Bain & McKeown Decor Ltd SC775103 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is decorators. Digita Accounts Production Advanced 6.30.9574.0 true true SC775103 2023-08-01 2024-07-31 SC775103 2024-07-31 SC775103 bus:OrdinaryShareClass1 2024-07-31 SC775103 core:CurrentFinancialInstruments 2024-07-31 SC775103 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 SC775103 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 SC775103 core:MotorVehicles 2024-07-31 SC775103 core:PlantMachinery 2024-07-31 SC775103 bus:SmallEntities 2023-08-01 2024-07-31 SC775103 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC775103 bus:AbridgedAccounts 2023-08-01 2024-07-31 SC775103 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC775103 bus:RegisteredOffice 2023-08-01 2024-07-31 SC775103 bus:Director1 2023-08-01 2024-07-31 SC775103 bus:Director2 2023-08-01 2024-07-31 SC775103 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 SC775103 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC775103 bus:Agent1 2023-08-01 2024-07-31 SC775103 core:MotorVehicles 2023-08-01 2024-07-31 SC775103 core:PlantMachinery 2023-08-01 2024-07-31 SC775103 core:VehiclesPlantMachinery 2023-08-01 2024-07-31 SC775103 countries:Scotland 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC775103

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2024

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Abridged Balance Sheet

5 to 6

Notes to the Unaudited Abridged Financial Statements

7 to 12

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Company Information

Directors

Mr Alasdair Bain

Mr John McKeown

Registered office

42 Roundelwood
Sauchie
Alloa
Clackmannanshire
FK10 3DG

Accountants

Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Directors' Report for the Year Ended 31 July 2024

The directors present their report and the abridged financial statements for the year ended 31 July 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Alasdair Bain

Mr John McKeown

Principal activity

The principal activity of the company is decorators.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr Alasdair Bain
Director

.........................................
Mr John McKeown
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bain & McKeown Decor Ltd for the year ended 31 July 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Bain & McKeown Decor Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bain & McKeown Decor Ltd and state those matters that we have agreed to state to the Board of Directors of Bain & McKeown Decor Ltd, as a body, in this report.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bain & McKeown Decor Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bain & McKeown Decor Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bain & McKeown Decor Ltd. You consider that Bain & McKeown Decor Ltd 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 accounts of Bain & McKeown Decor Ltd. 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 accounts.


Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 July 2024

Note

2024
£

Turnover

 

220,282

Cost of sales

 

(114,483)

Gross profit

 

105,799

Administrative expenses

 

(31,358)

Operating profit

 

74,441

Profit before tax

4

74,441

Taxation

 

(12,081)

Profit for the financial year

 

62,360

Retained earnings brought forward

 

-

Dividends paid

 

(46,000)

Retained earnings carried forward

 

16,360

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

(Registration number: SC775103)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

14,701

Current assets

 

Debtors

6

18,622

Cash at bank and in hand

 

6,182

 

24,804

Creditors: Amounts falling due within one year

(11,570)

Net current assets

 

13,234

Total assets less current liabilities

 

27,935

Creditors: Amounts falling due after more than one year

(10,000)

Accruals and deferred income

 

(1,375)

Net assets

 

16,560

Capital and reserves

 

Called up share capital

7

200

Retained earnings

16,360

Shareholders' funds

 

16,560

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

(Registration number: SC775103)
Abridged Balance Sheet as at 31 July 2024 (continued)

.........................................
Mr Alasdair Bain
Director

.........................................
Mr John McKeown
Director

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
42 Roundelwood
Sauchie
Alloa
Clackmannanshire
FK10 3DG
Scotland

These financial statements were authorised for issue by the Board on 11 September 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Commercial vehicles

15% reducing balance

Plant and machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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.

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

3

Staff numbers

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

2,594

5

Tangible assets

Plant and machinery
£

Commercial vehicles
 £

Total
£

Cost or valuation

Additions

300

16,995

17,295

At 31 July 2024

300

16,995

17,295

Depreciation

Charge for the year

45

2,549

2,594

At 31 July 2024

45

2,549

2,594

Carrying amount

At 31 July 2024

255

14,446

14,701

6

Debtors

Debtors includes £Nil due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

7

Share capital (continued)

2024

No.

£

Ordinary of £1 each

200

200

   

8

Dividends

2024

£

Interim dividend of £46,000.00 per ordinary share

46,000

 

9

Related party transactions

 

Bain & McKeown Decor Ltd

trading as Bain & McKeown Decor

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

9

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

Remuneration

25,080