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Company Registration No. SC660574 (Scotland)
Mcgovern Lettings Ltd Unaudited accounts for the period from 1 June 2022 to 31 March 2023
Mcgovern Lettings Ltd Unaudited accounts Contents
Page
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Mcgovern Lettings Ltd Company Information for the period from 1 June 2022 to 31 March 2023
Director
Daniel McGovern
Company Number
SC660574 (Scotland)
Registered Office
8 Cowdenfoot Gardens Dalkeith Midlothian EH22 2FA Scotland
Accountants
AGL Tax Solutions LLP 2A Station Yard Haddington East Lothian EH41 3PP
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Mcgovern Lettings Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,513,125 
992,010 
Current assets
Debtors
10,443 
7,304 
Cash at bank and in hand
22,952 
2,228 
33,395 
9,532 
Creditors: amounts falling due within one year
(648,169)
(302,633)
Net current liabilities
(614,774)
(293,101)
Total assets less current liabilities
898,351 
698,909 
Creditors: amounts falling due after more than one year
(817,136)
(648,052)
Net assets
81,215 
50,857 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
81,214 
50,856 
Shareholders' funds
81,215 
50,857 
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the period in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 April 2024 and were signed on its behalf by
Daniel McGovern Director Company Registration No. SC660574
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Mcgovern Lettings Ltd Notes to the Accounts for the period from 1 June 2022 to 31 March 2023
1
Statutory information
Mcgovern Lettings Ltd is a private company, limited by shares, registered in Scotland, registration number SC660574. The registered office is 8 Cowdenfoot Gardens, , Dalkeith, Midlothian, EH22 2FA, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company’s ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue. The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
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 and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings
0% straight line
Plant & machinery
15% reducing balance
Taxation
Taxation for the period comprises current and deferred taxation. Tax is recognised in the Profit and loss account, 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.
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Mcgovern Lettings Ltd Notes to the Accounts for the period from 1 June 2022 to 31 March 2023
Deferred taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Presentation currency
The accounts are presented in £ sterling.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 June 2022
992,010 
Additions
522,015 
At 31 March 2023
1,514,025 
Depreciation
Charge for the period
900 
At 31 March 2023
900 
Net book value
At 31 March 2023
1,513,125 
At 31 May 2022
992,010 
2023 
2022 
£ 
£ 
Carrying amount of land and buildings on cost basis
- 
1,035,730 
5
Transactions with related parties
One of the properties is occupied by the director's sister. Rental income is paid for the occupation.
6
Average number of employees
During the period the average number of employees was 0 (2022: 0).
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