Company registration number SC105108 (Scotland)
ROBERT MCCARROLL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
ROBERT MCCARROLL LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ROBERT MCCARROLL LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs V Gourlay
Mr R G McCarroll
Company number
SC105108
Registered office
8 Crowhill Road
Bishopbriggs
Glasgow
Scotland
G64 1QR
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
ROBERT MCCARROLL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
738,030
761,202
Current assets
Debtors
4
164,419
225,634
Cash at bank and in hand
11,228
50,124
175,647
275,758
Creditors: amounts falling due within one year
5
(246,597)
(297,894)
Net current liabilities
(70,950)
(22,136)
Total assets less current liabilities
667,080
739,066
Creditors: amounts falling due after more than one year
6
(393,941)
(322,676)
Provisions for liabilities
8
(33,401)
(70,871)
Net assets
239,738
345,519
Capital and reserves
Called up share capital
9
110,000
110,000
Profit and loss reserves
129,738
235,519
Total equity
239,738
345,519

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

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

The directors acknowledge their 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.

ROBERT MCCARROLL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
Mr R G McCarroll
Director
Company Registration No. SC105108
ROBERT MCCARROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Robert McCarroll Limited is a private company limited by shares incorporated in Scotland. The company's registered number is SC105108. The registered office is 8 Crowhill Road, Bishopbriggs, Glasgow, Scotland, G64 1QR.

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
Turnover

The turnover shown in the profit and loss account represents the value of all services delivered during the year at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

1.3
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
straight line over 10 years
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
straight line over 3 years
Motor vehicles
25% reducing balance

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 the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ROBERT MCCARROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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.

ROBERT MCCARROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -

Hire purchase

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

1.11
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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Total
17
19
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
72,691
1,957,904
21,160
5,720
21,755
2,079,230
Additions
-
0
100,000
1,740
-
0
-
0
101,740
At 31 March 2023
72,691
2,057,904
22,900
5,720
21,755
2,180,970
Depreciation and impairment
At 1 April 2022
72,691
1,204,218
19,867
5,720
15,532
1,318,028
Depreciation charged in the year
-
0
123,053
303
-
0
1,556
124,912
At 31 March 2023
72,691
1,327,271
20,170
5,720
17,088
1,442,940
Carrying amount
At 31 March 2023
-
0
730,633
2,730
-
0
4,667
738,030
At 31 March 2022
-
0
753,686
1,293
-
0
6,223
761,202
ROBERT MCCARROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
158,602
221,666
Other debtors
5,817
3,968
164,419
225,634
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
36,735
24,490
Trade creditors
26,605
13,572
Taxation and social security
25,694
35,404
Other creditors
157,563
224,428
246,597
297,894

Included within other creditors are amounts totalling £74,500 (2022 - £132,878) relating to hire purchase contracts which are secured over the assets to which they relate.

 

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
88,775
125,510
Other creditors
305,166
197,166
393,941
322,676

Included within other creditors are amounts totalling £45,166 (2022 - £47,166) relating to hire purchase contracts which are secured over the assets to which they relate.

 

Bank borrowings are secured in favour of the company's bankers by a floating charge over the assets of the company.

7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
33,401
70,871
ROBERT MCCARROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
184,508
190,301
Tax losses
(151,107)
(119,430)
33,401
70,871
2023
Movements in the year:
£
Liability at 1 April 2022
70,871
Credit to profit or loss
(37,470)
Liability at 31 March 2023
33,401
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
110,000 Ordinary shares of £1
110,000
110,000
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
24,050
32,498
11
Related party transactions

Included within other creditors are amounts totalling £304,984 (2022 - £192,199) due to the directors, of which £260,000 (2022 - £150,000) is repayable after more than 12 months. These loans are unsecured and interest free.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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