Macgregor Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC570060 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Macgregor Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M M Hodgson

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

EH7 4HG

REGISTERED NUMBER:

SC570060 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Intangible assets

3

494

-

Investments

4

112,000

-

112,494

-

CURRENT ASSETS

Stocks

5

-

220,644

Debtors

6

362

362

Cash at bank

21,776

1

22,138

221,007

CREDITORS

Amounts falling due within one year

7

138,377

222,675

NET CURRENT LIABILITIES

(116,239

)

(1,668

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,745

)

(1,668

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(3,845

)

(1,768

)

SHAREHOLDERS' FUNDS

(3,745

)

(1,668

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 14 December 2019 and were signed by:

M M Hodgson - Director

1.	STATUTORY INFORMATION

Macgregor Property 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.

The financial statements have been prepared on a going concern basis, the acceptability of which is dependent on

the continued support of the director.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Intangible fixed assets

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off

the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is

only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Investments

Investments in associates are measured at fair value through profit or loss. Where fair value cannot be measured

reliably, investments are measured at cost less impairment.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

738

At 31 March 2019

738

AMORTISATION

Amortisation for year

244

At 31 March 2019

244

NET BOOK VALUE

At 31 March 2019

494

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

112,000

At 31 March 2019

112,000

NET BOOK VALUE

At 31 March 2019

112,000

5.

STOCKS

31.3.19

31.3.18

£

£

Stocks

-

220,644

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other debtors

362

362

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other creditors

138,377

222,675

8.	DEFERRED TAX

£

Balance at 1 April 2018

(362

)

Balance at 31 March 2019

(362

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

100

Ordinary

£1

100

100

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The company owed the director £136,577 as at the 31 March 2019 (2018: £220,875).

11.	RELATED PARTY DISCLOSURES

Related Party

Transaction

Amount in year to 31.03.19

Amount in year to 31.03.18

Balance (payable to)/receivable from related party as at 31.03.19

Balance (payable to)/receivable from related party as at 31.03.18

£

£

£

£

Dickson Street Limited

Investment

112,000

Nil

112,000

Nil

MacGregor Property Limited is a significant shareholder in Dickson Street Limited.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is M M Hodgson.