2022-04-012023-03-312023-03-31falseSC436809JOHN MCGAIRY 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JOHN MCGAIRY LIMITED

Registered Number
SC436809
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

JOHN MCGAIRY LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

Mr J McGuire

Registered Address

Stance E7 Glasgow Fruit Market
130 Blochairn Road
Glasgow
G21 2DU

Registered Number

SC436809 (Scotland)
JOHN MCGAIRY LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets48,55311,741
8,55311,741
Current assets
Stocks8,3611,936
Debtors117,87962,752
Cash at bank and on hand122,308170,463
248,548235,151
Creditors amounts falling due within one year6(225,380)(214,675)
Net current assets (liabilities)23,16820,476
Total assets less current liabilities31,72132,217
Provisions for liabilities(1,625)(2,231)
Net assets30,09629,986
Capital and reserves
Called up share capital100100
Profit and loss account29,99629,886
Shareholders' funds30,09629,986
The financial statements were approved and authorised for issue by the Director on 29 March 2024, and are signed on its behalf by:
Mr J McGuire
Director
Registered Company No. SC436809
JOHN MCGAIRY LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered office address is Stance E7, Glasgow Fruit Market, 130 Blochairn Road, Glasgow, G21 2DU.
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), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover is attributable to the one principal activity of the company being that of a bacon and eggs wholesaler and is recognised when goods are delivered to the customer.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss and represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill represents the excess of the cost of acquisition of an incorporated business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of the assets less their residual values over their useful lives on the following bases: Computer Equipment 25% straight line Motor vehicles 25% reducing balance
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
2.Average number of employees

20232022
Average number of employees during the year11
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2295,00095,000
At 31 March 2395,00095,000
Amortisation and impairment
At 01 April 2295,00095,000
At 31 March 2395,00095,000
Net book value
At 31 March 23--
At 31 March 22--
4.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 April 2216,9953,28020,275
At 31 March 2316,9953,28020,275
Depreciation and impairment
At 01 April 226,6391,8958,534
Charge for year2,5895993,188
At 31 March 239,2282,49411,722
Net book value
At 31 March 237,7677868,553
At 31 March 2210,3561,38511,741
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables116,06559,872
Other debtors7461,820
Prepayments and accrued income1,0681,060
Total117,87962,752
6.Creditors: amounts due within one year

2023

2022

££
Taxation and social security10,67410,676
Other creditors205,607199,643
Accrued liabilities and deferred income9,0994,356
Total225,380214,675