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Company Registration No. SC113771 (Scotland)
McNab Sport Limited Unaudited accounts for the year ended 30 April 2024
McNab Sport Limited Unaudited accounts Contents
Page
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McNab Sport Limited Company Information for the year ended 30 April 2024
Director
Duncan McNab
Secretary
Margaret McNab
Company Number
SC113771 (Scotland)
Registered Office
The Muirs Kinross KY13 8AU
Accountants
Bridge of Allan Enterprise Ltd "The Summerhouse" 29A Kenilworth Road, Bridge of Allan Stirling FK9 4EH
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McNab Sport Limited Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
24,883 
8,626 
Current assets
Inventories
25,500 
25,500 
Debtors
48,016 
52,969 
Cash at bank and in hand
28,789 
37,795 
102,305 
116,264 
Creditors: amounts falling due within one year
(36,155)
(45,723)
Net current assets
66,150 
70,541 
Total assets less current liabilities
91,033 
79,167 
Creditors: amounts falling due after more than one year
(15,394)
(15,655)
Provisions for liabilities
Deferred tax
(4,728)
(808)
Net assets
70,911 
62,704 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
70,811 
62,604 
Shareholders' funds
70,911 
62,704 
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 August 2024 and were signed on its behalf by
Duncan McNab Director Company Registration No. SC113771
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McNab Sport Limited Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
McNab Sport Limited is a private company, limited by shares, registered in Scotland, registration number SC113771. The registered office is The Muirs , Kinross, KY13 8AU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% per annum on cost
Motor vehicles
25% per annum on cost
Fixtures & fittings
25% per annum on cost
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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McNab Sport Limited Notes to the Accounts for the year ended 30 April 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 May 2023
97,519 
61,540 
6,706 
165,765 
Additions
- 
28,500 
- 
28,500 
Disposals
- 
(11,995)
- 
(11,995)
At 30 April 2024
97,519 
78,045 
6,706 
182,270 
Depreciation
At 1 May 2023
91,890 
58,543 
6,706 
157,139 
Charge for the year
2,120 
7,125 
- 
9,245 
On disposals
- 
(8,997)
- 
(8,997)
At 30 April 2024
94,010 
56,671 
6,706 
157,387 
Net book value
At 30 April 2024
3,509 
21,374 
- 
24,883 
At 30 April 2023
5,629 
2,997 
- 
8,626 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
39,695 
41,544 
Other debtors
8,321 
11,425 
48,016 
52,969 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
2,744 
2,863 
VAT
2,405 
3,614 
Obligations under finance leases and hire purchase contracts
10,136 
7,011 
Trade creditors
10,869 
12,362 
Taxes and social security
5,555 
12,284 
Other creditors
21 
- 
Loans from directors
1,425 
5,589 
Accruals
3,000 
2,000 
36,155 
45,723 
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McNab Sport Limited Notes to the Accounts for the year ended 30 April 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
3,490 
6,115 
Obligations under finance leases and hire purchase contracts
11,904 
9,540 
15,394 
15,655 
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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