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COMPANY REGISTRATION NUMBER: 03668190
McGregor Bros. Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
McGregor Bros. Limited
Balance Sheet
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
33,088
33,914
Current assets
Stocks
25,475
29,140
Debtors
6
39,484
47,240
Cash at bank and in hand
1,131
2,400
--------
--------
66,090
78,780
Creditors: amounts falling due within one year
7
60,701
52,939
--------
--------
Net current assets
5,389
25,841
--------
--------
Total assets less current liabilities
38,477
59,755
Creditors: amounts falling due after more than one year
8
37,882
59,021
Provisions
Taxation including deferred tax
312
395
--------
--------
Net assets
283
339
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
281
337
----
----
Shareholders funds
283
339
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
McGregor Bros. Limited
Balance Sheet (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
T Nicol
Director
Company registration number: 03668190
McGregor Bros. Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mill Lane, East Ardsley, Wakefield, WF3 2BL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates .
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
1% straight line
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 7 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022 and 30 Nov 2023
39,265
31,393
20,372
12,000
483
103,513
--------
--------
--------
--------
----
---------
Depreciation
At 1 Dec 2022
7,428
30,735
19,723
11,665
48
69,599
Charge for the year
393
132
130
84
87
826
--------
--------
--------
--------
----
---------
At 30 Nov 2023
7,821
30,867
19,853
11,749
135
70,425
--------
--------
--------
--------
----
---------
Carrying amount
At 30 Nov 2023
31,444
526
519
251
348
33,088
--------
--------
--------
--------
----
---------
At 30 Nov 2022
31,837
658
649
335
435
33,914
--------
--------
--------
--------
----
---------
6. Debtors
2023
2022
£
£
Other debtors
39,484
47,240
--------
--------
Included in "Other debtors" is a balance of £5,069 (2022: £5,069) which the directors do not consider will be recoverable within twelve months of the balance sheet date. Included in "Other debtors" is a balance of £34,415 (2022: £42,167) due from the directors. The balance is unsecured and repayable on demand. Interest is paid on the outstanding balance at the market rate of 2.5%.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,515
25,434
Corporation tax
11,308
14,968
Social security and other taxes
6,404
8,043
Other creditors
16,474
4,494
--------
--------
60,701
52,939
--------
--------
Included in bank loans and overdraft is a balance of £16,716 (2022: £16,716) which is secured by a fixed and floating charge over the company's assets.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,882
59,021
--------
--------
Included in bank loans and overdraft is a balance of £2,790 (2022: £19,511) which is secured by a fixed and floating charge over the company's assets. The bank loans are repayable by instalments £10,937 (2022: £17,087) of which fall due more than five years from the balance sheet date .
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
T Nicol
21,383
( 2,920)
18,463
I McGregor
20,784
( 4,832)
15,952
--------
----
-------
--------
42,167
( 7,752)
34,415
--------
----
-------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
T Nicol
19,487
13,896
( 12,000)
21,383
I McGregor
13,828
13,956
( 7,000)
20,784
--------
--------
--------
--------
33,315
27,852
( 19,000)
42,167
--------
--------
--------
--------
10. Related party transactions
I McGregor and T Nicol own 75% of the land from which the company trades. They received no rent from the company during the year.