2 false false false false false false false false false false true false false false false false false No description of principal activity 2021-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 125,000 100,000 25,000 125,000 25,000 xbrli:pure xbrli:shares iso4217:GBP SC574612 2021-11-01 2022-10-30 SC574612 2022-10-30 SC574612 2021-10-31 SC574612 2020-11-01 2021-10-31 SC574612 2021-10-31 SC574612 2020-10-31 SC574612 core:NetGoodwill 2021-11-01 2022-10-30 SC574612 bus:Director1 2021-11-01 2022-10-30 SC574612 core:NetGoodwill 2021-10-31 SC574612 core:NetGoodwill 2022-10-30 SC574612 core:WithinOneYear 2022-10-30 SC574612 core:WithinOneYear 2021-10-31 SC574612 core:ShareCapital 2022-10-30 SC574612 core:ShareCapital 2021-10-31 SC574612 core:RetainedEarningsAccumulatedLosses 2022-10-30 SC574612 core:RetainedEarningsAccumulatedLosses 2021-10-31 SC574612 core:NetGoodwill 2021-10-31 SC574612 bus:SmallEntities 2021-11-01 2022-10-30 SC574612 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-30 SC574612 bus:SmallCompaniesRegimeForAccounts 2021-11-01 2022-10-30 SC574612 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-30 SC574612 bus:FullAccounts 2021-11-01 2022-10-30 SC574612 core:ComputerEquipment 2021-11-01 2022-10-30 SC574612 core:OfficeEquipment 2021-11-01 2022-10-30 SC574612 core:ComputerEquipment 2022-10-30 SC574612 core:OfficeEquipment 2022-10-30 SC574612 core:ComputerEquipment 2021-10-31 SC574612 core:OfficeEquipment 2021-10-31
COMPANY REGISTRATION NUMBER: SC574612
Galloway McBain Limited
Filleted Unaudited Financial Statements
For the year ended
30 October 2022
Galloway McBain Limited
Statement of Financial Position
30 October 2022
30 Oct 22
31 Oct 21
Note
£
£
£
Fixed assets
Intangible assets
5
25,000
Tangible assets
6
3,280
13,681
-------
--------
3,280
38,681
Current assets
Stocks
2,500
Debtors
7
2,294
Cash at bank and in hand
13
407
----
-------
13
5,201
Creditors: amounts falling due within one year
8
515,651
385,311
---------
---------
Net current liabilities
515,638
380,110
---------
---------
Total assets less current liabilities
( 512,358)
( 341,429)
---------
---------
Net liabilities
( 512,358)
( 341,429)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 512,359)
( 341,430)
---------
---------
Shareholders deficit
( 512,358)
( 341,429)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 October 2022 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 period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Mr M Galloway
Director
Company registration number: SC574612
Galloway McBain Limited
Notes to the Financial Statements
Period from 1 November 2021 to 30 October 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL, Scotland. The principle place of business is 29-33 Dublin Street, Edinburgh, EH3 6NL, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities measured at fair value through profit or loss. The financial statements have been presented in Pounds Sterling as this is the functional and presentational currency of the company. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources with the support of the director to continue in operational existence for the foreseeable future. On this basis, they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33% straight line
Office equipment
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2021: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2021 and 30 October 2022
125,000
---------
Amortisation
At 1 November 2021
100,000
Charge for the period
25,000
---------
At 30 October 2022
125,000
---------
Carrying amount
At 30 October 2022
---------
At 31 October 2021
25,000
---------
6. Tangible assets
Computer Equipment
Office Equipment
Total
£
£
£
Cost
At 1 November 2021 and 30 October 2022
1,313
52,007
53,320
-------
--------
--------
Depreciation
At 1 November 2021
1,313
38,326
39,639
Charge for the period
10,401
10,401
-------
--------
--------
At 30 October 2022
1,313
48,727
50,040
-------
--------
--------
Carrying amount
At 30 October 2022
3,280
3,280
-------
--------
--------
At 31 October 2021
13,681
13,681
-------
--------
--------
7. Debtors
30 Oct 22
31 Oct 21
£
£
Trade debtors
1,677
Other debtors
617
----
-------
2,294
----
-------
8. Creditors: amounts falling due within one year
30 Oct 22
31 Oct 21
£
£
Trade creditors
12,146
9,178
Social security and other taxes
49,180
32,042
Other creditors
454,325
344,091
---------
---------
515,651
385,311
---------
---------
9. Related party transactions
Included within other creditors is a balance of £197,941 (2021: £194,546) due to Suilven Investments Limited - a company in which Mark Galloway is also a director. The loan is interest free and repayable on demand.