Mountrose Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC233340 (Scotland)

MOUNTROSE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

Mrs M F T Brogan

SECRETARY:

A G Brogan

REGISTERED OFFICE:

c/o Hardie Caldwell LLP

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

REGISTERED NUMBER:

SC233340 (Scotland)

ACCOUNTANTS:

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

FIXED ASSETS

Tangible assets

4

534

-

Investment property

5

2,160,000

2,160,000

2,160,534

2,160,000

CURRENT ASSETS

Debtors

6

4,995

3,801

Cash at bank

219,315

134,549

224,310

138,350

CREDITORS

Amounts falling due within one year

7

560,733

546,600

NET CURRENT LIABILITIES

(336,423

)

(408,250

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,824,111

1,751,750

CREDITORS

Amounts falling due after more than one year

8

169,490

185,617

NET ASSETS

1,654,621

1,566,133

CAPITAL AND RESERVES

Called up share capital

10

2

2

Investment property reserve

735,705

735,705

Retained earnings

918,914

830,426

SHAREHOLDERS' FUNDS

1,654,621

1,566,133

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 on 4 March 2020 and were signed by:

Mrs M F T Brogan - Director

1.	STATUTORY INFORMATION

Mountrose Properties Limited is a private company, limited by shares, registered in Scotland. The company's

registered number is SC233340 and its registered office is Citypoint 2, 25 Tyndrum Street Glasgow, G4 0JY.

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.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational

existence for the foreseeable future. As well as having sufficient cash resources, for long term finance the

company also relies on the loan provided by the director, included within Other creditors in note 7. In assessing

going concern the director has assumed that this loan will not be repaid for the foreseeable future and, on that

basis, continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable.

Turnover represents gross income received through the rental of the company's investment properties less any

property expenses.

Tangible fixed assets

Depreciation of fixed assets is calculated to write off the cost or valuation less any residual value over their

estimated useful lives as follows:

Plant and machinery etc

25% straight line

Investment property

The investment properties are included at fair value. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply

when the properties are sold.

Financial instruments

Debtors

Other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable

amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise of cash at bank with a short term of maturity, being

twelve months or less, from the opening of the deposit or similar account.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a

past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Loans

Other loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at

amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

712

At 30 June 2019

712

DEPRECIATION

Charge for year

178

At 30 June 2019

178

NET BOOK VALUE

At 30 June 2019

534

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2018

2,160,000

Fair value movement

-

At 30 June 2019

2,160,000

The investment properties are valued by the director at fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

4,995

3,801

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loan

17,301

17,035

Trade creditors

-

2,534

Taxation and social security

28,273

31,510

Other creditors

515,159

495,521

560,733

546,600

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loan

169,490

185,617

Amounts falling due in more than five years:

Repayable by instalments

Bank loan > 5 yrs

100,285

117,476

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loan

186,791

202,652

The bank loan is secured over the assets of the company and a £100,000 personal guarantee from the director.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Mountrose Properties Limited for the year ended 30 June 2019 which comprise the Income

Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Mountrose Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mountrose Properties Limited and state those matters that we have agreed to state to the director of Mountrose Properties Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Mountrose Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mountrose Properties Limited. You consider that Mountrose Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mountrose Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

4 March 2020