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REGISTERED NUMBER: SC317519 (Scotland)












Financial Statements for the Year Ended 31 March 2023

for

MCALLAN INNOVATIONS LIMITED

MCALLAN INNOVATIONS LIMITED (REGISTERED NUMBER: SC317519)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MCALLAN INNOVATIONS LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTOR: N McAllan





REGISTERED OFFICE: Woodside of Ardoe
Banchory-Devenick
Aberdeenshire
AB12 5XX





REGISTERED NUMBER: SC317519 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

MCALLAN INNOVATIONS LIMITED (REGISTERED NUMBER: SC317519)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 25,203 23,809
Tangible assets 5 24,914 24,566
50,117 48,375

CURRENT ASSETS
Debtors 6 13,380 3,479
Cash at bank 17,380 4,389
30,760 7,868
CREDITORS
Amounts falling due within one year 7 21,305 17,817
NET CURRENT ASSETS/(LIABILITIES) 9,455 (9,949 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

59,572

38,426

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 59,472 38,326
SHAREHOLDERS' FUNDS 59,572 38,426

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MCALLAN INNOVATIONS LIMITED (REGISTERED NUMBER: SC317519)

Balance Sheet - continued
31 March 2023


The 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2023 and were signed by:





N McAllan - Director


MCALLAN INNOVATIONS LIMITED (REGISTERED NUMBER: SC317519)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

McAllan Innovations Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised.

Development costs are being amortised evenly over their estimated useful life of ten years.

Research and development expenditure
Research and development is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is being deferred and amortised over the period from which the company is expected to benefit, 25% straight line.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MCALLAN INNOVATIONS LIMITED (REGISTERED NUMBER: SC317519)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022 196,473
Additions 2,000
At 31 March 2023 198,473
AMORTISATION
At 1 April 2022 172,664
Charge for year 606
At 31 March 2023 173,270
NET BOOK VALUE
At 31 March 2023 25,203
At 31 March 2022 23,809

MCALLAN INNOVATIONS LIMITED (REGISTERED NUMBER: SC317519)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2022 3,023 26,850 29,873
Additions 565 - 565
At 31 March 2023 3,588 26,850 30,438
DEPRECIATION
At 1 April 2022 2,689 2,618 5,307
Charge for year 177 40 217
At 31 March 2023 2,866 2,658 5,524
NET BOOK VALUE
At 31 March 2023 722 24,192 24,914
At 31 March 2022 334 24,232 24,566

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 13,172 2,174
Other debtors 208 1,305
13,380 3,479

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 2
Trade creditors 349 1,050
Taxation and social security 11,882 9,198
Other creditors 9,074 7,567
21,305 17,817

8. RELATED PARTY DISCLOSURES

The company was under the control of the director, N McAllan, throughout the current and previous year.

During the year the director advanced the company net amounts totalling £463. As at 31 March 2023 included within other creditors is a balance outstanding due to the director of £588 (2022 - £125). No interest has been paid on the funds advanced to the company.