Company registration number SC340033 (Scotland)
MCLAREN VENDING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
MCLAREN VENDING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MCLAREN VENDING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,871
18,370
Tangible assets
4
197,616
151,502
Investments
5
1,000
-
0
212,487
169,872
Current assets
Stocks
80,040
60,089
Debtors
6
34,999
28,674
Cash at bank and in hand
86,482
190,134
201,521
278,897
Creditors: amounts falling due within one year
7
(90,624)
(100,356)
Net current assets
110,897
178,541
Total assets less current liabilities
323,384
348,413
Creditors: amounts falling due after more than one year
8
(31,667)
(44,409)
Provisions for liabilities
(25,524)
(23,717)
Net assets
266,193
280,287
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
265,193
279,287
Total equity
266,193
280,287

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

MCLAREN VENDING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 October 2023
MR P MCLAREN
Mr P McLaren
Director
Company Registration No. SC340033
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

McLaren Vending Limited is a private company limited by shares incorporated in Scotland. The registered office is 87 Lister Street, Townhead, Glasgow, United Kingdom, G4 0BZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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

 

Turnover represents the supply of vending machines and vending machine supplies. Turnover also includes the supply of cigarettes, drinks and confectionery to outlets through their wholesale operations.

1.4
Intangible fixed assets - goodwill

Goodwill represents the difference between fair value of consideration paid on acquisition of a business and the fair value of its separable net assets at the date of acquisition. Goodwill has been fully amortised in the year of purchase.

1.5
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
15% & 10% on cost
Plant and equipment
7 and 14 year straight line and variable rates on reducing balance
Fixtures and fittings
25% on reducing balance
Computer Equipment
20% & 25% on cost
Motor vehicles
25% on reducing balance
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.9
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and 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 comprehensive income.

 

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.11
Pension costs and other post-retirement benefits

The company operates a defined contribution plan for it's 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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
8
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
39,001
22,494
61,495
Amortisation and impairment
At 1 February 2022
39,001
4,124
43,125
Amortisation charged for the year
-
0
4,499
4,499
At 31 January 2023
39,001
8,623
47,624
Carrying amount
At 31 January 2023
-
0
13,871
13,871
At 31 January 2022
-
0
18,370
18,370
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2022
12,259
394,804
2,864
22,130
142,541
574,598
Additions
-
0
38,108
-
0
-
0
47,393
85,501
Disposals
-
0
-
0
-
0
-
0
(12,395)
(12,395)
At 31 January 2023
12,259
432,912
2,864
22,130
177,539
647,704
Depreciation and impairment
At 1 February 2022
6,289
303,476
2,864
20,247
90,220
423,096
Depreciation charged in the year
748
18,396
-
0
1,072
16,249
36,465
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(9,473)
(9,473)
At 31 January 2023
7,037
321,872
2,864
21,319
96,996
450,088
Carrying amount
At 31 January 2023
5,222
111,040
-
0
811
80,543
197,616
At 31 January 2022
5,970
91,328
-
0
1,883
52,321
151,502
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,000
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2022
-
Additions
1,000
At 31 January 2023
1,000
Carrying amount
At 31 January 2023
1,000
At 31 January 2022
-
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,421
2,695
Other debtors
27,578
25,979
34,999
28,674
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
7,500
Trade creditors
39,985
50,864
Other creditors
40,639
41,992
90,624
100,356
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,667
41,667
Other creditors
-
0
2,742
31,667
44,409
9
Related party transactions

During the year, the company made advances to the director of £6,800 and credits were received of £nil which resulted in amounts due to the director at the year end of £5,382 ( 2022- £12,182).

 

There are no set repayment terms, nor is interest charged on the outstanding balance due.

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