REGISTERED NUMBER: |
MACDUFF DC LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 4 JULY 2022 TO 31 AUGUST 2023 |
REGISTERED NUMBER: |
MACDUFF DC LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 4 JULY 2022 TO 31 AUGUST 2023 |
MACDUFF DC LIMITED (REGISTERED NUMBER: SC737390) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 4 JULY 2022 TO 31 AUGUST 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
MACDUFF DC LIMITED (REGISTERED NUMBER: SC737390) |
BALANCE SHEET |
31 AUGUST 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The director acknowledges his 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. |
MACDUFF DC LIMITED (REGISTERED NUMBER: SC737390) |
BALANCE SHEET - continued |
31 AUGUST 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MACDUFF DC LIMITED (REGISTERED NUMBER: SC737390) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 4 JULY 2022 TO 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Macduff DC Limited is a private company, limited by shares, registered in Scotland. The company's registered office is 89 Seaward Street, Glasgow, Scotland, G41 1HJ. |
The financial statements are presented in Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention. |
Going concern |
At the year end, the Company had negative reserves. After due consideration, the director considers it appropriate to prepare the financial statements on a going concern basis. The validity of this is dependent on the financial support of the director and creditors. |
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements. |
Turnover |
Turnover represents the invoice value of goods sold and services rendered, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Stocks |
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. |
MACDUFF DC LIMITED (REGISTERED NUMBER: SC737390) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 JULY 2022 TO 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from bank, and loans to and from related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
Hire purchase |
Assets purchased under finance leases and hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account over the relevant period. |
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. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
MACDUFF DC LIMITED (REGISTERED NUMBER: SC737390) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 JULY 2022 TO 31 AUGUST 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 31 August 2023 |
AMORTISATION |
Charge for period |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31 August 2023 |
DEPRECIATION |
Charge for period |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
Included above is £4,858 carrying value of assets for which the company has pledged as security. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
MACDUFF DC LIMITED (REGISTERED NUMBER: SC737390) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 JULY 2022 TO 31 AUGUST 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 120,662 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Bank loans |
Hire purchase contracts | 4,546 |
Hire purchase contracts are secured over the assets to which they relate. |
The bank term loan is secured with a floating charge over the company's assets. |