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COMPANY REGISTRATION NUMBER: SC231518
J & J McCann (Holdings) Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
J & J McCann (Holdings) Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
J & J McCann (Holdings) Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
56,019
51,041
Investments
6
1,334
2,448
--------
--------
57,353
53,489
Current assets
Stocks
11,043
11,719
Debtors
7
374,926
301,204
Cash at bank and in hand
41
41
---------
---------
386,010
312,964
Creditors: amounts falling due within one year
8
274,181
237,705
---------
---------
Net current assets
111,829
75,259
---------
---------
Total assets less current liabilities
169,182
128,748
Creditors: amounts falling due after more than one year
9
49,693
57,574
Provisions
9,041
7,074
---------
---------
Net assets
110,448
64,100
---------
---------
J & J McCann (Holdings) Limited
Statement of Financial Position (continued)
28 February 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
4,006
4,006
Profit and loss account
106,442
60,094
---------
--------
Shareholders funds
110,448
64,100
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 January 2024 , and are signed on behalf of the board by:
Mr William M Lawrie
Mr James W Lawrie
Director
Director
Company registration number: SC231518
J & J McCann (Holdings) Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Old Station Yard, Station Road, Biggar, Lanarkshire, ML12 6DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Equipment
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor vehicles
-
30% reducing balance
Investments
Fixed asset investments are initially recorded at cost.
Listed investments are subsequently measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 19 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
151,459
13,045
112,081
276,585
Additions
920
20,742
21,662
---------
--------
---------
---------
At 28 February 2023
151,459
13,965
132,823
298,247
---------
--------
---------
---------
Depreciation
At 1 March 2022
124,916
10,294
90,334
225,544
Charge for the year
3,981
482
12,221
16,684
---------
--------
---------
---------
At 28 February 2023
128,897
10,776
102,555
242,228
---------
--------
---------
---------
Carrying amount
At 28 February 2023
22,562
3,189
30,268
56,019
---------
--------
---------
---------
At 28 February 2022
26,543
2,751
21,747
51,041
---------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 28 February 2023
14,944
--------
At 28 February 2022
14,697
--------
6. Investments
Listed investments
£
Valuation
At 1 March 2022
2,448
Revaluations
( 1,114)
-------
At 28 February 2023
1,334
-------
Impairment
At 1 March 2022 and 28 February 2023
-------
Carrying amount
At 28 February 2023
1,334
-------
At 28 February 2022
2,448
-------
Investments consist of quoted shares on the London Stock Exchange. The fair value of these investments was determined with reference to the quoted market prices, of each security, prevailing at the reporting date.
In the current year the company received dividend income of £102 (2022 - £18) from these investments. In addition the investments held incurred a loss in their fair value of £1,114 (2022 - Gain £484). Both of these items have been recognised in the profit and loss account in the year.
7. Debtors
2023
2022
£
£
Trade debtors
66,490
5,540
Other debtors
308,436
295,664
---------
---------
374,926
301,204
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
57,745
23,553
Trade creditors
81,590
66,982
Corporation tax
43,352
24,276
Social security and other taxes
55,127
20,202
Other creditors
36,367
102,692
---------
---------
274,181
237,705
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
36,331
57,574
Other creditors
13,362
--------
--------
49,693
57,574
--------
--------
10. Charges on assets
Creditors include loans, a bank overdraft and net obligations under hire purchase contracts which are secured of £86,730 (2022 - £46,693).
11. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.
No interest is chargeable on this balance and the loan is repayable on demand.
12. Related party transactions
Included in other debtors is £52,197 (2022 - £52,197) due from Bell Lawrie of Biggar (Developments) Limited; a company in which Mr W M Lawrie has an interest. Dividends of £40,000 (2022 - £70,000) were paid to the directors.