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MCGUINNESS CONTRACTING LIMITED

Registered Number
SC342643
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2023

MCGUINNESS CONTRACTING LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

MCGUINNESS, James
MCGUINNESS, Kimberley

Registered Address

5 Arnum Place
Carluke
ML8 4EE

Registered Number

SC342643 (Scotland)
MCGUINNESS CONTRACTING LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6-4,007
-4,007
Current assets
Debtors(7,670)-
Cash at bank and on hand40,82972,681
33,15972,681
Creditors amounts falling due within one year7(22,368)-
Net current assets (liabilities)10,79172,681
Total assets less current liabilities10,79176,688
Accruals and deferred income(630)(546)
Net assets10,16176,142
Capital and reserves
Called up share capital22
Profit and loss account10,15976,140
Shareholders' funds10,16176,142
The financial statements were approved and authorised for issue by the Board of Directors on 20 October 2023, and are signed on its behalf by:
MCGUINNESS, James
Director
MCGUINNESS, Kimberley
Director

Registered Company No. SC342643
MCGUINNESS CONTRACTING LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The company's principal activity is Financial management.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment18
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Taxation policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year01
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 June 229,884
Additions(8,317)
Disposals(1,567)
At 31 May 231,567
Depreciation and impairment
At 01 June 225,877
Charge for year721
On disposals(6,598)
At 31 May 231,567
Net book value
At 31 May 23-
At 31 May 224,007
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables20,000-
Other creditors2,368-
Total22,368-
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.