Company Registration No. 04713564 (England and Wales)
MCLINTOCK AND TAYLOR LIMITED
Unaudited accounts
for the year ended 31 July 2023
MCLINTOCK AND TAYLOR LIMITED
Unaudited accounts
Contents
MCLINTOCK AND TAYLOR LIMITED
Company Information
for the year ended 31 July 2023
Company Number
04713564 (England and Wales)
Registered Office
84 LAURA GROVE
PAIGNTON
DEVON
TQ3 2LN
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
MCLINTOCK AND TAYLOR LIMITED
Statement of financial position
as at 31 July 2023
Tangible assets
14,794
18,048
Cash at bank and in hand
1,217
291
Creditors: amounts falling due within one year
(50,722)
(52,510)
Net current assets
37,443
33,119
Total assets less current liabilities
52,237
51,167
Creditors: amounts falling due after more than one year
(9,187)
(14,187)
Provisions for liabilities
Deferred tax
(2,348)
(2,864)
Called up share capital
100
100
Profit and loss account
40,602
34,016
Shareholders' funds
40,702
34,116
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 July 2024 and were signed on its behalf by
P McLintock
Director
Company Registration No. 04713564
MCLINTOCK AND TAYLOR LIMITED
Notes to the Accounts
for the year ended 31 July 2023
MCLINTOCK AND TAYLOR LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04713564. The registered office is 84 LAURA GROVE, PAIGNTON, DEVON, TQ3 2LN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
10% straight line basis
Fixtures & fittings
10% straight line basis
Computer equipment
10% straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
MCLINTOCK AND TAYLOR LIMITED
Notes to the Accounts
for the year ended 31 July 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Government grants in relation to COVID-19 assistance are credited to profit and loss using the accrual model and are recognised in Other operating income.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
28,533
524
3,489
32,546
At 31 July 2023
28,533
524
3,489
32,546
At 1 August 2022
12,078
148
2,272
14,498
Charge for the year
2,853
52
349
3,254
At 31 July 2023
14,931
200
2,621
17,752
At 31 July 2023
13,602
324
868
14,794
At 31 July 2022
16,455
376
1,217
18,048
Amounts falling due within one year
Other debtors
83,466
81,264
MCLINTOCK AND TAYLOR LIMITED
Notes to the Accounts
for the year ended 31 July 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,000
8,920
Trade creditors
4,484
7,232
Taxes and social security
28,424
24,507
Other creditors
10,194
9,231
8
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
100 "A" Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors loan account
68,515
54,894
54,858
68,551
68,515
54,894
54,858
68,551
Interest is charged at HMRC's official rate and the loan is repayable on demand.
11
Average number of employees
During the year the average number of employees was 3 (2022: 2).