Registered number
SC250387
MCNAB IMPROVEMENTS
Filleted Accounts
30 June 2023
MCNAB IMPROVEMENTS
Registered number: SC250387
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2 2
Current assets
Stocks 500 500
Debtors 4 143 197
Cash at bank and in hand 19,440 6,700
20,083 7,397
Creditors: amounts falling due within one year 5 (43,558) (30,407)
Net current liabilities (23,475) (23,010)
Net liabilities (23,473) (23,008)
Capital and reserves
Called up share capital 2 2
Profit and loss account (23,475) (23,010)
Shareholders' funds (23,473) (23,008)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Steven McNab
Director
Approved by the board on 2 February 2224
MCNAB IMPROVEMENTS
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 13,660 24,900 38,560
At 30 June 2023 13,660 24,900 38,560
Depreciation
At 1 July 2022 13,659 24,899 38,558
At 30 June 2023 13,659 24,899 38,558
Net book value
At 30 June 2023 1 1 2
At 30 June 2022 1 1 2
4 Debtors 2023 2022
£ £
Trade debtors 143 197
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 11,752 1,820
Taxation and social security costs 7,847 5,206
Other creditors 23,959 23,381
43,558 30,407
6 Other information
MCNAB IMPROVEMENTS is a private company limited by shares and incorporated in Scotland. Its registered office is:
2 Bleeze Road
Dalry
Ayr
KA24 5DF
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