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REGISTERED NUMBER: SC222708 (Scotland)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

MCCALLUM OIL & GAS CONSULTING LTD

MCCALLUM OIL & GAS CONSULTING LTD (REGISTERED NUMBER: SC222708)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6

Chartered Accountants' Report 7

MCCALLUM OIL & GAS CONSULTING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTOR: Mr C McCallum





SECRETARY: Mrs H McCallum





REGISTERED OFFICE: 56/2
India Street
Edinburgh
EH3 6HD





REGISTERED NUMBER: SC222708 (Scotland)





ACCOUNTANTS: Bain Henry Reid
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL

MCCALLUM OIL & GAS CONSULTING LTD (REGISTERED NUMBER: SC222708)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,070 8,960
Investment property 5 1,605,000 1,200,000
1,622,070 1,208,960

CURRENT ASSETS
Debtors 6 35,303 136,538
Cash at bank 320,239 61,241
355,542 197,779
CREDITORS
Amounts falling due within one year 7 164,559 234,529
NET CURRENT ASSETS/(LIABILITIES) 190,983 (36,750 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,813,053

1,172,210

CREDITORS
Amounts falling due after more than one year 8 (650,000 ) (134,395 )

PROVISIONS FOR LIABILITIES (15,437 ) (12,196 )
NET ASSETS 1,147,616 1,025,619

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 316,523 320,092
Retained earnings 830,993 705,427
SHAREHOLDERS' FUNDS 1,147,616 1,025,619

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

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 director and authorised for issue on 9 April 2024 and were signed by:



Mr C McCallum - Director


MCCALLUM OIL & GAS CONSULTING LTD (REGISTERED NUMBER: SC222708)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

McCallum Oil & Gas Consulting 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of Services
Revenue is recognised in the accounting period in which services are rendered when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental Income
Rental income from investment properties is recognised on a straight line basis over the term of the relevant lease. Rental income is included in other operating income.

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.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

MCCALLUM OIL & GAS CONSULTING LTD (REGISTERED NUMBER: SC222708)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 33,145
Additions 14,255
At 31 August 2023 47,400
DEPRECIATION
At 1 September 2022 24,185
Charge for year 6,145
At 31 August 2023 30,330
NET BOOK VALUE
At 31 August 2023 17,070
At 31 August 2022 8,960

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 1,200,000
Additions 405,000
At 31 August 2023 1,605,000
NET BOOK VALUE
At 31 August 2023 1,605,000
At 31 August 2022 1,200,000

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2007 122,853
Valuation in 2018 19,541
Valuation in 2020 79,001
Valuation in 2022 110,000
Cost 1,273,605
1,605,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,273,605 868,605

Investment properties were valued on an open market basis on 31 August 2023 by the director .

MCCALLUM OIL & GAS CONSULTING LTD (REGISTERED NUMBER: SC222708)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 34,338 98,610
Other debtors 965 37,928
35,303 136,538

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18 12,236
Taxation and social security 71,008 49,366
Other creditors 93,533 172,927
164,559 234,529

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 134,395
Other creditors 650,000 -
650,000 134,395

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 85,524

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 146,613

The bank borrowings are secured by standard security over the heritable property at 3F1 206 Morrison Street, Edinburgh; 3/2 78 Chancellor Street, Glasgow; 3/1 16 Radnor Street Glasgow; 1F2 Grindlay Street, Edinburgh and by a bond and floating charge over the assets of the company.

10. RESERVES

Fair Value Reserve
This reserve reflects cumulative revaluations of investment property (less provision for deferred tax).

These gains or losses are non-distributable.

11. OTHER FINANCIAL COMMITMENTS

At the end of the period the company had an investment property obligation to pay the sum of £295,000 in full by 1st May 2024.

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £28,000 (2022 - £22,500) were paid to the director .

MCCALLUM OIL & GAS CONSULTING LTD (REGISTERED NUMBER: SC222708)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


12. RELATED PARTY DISCLOSURES - continued

Included within other creditors amounts falling due within one year is a loan from a shareholder amounting to £79,986 (2022: £156,855). The loan has no set repayment terms and interest is charged to the company at a rate of 5% per annum on the closing balance. During the year interest of £7,843 (2022: £10,302) was paid on this loan.

Included within other creditors amounts falling due after one year is a loan from the shareholders amounting to £650,000 (2022: £nil). This represents an interest only loan with the loan being repayable on 1st April 2038. Interest is charged to the company at a rate of 6.5% per annum, calculated monthly and paid in arrears. During the year interest of £12,214 (2022: £nil) was paid on this loan.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MCCALLUM OIL & GAS CONSULTING LTD


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of McCallum Oil & Gas Consulting Ltd for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of McCallum Oil & Gas Consulting Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of McCallum Oil & Gas Consulting Ltd and state those matters that we have agreed to state to the director of McCallum Oil & Gas Consulting Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that McCallum Oil & Gas Consulting Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of McCallum Oil & Gas Consulting Ltd. You consider that McCallum Oil & Gas Consulting Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of McCallum Oil & Gas Consulting Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bain Henry Reid
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL


9 April 2024