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Registration number: SC356066

J & J McIndoe Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

J & J McIndoe Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

J & J McIndoe Ltd

Company Information

Directors

Miss L Scott

Mrs S McIndoe

Mr J A McIndoe

Mr J P McIndoe

Registered office

 

16 Houston Mains
Uphall
Broxburn
West Lothian
EH52 6PA

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J & J McIndoe Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J & J McIndoe Ltd for the year ended 31 March 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of J & J McIndoe Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of J & J McIndoe Ltd and state those matters that we have agreed to state to the Board of Directors of J & J McIndoe Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & J McIndoe Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J & J McIndoe Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J & J McIndoe Ltd. You consider that J & J McIndoe Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J & J McIndoe Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

20 November 2023

 

J & J McIndoe Ltd

(Registration number: SC356066)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

25,026

4,996

Other financial assets

5

3,090

3,090

 

28,116

8,086

Current assets

 

Stocks

6

671

610

Debtors

7

47,005

80,519

Cash at bank and in hand

 

153,046

143,497

 

200,722

224,626

Creditors: Amounts falling due within one year

8

(142,076)

(153,650)

Net current assets

 

58,646

70,976

Total assets less current liabilities

 

86,762

79,062

Creditors: Amounts falling due after more than one year

8

(13,000)

(19,000)

Provisions for liabilities

(5,392)

(147)

Net assets

 

68,370

59,915

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

67,370

58,915

Shareholders' funds

 

68,370

59,915

For the financial year ending 31 March 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 Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

 

J & J McIndoe Ltd

(Registration number: SC356066)
Balance Sheet as at 31 March 2023

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 20 November 2023 and signed on its behalf by:
 

.........................................
Mr J P McIndoe
Director

 

J & J McIndoe Ltd

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

1

General information

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

The address of its registered office is:
16 Houston Mains
Uphall
Broxburn
West Lothian
EH52 6PA

These financial statements were authorised for issue by the Board on 20 November 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of the maintenance and repair of motor vehicles. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

J & J McIndoe Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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

25% reducing balance

Other tangible assets

20% reducing balance

 

J & J McIndoe Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

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

 

J & J McIndoe Ltd

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

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

13,750

34,176

47,926

Additions

28,329

-

28,329

At 31 March 2023

42,079

34,176

76,255

Depreciation

At 1 April 2022

9,399

33,531

42,930

Charge for the year

8,170

129

8,299

At 31 March 2023

17,569

33,660

51,229

Carrying amount

At 31 March 2023

24,510

516

25,026

At 31 March 2022

4,351

645

4,996

 

J & J McIndoe Ltd

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

FA investment

3,090

3,090

At 31 March 2023

3,090

3,090

Impairment

Carrying amount

At 31 March 2023

3,090

3,090

6

Stocks

2023
£

2022
£

Stock

671

610

7

Debtors

2023
£

2022
£

Trade debtors

40,159

80,519

Other debtors

6,846

-

47,005

80,519

 

J & J McIndoe Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

6,000

6,000

Trade creditors

 

65,248

97,969

Taxation and social security

 

10,246

10,100

Accruals and deferred income

 

-

2,300

Other creditors

 

60,582

37,281

 

142,076

153,650

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

13,000

19,000

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

13,000

19,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,000

6,000

The bank loan is supported by a 100% guarantee from the UK Government.

 

J & J McIndoe Ltd

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

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

11

Related party transactions

The company operates a loan account with the directors.
During the year, the directors advanced loans totalling £28,182 to the company. At the year end, the balance due to the directors was £60,582 (2022 - £32,399). This loan is unsecured, interest free and has no fixed repayment terms.