1 April 2022 false No description of principal activity Taxfiler 2023.9 SC418351business:PrivateLimitedCompanyLtd2022-04-012023-03-31 SC4183512022-03-31 SC4183512022-04-012023-03-31 SC418351business:AuditExemptWithAccountantsReport2022-04-012023-03-31 SC418351business:AbridgedAccounts2022-04-012023-03-31 SC4183512023-03-31 SC418351business:Director12022-04-012023-03-31 SC418351business:Director22022-04-012023-03-31 SC418351business:RegisteredOffice2022-04-012023-03-31 SC4183512022-03-31 SC418351core:WithinOneYear2023-03-31 SC418351core:WithinOneYear2022-03-31 SC418351core:AfterOneYear2023-03-31 SC418351core:AfterOneYear2022-03-31 SC418351core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 SC418351core:ShareCapitalcore:PreviouslyStatedAmount2022-03-31 SC418351core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 SC418351core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-03-31 SC418351core:PreviouslyStatedAmount2023-03-31 SC418351core:PreviouslyStatedAmount2022-03-31 SC418351business:SmallEntities2022-04-012023-03-31 SC418351countries:Scotland2022-04-012023-03-31 SC418351core:PlantMachinery2022-04-012023-03-31 SC418351core:MotorVehicles2022-04-012023-03-31 SC418351core:FurnitureFittings2022-04-012023-03-31 SC418351core:MotorVehiclescore:LeasedAssetsHeldAsLessee2023-03-31 SC418351core:MotorVehiclescore:LeasedAssetsHeldAsLessee2022-03-31 SC418351core:BetweenOneFiveYears2023-03-31 SC418351core:BetweenOneFiveYears2022-03-31 SC4183512021-04-012022-03-31 iso4217:GBP xbrli:pure
Company Registration No. SC418351 (Scotland)
McInnes Group Limited Unaudited accounts for the year ended 31 March 2023
McInnes Group Limited Unaudited accounts Contents
Page
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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
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McInnes Group Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
62,664 
81,703 
Tangible assets
199,734 
15,326 
262,398 
97,029 
Current assets
Inventories
130,000 
100,000 
Debtors
554,151 
359,039 
Cash at bank and in hand
101,709 
56,161 
785,860 
515,200 
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)
Net assets
60,523 
17,778 
Capital and reserves
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
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McInnes Group Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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
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.
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McInnes Group Limited Notes to the Accounts for the year ended 31 March 2023
Deferred taxation
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
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
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.
Leased assets
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.
Pension costs
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.
Group accounts
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.
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McInnes Group Limited Notes to the Accounts for the year ended 31 March 2023
4
Intangible fixed assets
Total 
£ 
Cost
At 1 April 2022
81,703 
Additions
96,780 
Disposals
(85,091)
Revaluations
(30,728)
At 31 March 2023
62,664 
Amortisation
At 1 April 2022
- 
At 31 March 2023
- 
Net book value
At 31 March 2023
62,664 
At 31 March 2022
81,703 
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).
5
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 April 2022
53,411 
Additions
201,989 
At 31 March 2023
255,400 
Depreciation
At 1 April 2022
38,085 
Charge for the year
17,581 
At 31 March 2023
55,666 
Net book value
At 31 March 2023
199,734 
At 31 March 2022
15,326 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
187,276 
- 
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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 
55,546 
120,336 
7
Loans to directors
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.
8
Controlling party
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.
9
Average number of employees
During the year the average number of employees was 22 (2022: 23).
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