Company Registration No. SC418351 (Scotland)
McInnes Group Limited
Unaudited accounts
for the year ended 31 March 2023
McInnes Group Limited
Unaudited accounts
Contents
McInnes Group Limited
Company Information
for the year ended 31 March 2023
Directors
L McInnes
F McInnes
Company Number
SC418351 (Scotland)
Registered Office
Unit 3a
Harbour Road
Inverness
IV1 1UF
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
McInnes Group Limited
Statement of financial position
as at 31 March 2023
Intangible assets
62,664
81,703
Tangible assets
199,734
15,326
Inventories
130,000
100,000
Cash at bank and in hand
101,709
56,161
Creditors: amounts falling due within one year
(769,841)
(515,539)
Net current assets/(liabilities)
16,019
(339)
Total assets less current liabilities
278,417
96,690
Creditors: amounts falling due after more than one year
(182,796)
(76,000)
Provisions for liabilities
Deferred tax
(35,098)
(2,912)
Called up share capital
100
100
Profit and loss account
60,423
17,678
Shareholders' funds
60,523
17,778
For the year ending 31 March 2023 the company was entitled to exemption from audit 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2023 and were signed on its behalf by
L McInnes
Director
Company Registration No. SC418351
McInnes Group Limited
Notes to the Accounts
for the year ended 31 March 2023
McInnes Group Limited is a private company, limited by shares, registered in Scotland, registration number SC418351. The registered office is Unit 3a, Harbour Road, Inverness, IV1 1UF.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
20% reducing balance
Fixtures & fittings
25% straight line
Intangible fixed assets (including cryptocurrencies) are included at cost and revalued at each reporting period by reference to their open market values.
Cryptocurrencies are deemed to have an indefinite useful life and as such they are not amortised over a fixed period. The company has adopted the revaluation method when presenting this asset class.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
McInnes Group Limited
Notes to the Accounts
for the year ended 31 March 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.
McInnes Group Limited
Notes to the Accounts
for the year ended 31 March 2023
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Intangible fixed assets
Total
As at 31 March 2023 £26,425 (2022 - £40,852) of the intangible assets were pledged as security for liabilities.
If the company had adopted the cost model the carrying value of the intangible assets would have been £106,345 (2022 - £81,703).
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Tangible fixed assets
Total
Charge for the year
17,581
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
187,276
-
McInnes Group Limited
Notes to the Accounts
for the year ended 31 March 2023
6
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
37,017
Later than one year and not later than five years
55,546
83,319
Included in other debtors is a loan to the director L McInnes of £47,154 (2022 - £53,084). This loan attracts interest at the statutory rate, has no terms of repayment and is unsecured.
The company is controlled by McInnes Holding Limited by virtue of its 100% shareholding. The parent company's registered office and place of business is Unit 3a, Harbour Road, Inverness, IV1 1UF.
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Average number of employees
During the year the average number of employees was 22 (2022: 23).