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Registration number: SC467516

McLeod Flooring Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

McLeod Flooring Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

McLeod Flooring Ltd

Company Information

Director

Mr Kenneth William John McLeod

Registered office

10 Yarrow Drive
Chryston
Glasgow
G69 9FT

Accountants

Clyde Business Services
159 King Street
Glasgow
Lanarkshire
G73 1BZ

 

McLeod Flooring Ltd

(Registration number: SC467516)
Balance Sheet as at 31 January 2024

Note

2024
£

Current assets

 

Debtors

4

23,966

Cash at bank and in hand

 

802

 

24,768

Creditors: Amounts falling due within one year

5

(6,368)

Total assets less current liabilities

 

18,400

Creditors: Amounts falling due after more than one year

5

(7,284)

Net assets

 

11,116

capital and reserves

 

Called up share capital

1

Profit and loss account

11,115

Total equity

 

11,116

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 April 2024
 

.........................................
Mr Kenneth William John McLeod
Director

 

McLeod Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
10 Yarrow Drive
Chryston
Glasgow
G69 9FT
Scotland

The principal place of business is:
10 Yarrow Drive
Chryston
Glasgow
G69 9FT
Scotland

These financial statements were authorised for issue by the director on 23 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Borrowings

 

McLeod Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Debtors

Current

2024
£

2023
£

Other debtors

23,966

23,790

 

McLeod Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

trade creditors

 

3,419

Taxation and social security

 

1,437

Other creditors

 

1,512

 

6,368

Due after one year

 

Loans and borrowings

7

7,284

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

7,284

11,476

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

7,284

11,476

8

Dividends

 

McLeod Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

   

2024

 

2023

   

£

 

£

Interim dividend of £4,000.00 (2023 - £9,000.00) per ordinary share

 

4,000

 

9,000

         

9

Related party transactions

 

McLeod Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,570