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REGISTERED NUMBER: SC483230 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

Hughes Shaughnessy McFarlane Ltd

Hughes Shaughnessy McFarlane Ltd (Registered number: SC483230)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hughes Shaughnessy McFarlane Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: Mr P Hughes
Mr I McFarlane





REGISTERED OFFICE: 216 Kilmarnock Road
Glasgow
G43 1TY





REGISTERED NUMBER: SC483230 (Scotland)





ACCOUNTANTS: Greg Hannah Ltd
Chartered Accountants
26 Victoria Street
Rutherglen
Glasgow
G73 1DS

Hughes Shaughnessy McFarlane Ltd (Registered number: SC483230)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,696 1,248

CURRENT ASSETS
Stocks 30,209 16,786
Debtors 6 26,668 32,149
Cash at bank and in hand 136,125 76,643
193,002 125,578
CREDITORS
Amounts falling due within one year 7 64,524 58,294
NET CURRENT ASSETS 128,478 67,284
TOTAL ASSETS LESS CURRENT
LIABILITIES

130,174

68,532

CREDITORS
Amounts falling due after more than one
year

8

(71,667

)

(31,667

)

PROVISIONS FOR LIABILITIES (331 ) (238 )
NET ASSETS 58,176 36,627

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 58,076 36,527
58,176 36,627

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Hughes Shaughnessy McFarlane Ltd (Registered number: SC483230)

Balance Sheet - continued
30 April 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 3 April 2024 and were signed on its behalf by:




Mr P Hughes - Director



Mr I McFarlane - Director


Hughes Shaughnessy McFarlane Ltd (Registered number: SC483230)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Hughes Shaughnessy McFarlane Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Hughes Shaughnessy McFarlane Ltd (Registered number: SC483230)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

3. ACCOUNTING POLICIES - continued

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.

Going concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 5,293
Additions 900
At 30 April 2023 6,193
DEPRECIATION
At 1 May 2022 4,045
Charge for year 452
At 30 April 2023 4,497
NET BOOK VALUE
At 30 April 2023 1,696
At 30 April 2022 1,248

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,966 28,669
Other debtors 3,702 3,480
26,668 32,149

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Taxation and social security 42,032 36,847
Other creditors 12,492 11,447
64,524 58,294

Hughes Shaughnessy McFarlane Ltd (Registered number: SC483230)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 71,667 31,667

The Clydesdale Bank PLC hold a floating charge over all of the property and undertakings of the company.

The bounce back loan is supported by a 100% guarantee from the UK Government.

9. RELATED PARTY DISCLOSURES

At the 30th April 2023, the company owed Mr P Hughes (Director) £2,274 (2022: £2,919) and Mr I McFarlane (Director) £369 (2022: £79). Both loans are interest free and have no fixed date for repayment.

The company was under the joint control of Mr Paul Hughes and Mr Ian McFarlane throughout the current year.