Registered number
SC538482
Munro Access Services Ltd
Filleted Accounts
30 June 2023
Munro Access Services Ltd
Registered number: SC538482
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 112,345 69,170
Investments 4 222 222
112,567 69,392
Current assets
Debtors 5 90,054 110,673
Cash at bank and in hand 109,408 139,149
Bank Savings 1 4,583 -
Bank Savings 2 32,129 -
236,174 249,822
Creditors: amounts falling due within one year 6 (115,633) (107,179)
Net current assets 120,541 142,643
Total assets less current liabilities 233,108 212,035
Creditors: amounts falling due after more than one year 7 - 20,458
Provisions for liabilities (13,527) (13,527)
Net assets 219,581 218,966
Capital and reserves
Called up share capital 100 100
Profit and loss account 219,481 218,866
Shareholders' funds 219,581 218,966
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.
Mr P Munro
Director
Approved by the board on 7 March 2024
Munro Access Services Ltd
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 7,995 22,358 103,663 134,016
Additions - 15,049 75,403 90,452
Disposals - - (24,114) (24,114)
At 30 June 2023 7,995 37,407 154,952 200,354
Depreciation
At 1 July 2022 666 10,150 54,030 64,846
Charge for the year 611 6,973 28,448 36,032
On disposals - - (12,869) (12,869)
At 30 June 2023 1,277 17,123 69,609 88,009
Net book value
At 30 June 2023 6,718 20,284 85,343 112,345
At 30 June 2022 7,329 12,208 49,633 69,170
4 Investments
Other
investments
£
Cost
At 1 July 2022 222
At 30 June 2023 222
5 Debtors 2023 2022
£ £
Trade debtors 82,628 57,767
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 40,770
Prepayments 1,784 12,136
Other debtors 5,642 -
90,054 110,673
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 30,634 7,972
Trade creditors 6,784 9,024
Taxation and social security costs 36,779 47,831
Accruals 6,220 6,220
Other creditors 35,216 36,132
115,633 107,179
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - (20,458)
8 Other information
Munro Access Services Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Office 15, Chrichiebank Business Centre
Mill Road
Port Elphinstone
Aberdeenshire
AB51 5NQ
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