PTP Accounts Production v24.1.4.33 SC679620 director 1.12.22 30.11.23 30.11.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC6796202022-11-30SC6796202023-11-30SC6796202022-12-012023-11-30SC6796202021-11-30SC6796202021-12-012022-11-30SC6796202022-11-30SC679620ns16:Scotland2022-12-012023-11-30SC679620ns15:PoundSterling2022-12-012023-11-30SC679620ns11:Director12022-12-012023-11-30SC679620ns11:PrivateLimitedCompanyLtd2022-12-012023-11-30SC679620ns11:SmallEntities2022-12-012023-11-30SC679620ns11:AuditExemptWithAccountantsReport2022-12-012023-11-30SC679620ns11:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-30SC679620ns11:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC679620ns11:FullAccounts2022-12-012023-11-30SC679620ns11:RegisteredOffice2022-12-012023-11-30SC679620ns6:CurrentFinancialInstruments2023-11-30SC679620ns6:CurrentFinancialInstruments2022-11-30SC679620ns6:Non-currentFinancialInstruments2023-11-30SC679620ns6:Non-currentFinancialInstruments2022-11-30SC679620ns6:ShareCapital2023-11-30SC679620ns6:ShareCapital2022-11-30SC679620ns6:RetainedEarningsAccumulatedLosses2023-11-30SC679620ns6:RetainedEarningsAccumulatedLosses2022-11-30SC679620ns6:PlantMachinery2022-12-012023-11-30SC679620ns6:PlantMachinery2022-11-30SC679620ns6:PlantMachinery2023-11-30SC679620ns6:PlantMachinery2022-11-30SC679620ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-11-30SC679620ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-12-012023-11-30SC679620ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-11-30SC679620ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-11-30SC679620ns6:WithinOneYearns6:CurrentFinancialInstruments2023-11-30SC679620ns6:WithinOneYearns6:CurrentFinancialInstruments2022-11-30SC679620ns11:Director112022-11-30SC679620ns11:Director112021-11-30SC679620ns11:Director112022-12-012023-11-30SC679620ns11:Director112021-12-012022-11-30SC679620ns11:Director112023-11-30SC679620ns11:Director112022-11-30
REGISTERED NUMBER: SC679620 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

McGregor Plumbing and Heating Limited

McGregor Plumbing and Heating Limited (Registered number: SC679620)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

McGregor Plumbing and Heating Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: P McGregor





REGISTERED OFFICE: St. James Business Centre
Linwood Road
Linwood
Paisley
PA3 3AT





REGISTERED NUMBER: SC679620 (Scotland)





ACCOUNTANTS: GMH Chartered Accountants
St James Business Centre
Linwood Road
Paisley
Renfrewshire
PA3 3AT

McGregor Plumbing and Heating Limited (Registered number: SC679620)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,126 16,589

CURRENT ASSETS
Stocks 2,300 1,690
Debtors 5 20,366 24,572
Cash at bank and in hand 760 1,913
23,426 28,175
CREDITORS
Amounts falling due within one year 6 26,272 29,972
NET CURRENT LIABILITIES (2,846 ) (1,797 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,280 14,792

CREDITORS
Amounts falling due after more than one
year

7

(7,601

)

(11,509

)

PROVISIONS FOR LIABILITIES (2,494 ) (3,039 )
NET ASSETS 185 244

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 85 144
185 244

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

McGregor Plumbing and Heating Limited (Registered number: SC679620)

Balance Sheet - continued
30 November 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 August 2024 and were signed by:





P McGregor - Director


McGregor Plumbing and Heating Limited (Registered number: SC679620)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

McGregor Plumbing and Heating Limited 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.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates of judgements used in the preparation of these financial statements.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 20% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

McGregor Plumbing and Heating Limited (Registered number: SC679620)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit and loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were sold at the balance sheet date.

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

McGregor Plumbing and Heating Limited (Registered number: SC679620)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 22,083
DEPRECIATION
At 1 December 2022 5,494
Charge for year 3,463
At 30 November 2023 8,957
NET BOOK VALUE
At 30 November 2023 13,126
At 30 November 2022 16,589

McGregor Plumbing and Heating Limited (Registered number: SC679620)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 20,779
DEPRECIATION
At 1 December 2022 5,261
Charge for year 3,249
At 30 November 2023 8,510
NET BOOK VALUE
At 30 November 2023 12,269
At 30 November 2022 15,518

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 118 14,301
Other debtors 20,248 10,271
20,366 24,572

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 3,908 3,894
Trade creditors 7,721 2,697
Taxation and social security 12,691 9,186
Other creditors 1,952 14,195
26,272 29,972

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 7,601 11,509

McGregor Plumbing and Heating Limited (Registered number: SC679620)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
P McGregor
Balance outstanding at start of year 6,556 (2,801 )
Amounts advanced 47,494 52,905
Amounts repaid (39,394 ) (43,548 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,656 6,556

In the year, the director operated a loan account and as at the year end, owed the company £14,656 [2022: the company owed the director £6,776]. Interest and S.455 tax has been incorporated where applicable.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
McGregor Plumbing and Heating Limited

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 McGregor Plumbing and Heating Limited for the year ended 30 November 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 McGregor Plumbing and Heating Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of McGregor Plumbing and Heating Limited and state those matters that we have agreed to state to the director of McGregor Plumbing and Heating Limited 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 McGregor Plumbing and Heating Limited 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 McGregor Plumbing and Heating Limited. You consider that McGregor Plumbing and Heating Limited 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 McGregor Plumbing and Heating Limited. 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.






GMH Chartered Accountants
St James Business Centre
Linwood Road
Paisley
Renfrewshire
PA3 3AT


27 August 2024