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REGISTERED NUMBER: SC534179 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

MCEWAN DECORATING SERVICES LIMITED

MCEWAN DECORATING SERVICES LIMITED (REGISTERED NUMBER: SC534179)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MCEWAN DECORATING SERVICES LIMITED

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTOR: D W McEwan





REGISTERED OFFICE: Q Court
3 Quality Street
Edinburgh
EH4 5BP





REGISTERED NUMBER: SC534179 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

MCEWAN DECORATING SERVICES LIMITED (REGISTERED NUMBER: SC534179)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 105,456 159,030

CURRENT ASSETS
Work in progress 5 2,300 950
Debtors 6 86,352 82,574
Cash at bank 90,334 158,526
178,986 242,050
CREDITORS
Amounts falling due within one year 7 145,197 153,392
NET CURRENT ASSETS 33,789 88,658
TOTAL ASSETS LESS CURRENT
LIABILITIES

139,245

247,688

CREDITORS
Amounts falling due after more than one
year

8

(36,321

)

(91,877

)

PROVISIONS FOR LIABILITIES 10 (14,905 ) (21,839 )
NET ASSETS 88,019 133,972

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 87,919 133,872
88,019 133,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

MCEWAN DECORATING SERVICES LIMITED (REGISTERED NUMBER: SC534179)

BALANCE SHEET - continued
31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 February 2024 and were signed by:





D W McEwan - Director


MCEWAN DECORATING SERVICES LIMITED (REGISTERED NUMBER: SC534179)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023

1. STATUTORY INFORMATION

McEwan Decorating Services Limited 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. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of consideration received or receivable, excluding discounts and value added tax in relation to decorating services.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% per annum on cost
Plant and machinery - 20% per annum on cost
Fixtures and fittings - 20% per annum on cost
Motor vehicles - 25% per annum on cost
Computer equipment - 50% per annum on cost

The asset's residual value, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

STOCKS
Work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MCEWAN DECORATING SERVICES LIMITED (REGISTERED NUMBER: SC534179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost 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.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

MCEWAN DECORATING SERVICES LIMITED (REGISTERED NUMBER: SC534179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

2. 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 June 2022 9,890 24,274 4,207
Disposals - - -
At 31 May 2023 9,890 24,274 4,207
DEPRECIATION
At 1 June 2022 6,099 10,968 4,091
Charge for year 1,978 3,932 116
Eliminated on disposal - - -
At 31 May 2023 8,077 14,900 4,207
NET BOOK VALUE
At 31 May 2023 1,813 9,374 -
At 31 May 2022 3,791 13,306 116

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 261,382 11,899 311,652
Disposals (51,975 ) - (51,975 )
At 31 May 2023 209,407 11,899 259,677
DEPRECIATION
At 1 June 2022 122,503 8,961 152,622
Charge for year 45,454 2,094 53,574
Eliminated on disposal (51,975 ) - (51,975 )
At 31 May 2023 115,982 11,055 154,221
NET BOOK VALUE
At 31 May 2023 93,425 844 105,456
At 31 May 2022 138,879 2,938 159,030

MCEWAN DECORATING SERVICES LIMITED (REGISTERED NUMBER: SC534179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2022
and 31 May 2023 155,909
DEPRECIATION
At 1 June 2022 23,507
Charge for year 38,978
At 31 May 2023 62,485
NET BOOK VALUE
At 31 May 2023 93,424
At 31 May 2022 132,402

5. WORK IN PROGRESS
2023 2022
£    £   
Work in progress 2,300 950

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,127 -
Other debtors 84,225 82,574
86,352 82,574

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 21,428 21,429
Hire purchase contracts (see note 9) 34,128 36,554
Trade creditors 23,327 26,051
Taxation and social security 45,188 54,011
Other creditors 21,126 15,347
145,197 153,392

MCEWAN DECORATING SERVICES LIMITED (REGISTERED NUMBER: SC534179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 21,428
Hire purchase contracts (see note 9) 36,321 70,449
36,321 91,877

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 34,128 36,554
Between one and five years 36,321 70,449
70,449 107,003

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 14,905 21,839

Deferred
tax
£   
Balance at 1 June 2022 21,839
Credit to Statement of Income and Retained Earnings during year (6,934 )
Balance at 31 May 2023 14,905

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
D W McEwan
Balance outstanding at start of year 9,930 9,730
Amounts advanced 30,000 200
Amounts repaid (20,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,930 9,930

The loan has no fixed interest or repayment terms.