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COMPANY REGISTRATION NUMBER: SC091924
McComb MacPherson & Company Limited
Filleted Unaudited Financial Statements
31 May 2023
McComb MacPherson & Company Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
978,737
986,196
Current assets
Debtors
5
16,838
1,490
Cash at bank and in hand
14,099
49,207
--------
--------
30,937
50,697
Creditors: amounts falling due within one year
6
132,934
160,526
---------
---------
Net current liabilities
101,997
109,829
---------
---------
Total assets less current liabilities
876,740
876,367
---------
---------
Net assets
876,740
876,367
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
876,738
876,365
---------
---------
Shareholders funds
876,740
876,367
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
McComb MacPherson & Company Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 12 January 2024 , and are signed on behalf of the board by:
Mr J MacPherson
Director
Company registration number: SC091924
McComb MacPherson & Company Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 1, Cloberfield Industrial Estate, Milngavie, Glasgow, G62 7LN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Heritable Property
-
Heritable Property
Fixtures and Fittings
-
10% straight line
Office Equipment
-
33% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
896,265
115,930
61,812
8,928
1,082,935
---------
---------
--------
-------
------------
Depreciation
At 1 June 2022
51,025
40,620
5,094
96,739
Charge for the year
6,181
1,278
7,459
---------
---------
--------
-------
------------
At 31 May 2023
51,025
46,801
6,372
104,198
---------
---------
--------
-------
------------
Carrying amount
At 31 May 2023
896,265
64,905
15,011
2,556
978,737
---------
---------
--------
-------
------------
At 31 May 2022
896,265
64,905
21,192
3,834
986,196
---------
---------
--------
-------
------------
Included within the above is investment property as follows:
£
---------
At 1 June 2022 and 31 May 2023
896,265
---------
The investment property is measured annually at fair value by the directors. Changes in fair value are recognised in profit or loss.
5. Debtors
2023
2022
£
£
Trade debtors
15,195
Other debtors
1,643
1,490
--------
-------
16,838
1,490
--------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
867
2,928
Other creditors
132,067
157,598
---------
---------
132,934
160,526
---------
---------
7. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
896,265
896,265
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J MacPherson
( 155,873)
25,623
( 130,250)
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J MacPherson
( 155,873)
( 155,873)
---------
----
---------
9. Related party transactions
During the year, rent was received from East Coast Controls Limited, a company controlled by family members of Mr J MacPherson , Director, of £32,500 (2022: £22,500). This was paid in full by the balance sheet date (2022: paid in full). Included within other creditors are amounts owed to A MacPherson, a shareholder and spouse of J MacPherson, of £110,000 (2022: £155,872). This is for loans previously advanced to the company to fund working capital, plus interest. Interest is payable at 12% per annum (non-compound) on these loans, but is being left in abeyance by A MacPherson (2022: left in abeyance). During the year, £45,873 of previously charged interest was repaid to Mrs MacPherson. Also included within other creditors are amounts owed to J MacPherson of £20,000. This is also a loan advanced to the company to fund working capital, plus interest. Interest is payable at 5% per annum, and in the current year, interest of £250 was charged and remains payable to Mr MacPherson.