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Unaudited Financial Statements for the Year Ended 31 July 2023

for

McLean Sealants Limited

McLean Sealants Limited (Registered number: SC270396)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McLean Sealants Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: W M McLean
Mrs D McLean





REGISTERED OFFICE: 2 Melville Street
Falkirk
FK1 1HZ





REGISTERED NUMBER: SC270396 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

McLean Sealants Limited (Registered number: SC270396)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,541 15,953

CURRENT ASSETS
Debtors 5 703 2,027
Investments 6 27,209 26,461
Cash at bank 225,149 210,021
253,061 238,509
CREDITORS
Amounts falling due within one year 7 12,946 18,155
NET CURRENT ASSETS 240,115 220,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

252,656

236,307

CREDITORS
Amounts falling due after more than one year 8 (894 ) (894 )

PROVISIONS FOR LIABILITIES (832 ) (1,381 )
NET ASSETS 250,930 234,032

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 1,013 265
Retained earnings 249,817 233,667
SHAREHOLDERS' FUNDS 250,930 234,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing 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.

McLean Sealants Limited (Registered number: SC270396)

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2023 and were signed on its behalf by:





W M McLean - Director


McLean Sealants Limited (Registered number: SC270396)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

McLean Sealants Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

McLean Sealants Limited (Registered number: SC270396)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 32,739
DEPRECIATION
At 1 August 2022 16,786
Charge for year 3,412
At 31 July 2023 20,198
NET BOOK VALUE
At 31 July 2023 12,541
At 31 July 2022 15,953

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 703 2,027

6. CURRENT ASSET INVESTMENTS
31.7.23 31.7.22
£    £   
Listed investments 27,209 26,461

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Hire purchase contracts - 2,146
Trade creditors 1,640 3,038
Taxation and social security 7,641 10,870
Other creditors 3,665 2,101
12,946 18,155

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Hire purchase contracts 894 894

McLean Sealants Limited (Registered number: SC270396)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
51 Class A Ordinary £1 50 50
49 Class B Ordinary £1 50 50
100 100

10. RESERVES
Fair
value
reserve
£   
At 1 August 2022 265
Profit & loss transfer 748

At 31 July 2023 1,013