1 February 2022 v2023.23.2 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBPSC4963272022-02-012023-01-31SC4963272023-01-31SC4963272022-01-31SC496327core:WithinOneYear2023-01-31SC496327core:WithinOneYear2022-01-31SC496327core:AfterOneYear2023-01-31SC496327core:AfterOneYear2022-01-31SC496327core:ShareCapital2023-01-31SC496327core:ShareCapital2022-01-31SC496327core:OtherReservesSubtotal2023-01-31SC496327core:RetainedEarningsAccumulatedLosses2023-01-31SC496327core:RetainedEarningsAccumulatedLosses2022-01-31SC496327bus:Director12022-02-012023-01-31SC496327bus:RegisteredOffice2022-02-012023-01-31SC496327core:MotorVehicles2022-02-012023-01-31SC4963272021-02-012022-01-31SC496327core:PlantMachinery2022-02-01SC496327core:PlantMachinery2022-02-012023-01-31SC496327core:PlantMachinery2023-01-31SC49632712022-02-012023-01-31SC496327countries:Scotland2022-02-012023-01-31SC496327bus:AuditExemptWithAccountantsReport2022-02-012023-01-31SC496327bus:PrivateLimitedCompanyLtd2022-02-012023-01-31SC496327bus:SmallEntities2022-02-012023-01-31SC496327bus:FullAccounts2022-02-012023-01-31
Company registration number:
SC496327
Mark O'Donnell Sealants Ltd
Unaudited Filleted Financial Statements for the year ended
31 January 2023
Mark O'Donnell Sealants Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Mark O'Donnell Sealants Ltd
Year ended
31 January 2023
As described on the statement of financial position, the Board of Directors of
Mark O'Donnell Sealants Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 January 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Horizon Business Advisors Ltd
12 Somerset Place
Glasgow
G3 7JT
United Kingdom
Date:
17 October 2023
Mark O'Donnell Sealants Ltd
Statement of Financial Position
31 January 2023
20232022
Note££
Fixed assets    
Tangible assets 5
530
  -  
Current assets    
Debtors 6
30,591
 
24,245
 
Cash at bank and in hand
10,366
  -  
40,957
 
24,245
 
Creditors: amounts falling due within one year 7
(32,274
)
(35,025
)
Net current assets/(liabilities)
8,683
 
(10,780
)
Total assets less current liabilities 9,213   (10,780 )
Creditors: amounts falling due after more than one year 8
(7,250
)
(10,250
)
Net assets/(liabilities)
1,963
 
(21,030
)
Capital and reserves    
Called up share capital
13
 
13
 
Other reserves
2,198
  -  
Profit and loss account
(248
)
(21,043
)
Shareholders funds/(deficit)
1,963
 
(21,030
)
For the year ending
31 January 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
17 October 2023
, and are signed on behalf of the board by:
M O'Donnell
Director
Company registration number:
SC496327
Mark O'Donnell Sealants Ltd
Notes to the Financial Statements
Year ended
31 January 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
c/o Horizon CA
,
12 Somerset Place
,
Glasgow
,
G3 7JT
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis. The director has assessed the current and future opportunities, and the potential liabilities of the company that are likely to arise over the next twelve months, and has deemed the going concern basis to be appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 February 2022
52,861
 
Additions
791
 
At
31 January 2023
53,652
 
Depreciation  
At
1 February 2022
52,861
 
Charge
261
 
At
31 January 2023
53,122
 
Carrying amount  
At
31 January 2023
530
 
At 31 January 2022 -  

6 Debtors

20232022
££
Trade debtors
5,535
  -  
Other debtors
25,056
 
24,245
 
30,591
 
24,245
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
3,000
 
8,696
 
Trade creditors
8,237
 
7,585
 
Taxation and social security
20,107
 
14,469
 
Other creditors
930
 
4,275
 
32,274
 
35,025
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
7,250
 
10,250