Company registration number SC582764 (Scotland)
MARGREES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MARGREES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MARGREES LTD
BALANCE SHEET
AS AT
30 MARCH 2023
30 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
81,232
34,368
Current assets
Stocks
1,000
1,000
Debtors
4
9,794
14,324
Cash at bank and in hand
150,256
128,078
161,050
143,402
Creditors: amounts falling due within one year
5
(95,155)
(108,910)
Net current assets
65,895
34,492
Total assets less current liabilities
147,127
68,860
Creditors: amounts falling due after more than one year
6
(33,372)
(47,539)
Net assets
113,755
21,321
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
113,753
21,319
Total equity
113,755
21,321

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MARGREES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2023
30 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2023 and are signed on its behalf by:
Mrs C A Shields
Mr J P Shields
Director
Director
Company Registration No. SC582764
MARGREES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
- 3 -
1
Accounting policies
Company information

Margrees Ltd is a private company limited by shares incorporated in Scotland. The registered office is 473B Hillington Road, Hillington Park, Glasgow, United Kingdom, G52 4BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

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 assets less their residual values over their useful lives on the following bases:

Plant and equipment
- 20% reducing balance
Computers
- 3 years straight line
Motor vehicles
- 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MARGREES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
4
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 31 March 2022
8,076
-
0
33,393
41,469
Additions
1,741
1,946
52,035
55,722
At 30 March 2023
9,817
1,946
85,428
97,191
Depreciation and impairment
At 31 March 2022
3,339
-
0
3,762
7,101
Depreciation charged in the year
1,035
162
7,661
8,858
At 30 March 2023
4,374
162
11,423
15,959
Carrying amount
At 30 March 2023
5,443
1,784
74,005
81,232
At 30 March 2022
4,737
-
0
29,631
34,368
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,794
14,324
MARGREES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,962
7,765
Obligations under finance leases
6,205
6,204
Other borrowings
352
307
Trade creditors
12,020
14,105
Corporation tax
31,544
36,712
Other taxation and social security
25,188
23,217
Other creditors
1,177
2,575
Accruals and deferred income
10,707
18,025
95,155
108,910
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17,948
25,910
Obligations under finance leases
15,424
21,629
33,372
47,539
2023-03-302022-03-31false11 September 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs C A ShieldsMr J P ShieldsfalseSC5827642022-03-312023-03-30SC5827642023-03-30SC5827642022-03-30SC582764core:PlantMachinery2023-03-30SC582764core:ComputerEquipment2023-03-30SC582764core:MotorVehicles2023-03-30SC582764core:PlantMachinery2022-03-30SC582764core:ComputerEquipment2022-03-30SC582764core:MotorVehicles2022-03-30SC582764core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-30SC582764core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-30SC582764core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-30SC582764core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-30SC582764core:CurrentFinancialInstruments2023-03-30SC582764core:CurrentFinancialInstruments2022-03-30SC582764core:Non-currentFinancialInstruments2023-03-30SC582764core:Non-currentFinancialInstruments2022-03-30SC582764core:ShareCapital2023-03-30SC582764core:ShareCapital2022-03-30SC582764core:RetainedEarningsAccumulatedLosses2023-03-30SC582764core:RetainedEarningsAccumulatedLosses2022-03-30SC582764bus:Director12022-03-312023-03-30SC582764bus:Director22022-03-312023-03-30SC582764core:PlantMachinery2022-03-312023-03-30SC582764core:ComputerEquipment2022-03-312023-03-30SC582764core:MotorVehicles2022-03-312023-03-30SC5827642021-03-312022-03-30SC582764core:PlantMachinery2022-03-30SC582764core:ComputerEquipment2022-03-30SC582764core:MotorVehicles2022-03-30SC5827642022-03-30SC582764bus:PrivateLimitedCompanyLtd2022-03-312023-03-30SC582764bus:SmallCompaniesRegimeForAccounts2022-03-312023-03-30SC582764bus:FRS1022022-03-312023-03-30SC582764bus:AuditExemptWithAccountantsReport2022-03-312023-03-30SC582764bus:FullAccounts2022-03-312023-03-30xbrli:purexbrli:sharesiso4217:GBP