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31/01/2024
2024-01-31
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No description of principal activities is disclosed
2023-02-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
SC151336
2023-02-01
2024-01-31
SC151336
2024-01-31
SC151336
2023-01-31
SC151336
2022-02-01
2023-01-31
SC151336
2023-01-31
SC151336
core:PlantMachinery
2023-02-01
2024-01-31
SC151336
bus:OrdinaryShareClass1
2023-02-01
2024-01-31
SC151336
bus:OrdinaryShareClass2
2023-02-01
2024-01-31
SC151336
bus:Director2
2023-02-01
2024-01-31
SC151336
bus:Director1
2023-02-01
2024-01-31
SC151336
core:FurnitureFittingsToolsEquipment
2023-01-31
SC151336
core:FurnitureFittingsToolsEquipment
2024-01-31
SC151336
core:WithinOneYear
2024-01-31
SC151336
core:WithinOneYear
2023-01-31
SC151336
core:AfterOneYear
2024-01-31
SC151336
core:AfterOneYear
2023-01-31
SC151336
core:ShareCapital
2024-01-31
SC151336
core:ShareCapital
2023-01-31
SC151336
core:SharePremium
2024-01-31
SC151336
core:SharePremium
2023-01-31
SC151336
core:RetainedEarningsAccumulatedLosses
2024-01-31
SC151336
core:RetainedEarningsAccumulatedLosses
2023-01-31
SC151336
bus:OrdinaryShareClass1
core:ShareCapital
2024-01-31
SC151336
bus:OrdinaryShareClass1
core:ShareCapital
2023-01-31
SC151336
bus:OrdinaryShareClass2
core:ShareCapital
2024-01-31
SC151336
bus:OrdinaryShareClass2
core:ShareCapital
2023-01-31
SC151336
core:BetweenOneFiveYears
2024-01-31
SC151336
core:BetweenOneFiveYears
2023-01-31
SC151336
core:FurnitureFittingsToolsEquipment
2023-02-01
2024-01-31
SC151336
core:FurnitureFittingsToolsEquipment
2023-01-31
SC151336
bus:Director1
2024-01-31
SC151336
bus:Director1
2023-01-31
SC151336
bus:Director2
2024-01-31
SC151336
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2023-01-31
SC151336
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2023-02-01
2024-01-31
SC151336
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2023-02-01
2024-01-31
SC151336
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2023-02-01
2024-01-31
SC151336
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2023-02-01
2024-01-31
SC151336
bus:PrivateLimitedCompanyLtd
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2024-01-31
SC151336
core:LeaseholdImprovements
2024-01-31
SC151336
core:LeaseholdImprovements
2023-01-31
SC151336
core:LeaseholdImprovements
2023-02-01
2024-01-31
Company registration number:
SC151336
McDonald Gordon & Co Ltd
Unaudited filleted financial statements
31 January 2024
McDonald Gordon & Co Ltd
Statement of financial position
31 January 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
8,442 |
|
|
|
10,654 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
8,442 |
|
|
|
10,654 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
291,874 |
|
|
|
369,715 |
|
|
Cash at bank and in hand |
|
|
30 |
|
|
|
(
131,271) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
291,904 |
|
|
|
238,444 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
190,712) |
|
|
|
(
143,884) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
101,192 |
|
|
|
94,560 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
109,634 |
|
|
|
105,214 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
14,166) |
|
|
|
(
27,904) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
95,468 |
|
|
|
77,310 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
9 |
|
|
1,100 |
|
|
|
1,100 |
Share premium account |
|
|
|
|
39,920 |
|
|
|
39,920 |
Profit and loss account |
|
|
|
|
54,448 |
|
|
|
36,290 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
95,468 |
|
|
|
77,310 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the 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.
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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 February 2024
, and are signed on behalf of the board by:
Raymond Paterson
Director
Company registration number:
SC151336
McDonald Gordon & Co Ltd
Notes to the financial statements
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 29 York Place, Edinburgh, EH1 3HP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgement estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based upon experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The directors have made the following estimates in the process of applying the entity's accounting policies :--depreciation - residual value and useful economic life-services provided to clients is recognised by reference to stage of completion
Turnover
Turnover is measured at the fair value of the consideration received or receivable and representsamounts chargeable to clients for services provided during the year, including recoverable expenses onclient assignments, excluding value added tax. Services provided to clients, which at the balance sheetdate have not been billed to clients, have been recognised as turnover. Turnover recognised in thismanner is based on an assessment of the fair value of services provided at the balance sheet date as aproportion of the total value of the engagement. Provision is made against unbilled amounts on theseengagements where the right to receive payment is contingent on factors outside the control of thecompany. Unbilled revenue that is recognised is included in trade debtors.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
|
|
|
|
|
Plant and machinery |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when a company becomes a party to the contractual provisions of instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
17
(2023:
19
).
5.
Tangible assets
|
|
Fixtures, fittings and equipment |
Tenants improvements |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 February 2023 and 31 January 2024 |
45,583 |
3,020 |
48,603 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 February 2023 |
36,542 |
1,408 |
37,950 |
|
|
|
|
|
Charge for the year |
2,010 |
201 |
2,211 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 January 2024 |
38,552 |
1,609 |
40,161 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 January 2024 |
7,031 |
1,411 |
8,442 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 January 2023 |
9,041 |
1,612 |
10,653
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
250,867 |
343,928 |
|
Other debtors |
|
41,007 |
25,787 |
|
|
|
_______ |
_______ |
|
|
|
291,874 |
369,715 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
32,548 |
18,130 |
|
Trade creditors |
|
7,416 |
10,196 |
|
Corporation tax |
|
28,858 |
18,669 |
|
Social security and other taxes |
|
107,045 |
99,668 |
|
Other creditors |
|
14,845 |
(
2,779) |
|
|
|
_______ |
_______ |
|
|
|
190,712 |
143,884 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Clydesdale Bank plc hold a bond and floating charge over the assets of the company in respect of all sums due. In addition the directors have effected personal guarantees joint and severally amounting to £50,000 and Jadenorth Properties Ltd, a related party has provided a corporate guarantee in respect of all sums due. During an earlier year the company received a Bounce Back loan. The balance at 31/1/24 was £24, 167. Under the terms of the scheme, the UK Government guarantees 100% of the finance to the lender.
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
14,166 |
27,904 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
Ordinary B shares shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
1,100 |
|
1,100 |
|
1,100 |
|
1,100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
10.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Later than 1 year and not later than 5 years |
10,825 |
20,103 |
|
_______ |
_______ |
|
|
|
11.
Directors advances, credits and guarantees
|
|
Balance brought forward and o/standing |
Balance brought forward and o/standing |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Brian Duffy |
9,741 |
9,471 |
|
Raymond Paterson |
9,180 |
9,180 |
|
|
_______ |
_______ |
|
|
18,921 |
18,651 |
|
|
_______ |
_______ |
|
|
|
|
12.
Contingent liabilities
McDonald Gordon & Co Ltd
is party to a cross guarantee with Jadenorth Properties Ltd in respect of all sums due by the latter company to the Clydesdale Bank plc which amounted to £105,253 at 31 January 2024. The company is related to Jadenorth Properties Ltd by the directors spouses who are directors and own the entire share capital of that company.