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REGISTERED NUMBER: SC379127 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

FOR

MAC (GORBALS) LTD

MAC (GORBALS) LTD (REGISTERED NUMBER: SC379127)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAC (GORBALS) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2021







DIRECTORS: K Khaliq
A M Khaliq





REGISTERED OFFICE: Level One
211 Dumbarton Road
Mansfield Park
Glasgow
G11 6AA





REGISTERED NUMBER: SC379127 (Scotland)





ACCOUNTANTS: Independent Accountants in Scotland Limited
Level One
211 Dumbarton Road
Mansfield Park
Glasgow
G11 6AA

MAC (GORBALS) LTD (REGISTERED NUMBER: SC379127)

BALANCE SHEET
31 MAY 2021

31/5/21 31/5/20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,806 17,075

CURRENT ASSETS
Stocks 28,974 25,195
Debtors 5 36,509 6,515
Cash at bank and in hand 20,737 5,029
86,220 36,739
CREDITORS
Amounts falling due within one year 6 60,955 38,292
NET CURRENT ASSETS/(LIABILITIES) 25,265 (1,553 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,071

15,522

CREDITORS
Amounts falling due after more than one
year

7

40,000

2,104
NET (LIABILITIES)/ASSETS (1,929 ) 13,418

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (2,029 ) 13,318
SHAREHOLDERS' FUNDS (1,929 ) 13,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MAC (GORBALS) LTD (REGISTERED NUMBER: SC379127)

BALANCE SHEET - continued
31 MAY 2021


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





A M Khaliq - Director


MAC (GORBALS) LTD (REGISTERED NUMBER: SC379127)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021


1. STATUTORY INFORMATION

MAC (Gorbals) Ltd 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.

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 the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

MAC (GORBALS) LTD (REGISTERED NUMBER: SC379127)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2021


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 6 (2020 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2020
and 31 May 2021 70,327
DEPRECIATION
At 1 June 2020 53,252
Charge for year 4,269
At 31 May 2021 57,521
NET BOOK VALUE
At 31 May 2021 12,806
At 31 May 2020 17,075

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/21 31/5/20
£    £   
Other debtors 36,509 6,515

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/21 31/5/20
£    £   
Bank loans and overdrafts 10,000 4,778
Hire purchase contracts 1,695 7,398
Trade creditors 2,907 4,440
Taxation and social security 31,439 20,039
Other creditors 14,914 1,637
60,955 38,292

MAC (GORBALS) LTD (REGISTERED NUMBER: SC379127)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2021


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/5/21 31/5/20
£    £   
Bank loans 40,000 -
Hire purchase contracts - 2,104
40,000 2,104