director
Registered Company No. SC476649

MULGUY PROPERTIES LTD

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The financial statements are presented in Sterling (£).

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	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 values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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 values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

	Turnover policy
	Turnover represents rental income received. The company's policy is to recognise rental income in accordance with the terms of the leases.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.

Operating leases

Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Fixtures and fittings	15
	Office Equipment	15

	Investment property
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Financial instruments
	The company 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.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	0		0

3.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 April 25	-	2,423	2,423
Additions	7,130	773	7,903
At 31 March 26	7,130	3,196	10,326
Depreciation and impairment
At 01 April 25	-	513	513
Charge for year	178	316	494
At 31 March 26	178	829	1,007
Net book value
At 31 March 26	6,952	2,367	9,319
At 31 March 25	-	1,910	1,910

4.	Investment property
	On 31st March 2026 the Director valued the Investment Property on an Market Value basis. It is the opinion of the directors that this valuation has not materiality altered at the period end date. Had the Investment Property been measured at historical cost the amounts would have been Cost £525,176 (PYR - £525,176).


		£
	Fair value at 01 April 25	525,176
	Fair value adjustments	40,824
	At 31 March 26	566,000

5.	Debtors: amounts due within one year

	2026	2025
	£	£
Prepayments and accrued income	7,626	5,215
Total	7,626	5,215

6.	Creditors: amounts due within one year

	2026	2025
	£	£
Taxation and social security	-	383
Accrued liabilities and deferred income	2,292	1,800
Total	2,292	2,183

7.	Creditors: amounts due after one year

	2026	2025
	£	£
Other creditors	704,417	704,835
Total	704,417	704,835

8.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	9,528	363
Total	9,528	363

9.	Related party transactions
	At the year end, the company owed the directors £704,417 (PYR - £704,835). This loan in unsecured, interest free and repayable after more than one year.