F McLAUGHLAN SLATERS LTD |
Notes to the Accounts |
for the year ended 30 September 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% reducing balance |
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Fixtures, fittings, tools and equipment |
25% reducing balance |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 October 2022 |
1,726 |
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10,595 |
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12,321 |
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At 30 September 2023 |
1,726 |
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10,595 |
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12,321 |
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Depreciation |
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At 1 October 2022 |
1,726 |
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4,611 |
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6,337 |
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Charge for the year |
- |
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1,496 |
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1,496 |
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At 30 September 2023 |
1,726 |
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6,107 |
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7,833 |
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Net book value |
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At 30 September 2023 |
- |
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4,488 |
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4,488 |
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At 30 September 2022 |
- |
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5,984 |
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5,984 |
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4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Accruals |
116 |
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280 |
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Director's account |
39,220 |
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38,820 |
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5 |
Related party disclosures |
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The directors have jointly given a loan to the company, the balance of which is as stated in Note 4, which will be repaid when the company has sufficient funds to repay without affecting the cash flow of the company. |
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Dividends if paid, as per the Statement of Changes in Equity, were paid equally to the two shareholders. |
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6 |
Controlling party |
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There is no ultimate controlling party. The directors, Francis McLaughlan and Janet McLaughlan each own 50% of the called up share capital. |
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7 |
Other information |
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F McLAUGHLAN SLATERS LTD is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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1 Glenfield Gardens |
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Paisley |
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Renfrewshire |
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PA2 8BF |