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Registration number: SC475912

MGR McLean Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

MGR McLean Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

MGR McLean Ltd.

Company Information

Directors

Miss Danielle Rice

Mr Michael Rice

Mrs Evelyn Rice

Registered office

30 Tannoch Drive
Cumbernauld
G67 2XX

Accountants

Clyde Business Services
159 King Street
Glasgow
Lanarkshire
G73 1BZ

 

MGR McLean Ltd.

(Registration number: SC475912)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

288,235

348,240

Current assets

 

Debtors

5

229,233

180,705

Cash at bank and in hand

 

371,492

505,928

 

600,725

686,633

Creditors: Amounts falling due within one year

6

(125,708)

(263,719)

Net current assets

 

475,017

422,914

Total assets less current liabilities

 

763,252

771,154

Creditors: Amounts falling due after more than one year

6

(85,983)

(148,600)

Net assets

 

677,269

622,554

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

677,169

622,454

Shareholders' funds

 

677,269

622,554

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 September 2023 and signed on its behalf by:
 

.........................................
Mr Michael Rice
Director

 

MGR McLean Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
30 Tannoch Drive
Cumbernauld
G67 2XX

These financial statements were authorised for issue by the Board on 18 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

MGR McLean Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

motor vehicles

20% reducing balance

plant & machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

MGR McLean Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 6).

 

MGR McLean Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

4,722

204,890

431,870

641,482

Additions

-

30,212

15,349

45,561

Disposals

-

(67,270)

-

(67,270)

At 30 April 2023

4,722

167,832

447,219

619,773

Depreciation

At 1 May 2022

3,175

92,113

197,954

293,242

Charge for the year

309

23,962

49,853

74,124

Eliminated on disposal

-

(35,828)

-

(35,828)

At 30 April 2023

3,484

80,247

247,807

331,538

Carrying amount

At 30 April 2023

1,238

87,585

199,412

288,235

At 30 April 2022

1,547

112,777

233,916

348,240

5

Debtors

Current

2023
£

2022
£

Trade debtors

144,733

180,705

Other debtors

84,500

-

 

229,233

180,705

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

45,111

140,943

Taxation and social security

80,171

121,798

Other creditors

426

978

125,708

263,719

Creditors: amounts falling due after more than one year

 

MGR McLean Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

85,983

148,600

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,837

40,833

Out of balance to non-current Loans and borrowings category

(55,146)

(107,767)

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £755.00 (2022 - £1,360.00) per ordinary share

 

75,500

 

136,000

         

10

Related party transactions

 

MGR McLean Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

37,864

37,864