Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseQuantity surveyors1716truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC319341 2021-04-01 2022-03-31 SC319341 2022-03-31 SC319341 2020-04-01 2021-03-31 SC319341 2021-03-31 SC319341 2020-04-01 SC319341 c:Director1 2021-04-01 2022-03-31 SC319341 c:Director1 2022-03-31 SC319341 c:Director2 2021-04-01 2022-03-31 SC319341 c:Director2 2022-03-31 SC319341 c:Director3 2021-04-01 2022-03-31 SC319341 c:Director3 2022-03-31 SC319341 c:Director4 2021-04-01 2022-03-31 SC319341 c:Director4 2022-03-31 SC319341 c:Director5 2021-04-01 2022-03-31 SC319341 c:Director5 2022-03-31 SC319341 d:Buildings 2021-04-01 2022-03-31 SC319341 d:Buildings 2022-03-31 SC319341 d:Buildings 2021-03-31 SC319341 d:Buildings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 SC319341 d:FurnitureFittings 2021-04-01 2022-03-31 SC319341 d:FurnitureFittings 2022-03-31 SC319341 d:FurnitureFittings 2021-03-31 SC319341 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 SC319341 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 SC319341 d:Goodwill 2021-04-01 2022-03-31 SC319341 d:Goodwill 2022-03-31 SC319341 d:Goodwill 2021-03-31 SC319341 d:CurrentFinancialInstruments 2022-03-31 SC319341 d:CurrentFinancialInstruments 2021-03-31 SC319341 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC319341 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 SC319341 d:ShareCapital 2022-03-31 SC319341 d:ShareCapital 2021-03-31 SC319341 d:CapitalRedemptionReserve 2021-04-01 2022-03-31 SC319341 d:CapitalRedemptionReserve 2022-03-31 SC319341 d:CapitalRedemptionReserve 2021-03-31 SC319341 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 SC319341 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC319341 d:RetainedEarningsAccumulatedLosses 2021-03-31 SC319341 c:OrdinaryShareClass2 2021-04-01 2022-03-31 SC319341 c:OrdinaryShareClass2 2022-03-31 SC319341 c:OrdinaryShareClass2 2021-03-31 SC319341 c:OrdinaryShareClass3 2021-04-01 2022-03-31 SC319341 c:OrdinaryShareClass3 2022-03-31 SC319341 c:OrdinaryShareClass3 2021-03-31 SC319341 c:OrdinaryShareClass4 2021-04-01 2022-03-31 SC319341 c:OrdinaryShareClass4 2022-03-31 SC319341 c:OrdinaryShareClass4 2021-03-31 SC319341 c:OrdinaryShareClass5 2021-04-01 2022-03-31 SC319341 c:OrdinaryShareClass5 2022-03-31 SC319341 c:OrdinaryShareClass5 2021-03-31 SC319341 c:FRS102 2021-04-01 2022-03-31 SC319341 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 SC319341 c:FullAccounts 2021-04-01 2022-03-31 SC319341 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC319341 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 SC319341 d:AcceleratedTaxDepreciationDeferredTax 2021-03-31 SC319341 d:OtherDeferredTax 2022-03-31 SC319341 d:OtherDeferredTax 2021-03-31 SC319341 2 2021-04-01 2022-03-31 SC319341 d:Goodwill d:OwnedIntangibleAssets 2021-04-01 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number SC319341























MCGOWAN MILLER LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 31 MARCH 2022























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MCGOWAN MILLER LIMITED
REGISTERED NUMBER: SC319341

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
87,500
137,500

Tangible assets
 5 
188,736
199,228

  
276,236
336,728

Current assets
  

Debtors: amounts falling due within one year
 6 
352,520
306,946

Cash at bank and in hand
 7 
231,512
219,628

  
584,032
526,574

Creditors: amounts falling due within one year
 8 
(135,242)
(149,137)

Net current assets
  
 
 
448,790
 
 
377,437

Total assets less current liabilities
  
725,026
714,165

Provisions for liabilities
  

Deferred tax
 9 
(4,180)
(4,670)

  
 
 
(4,180)
 
 
(4,670)

Net assets
  
720,846
709,495


Capital and reserves
  

Called up share capital 
 10 
334
334

Capital redemption reserve
 11 
166
166

Profit and loss account
 11 
720,346
708,995

  
720,846
709,495


Page 1

 
MCGOWAN MILLER LIMITED
REGISTERED NUMBER: SC319341

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J C Graham
Director

Date: 23 August 2022

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MCGOWAN MILLER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

The company is a private company limited by shares, incorporated in Scotland within the United Kingdom. The address of the registered office is 51 Rae Street, Dumfries, DG1 1JD. The principal place of business in 36 George Street, Dumfries, DG1 1EH. The principal activity of the company is quantity and building surveying.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MCGOWAN MILLER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
MCGOWAN MILLER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Fixtures and fittings
-
20% straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 5

 
MCGOWAN MILLER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2021 - 16).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2021
500,000



At 31 March 2022

500,000



Amortisation


At 1 April 2021
362,500


Charge for the year on owned assets
50,000



At 31 March 2022

412,500



Net book value



At 31 March 2022
87,500



At 31 March 2021
137,500



Page 6

 
MCGOWAN MILLER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2021
202,000
64,187
266,187


Additions
-
1,909
1,909


Disposals
-
(490)
(490)



At 31 March 2022

202,000
65,606
267,606



Depreciation


At 1 April 2021
29,240
37,719
66,959


Charge for the year on owned assets
4,040
8,361
12,401


Disposals
-
(490)
(490)



At 31 March 2022

33,280
45,590
78,870



Net book value



At 31 March 2022
168,720
20,016
188,736



At 31 March 2021
172,760
26,468
199,228

Page 7

 
MCGOWAN MILLER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Debtors

2022
2021
£
£


Trade debtors
198,593
165,329

Other debtors
125,831
101,616

Prepayments and accrued income
28,096
40,001

352,520
306,946



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
231,512
219,628

231,512
219,628



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Deferred income
8,000
23,660

Trade creditors
3,154
2,877

Corporation tax
72,289
52,373

Other taxation and social security
44,327
61,807

Other creditors
2,322
577

Accruals and deferred income
5,150
7,843

135,242
149,137


Page 8

 
MCGOWAN MILLER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Deferred taxation




2022
2021


£

£






At beginning of year
(4,670)
(3,708)


Charged to profit or loss
490
(962)



At end of year
(4,180)
(4,670)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(4,617)
(4,670)

Short term timing differences
437
-

(4,180)
(4,670)


10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) B Ordinary shares of £1.00 each
100
100
100 (2021 - 100) C Ordinary shares of £1.00 each
100
100
100 (2021 - 100) D Ordinary shares of £1.00 each
100
100
17 (2021 - 17) E Ordinary shares of £1.00 each
17
17
17 (2021 - 17) F Ordinary shares of £1.00 each
17
17

334

334



11.


Reserves

Capital redemption reserve

The capital redemption reserve represents share capital purchased back by the company. 
This reserve is not distributable.

Profit and loss account

The profit and loss account comprises accumulated profits, less dividends and distributions paid and transfers to the capital redemption reserve.   This reserve is distributable in full.

Page 9

 
MCGOWAN MILLER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

12.


Pension commitments

The company makes contributions into the personal pension schemes of its directors and staff.   The assets of each of these schemes are held separate to those of the company in independently administered funds.   The pension costs in the accounts represent employer contributions to the pension schemes in the period. 
At the balance sheet date there was £1,744 (2021 - £nil) outstanding and this is included in creditors.


13.


Transactions with directors

Included within other debtors are the following directors' loan accounts:

Opening Balance
Advanced
Repaid
Closing Balance
        £
        £
        £
        £

Director 1

21,014

43,927

38,307
 
26,634
 
Director 2

38,246

49,265

58,184
 
29,327
 
Director 3

19,434

51,017

34,138
 
36,313
 
Director 4

19,922

51,494

38,150
 
33,266
 
Director 5

-

1,490

1,199
 
291
 

98,616

197,193

169,978
 
125,831
 

The amounts advanced were unsecured and repayable on demand. Interest has been charged on the balances using the HMRC official rate of interest.


Page 10