2023-04-012024-03-312024-03-31falseSC319341MCGOWAN MILLER 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MCGOWAN MILLER LIMITED

Registered Number
SC319341
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

MCGOWAN MILLER LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

COWAN, Jamie Straiton
THOMSON, Michael William Mcleod

Registered Address

51 Rae Steet
Dumfries
Dumfries & Galloway
DG1 1JD

Registered Number

SC319341 (Scotland)
MCGOWAN MILLER LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-37,500
Tangible assets5176,039185,929
176,039223,429
Current assets
Debtors6362,264339,196
Cash at bank and on hand126,780270,631
489,044609,827
Creditors amounts falling due within one year7(184,836)(156,032)
Net current assets (liabilities)304,208453,795
Total assets less current liabilities480,247677,224
Provisions for liabilities8(2,100)(3,300)
Net assets478,147673,924
Capital and reserves
Called up share capital234334
Other reserves266166
Profit and loss account477,647673,424
Shareholders' funds478,147673,924
The financial statements were approved and authorised for issue by the Board of Directors on 27 June 2024, and are signed on its behalf by:
COWAN, Jamie Straiton
Director
THOMSON, Michael William Mcleod
Director

Registered Company No. SC319341
MCGOWAN MILLER LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services. 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings50
Fixtures and fittings5
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year1717
3.Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill

Total

££
Cost or valuation
At 01 April 23500,000500,000
At 31 March 24500,000500,000
Amortisation and impairment
At 01 April 23462,500462,500
Charge for year37,50037,500
At 31 March 24500,000500,000
Net book value
At 31 March 24--
At 31 March 2337,50037,500
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
5.Tangible fixed assets

Land & buildings

Fixtures & fittings

Total

£££
Cost or valuation
At 01 April 23202,00075,077277,077
Additions-1,9621,962
At 31 March 24202,00077,039279,039
Depreciation and impairment
At 01 April 2337,32053,82891,148
Charge for year4,0407,81211,852
At 31 March 2441,36061,640103,000
Net book value
At 31 March 24160,64015,399176,039
At 31 March 23164,68021,249185,929
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables97,514124,122
Other debtors188,683180,707
Prepayments and accrued income76,06734,367
Total362,264339,196
Short term debtors are measured at transaction price (whish is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables10,9098,492
Taxation and social security168,349119,453
Other creditors1,80615,720
Accrued liabilities and deferred income3,77212,367
Total184,836156,032
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)2,1003,300
Total2,1003,300
9.Pension commitments
The company makes contributions into the personal pension schemes of its directors and staff. The assets of each of these schemes are held separate to those of the company in independently administered funds. The pension costs in the accounts represent employer contributions to the pension schemes in the period. At the balance sheet date there was £1,230 (2023 - £2,085) outstanding and this is included in creditors.
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
GRAHAM, John Cameron47,35966,93678,29536,000
THOMSON, Michael William Mcleod68,776105,609100,14974,236
COWAN, Jamie Straiton64,286115,850101,68978,447
180,421288,395280,133188,683
The amounts advanced were unsecured and repayable on demand. Interest has been charged on the balances using the HMRC official rate of interest.
11.Further information regarding the company's financial position
Other reserves is a capital redemption reserve representing share capital purchased back by the company. This reserve is not distributable. The profit and loss account comprises accumulated profits less dividends and distributions paid and transfers to the capital redemption reserve. This reserve is distributable in full.