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REGISTERED NUMBER: SC039617 (Scotland)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 29 February 2024

for

Levy McCallum Limited

Levy McCallum Limited (Registered number: SC039617)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5

Chartered Accountants' Report 9

Levy McCallum Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: R L McCallum
J D M McCallum





SECRETARY: R L McCallum





REGISTERED OFFICE: 4 Hayburn Street
Glasgow
G11 6DF





REGISTERED NUMBER: SC039617 (Scotland)





ACCOUNTANTS: Parkhill Mackie & Co.
Chartered Accountants
60 Wellington Street
Glasgow
G2 6HJ

Levy McCallum Limited (Registered number: SC039617)

Report of the Directors
for the Year Ended 29 February 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

REVIEW OF BUSINESS

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

R L McCallum
J D M McCallum

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J D M McCallum - Director


7 September 2024

Levy McCallum Limited (Registered number: SC039617)

Balance Sheet
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 5,825 6,832

CURRENT ASSETS
Debtors 5 290,770 258,649
Cash at bank and in hand 33,230 114,166
324,000 372,815
CREDITORS
Amounts falling due within one year 6 (267,160 ) (250,384 )
NET CURRENT ASSETS 56,840 122,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,665

129,263

CREDITORS
Amounts falling due after more than one
year

7

(11,500

)

(20,700

)
NET ASSETS 51,165 108,563

CAPITAL AND RESERVES
Called up share capital 10 50,000 50,000
Retained earnings 11 1,165 58,563
SHAREHOLDERS' FUNDS 51,165 108,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Levy McCallum Limited (Registered number: SC039617)

Balance Sheet - continued
29 February 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2024 and were signed on its behalf by:





J D M McCallum - Director


Levy McCallum Limited (Registered number: SC039617)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Levy McCallum 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Changes to estimates and underlying assumptions are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors are of the opinion that there are no matters of significant judgements, estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover represents fees and recharged costs for services provided during the year and excludes value added tax

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Financial instruments
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors and bank loans.

Cash and cash equivalents comprise cash in hand and deposits held with banks.

Trade and other debtors are initially recognised at the transaction price, including any transaction costs, less any provision for impairment. At the end of each reporting year, the Company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all the amounts due according to the original terms of the financial assets. The amount of the provision is recognised immediately in the statement of income and retained earnings.

Trade and other creditors are initially measured at the transaction price, including any transaction costs. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable.

Bank loans are recognised at the fixed amount to be repaid.


Levy McCallum Limited (Registered number: SC039617)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. 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.

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.

Hire purchase and leasing commitments
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 does not operate a pension scheme for employees or directors but does pay pension contributions into personal pension policies of the employees and directors. The annual contributions payable are charged to the profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 12,212 - 25,266 37,478
Additions - 2,495 1,249 3,744
At 29 February 2024 12,212 2,495 26,515 41,222
DEPRECIATION
At 1 March 2023 11,928 - 18,718 30,646
Charge for year 142 832 3,777 4,751
At 29 February 2024 12,070 832 22,495 35,397
NET BOOK VALUE
At 29 February 2024 142 1,663 4,020 5,825
At 28 February 2023 284 - 6,548 6,832

Levy McCallum Limited (Registered number: SC039617)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 260,820 255,263
Directors' current accounts 25,103 38
Prepayments 4,847 3,348
290,770 258,649

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,200 9,200
Trade creditors 210,762 182,591
Social security and other taxes 6,567 9,013
VAT 23,136 28,127
Other creditors 4,370 7,543
Accrued expenses 13,125 13,910
267,160 250,384

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 11,500 20,700

8. LEASING AGREEMENTS
At the end of the year the company had total commitments under operating leases expiring after more than 8 years of £104,000.

9. SECURED DEBTS

The bank overdraft facility is secured by a floating charge over the assets and undertakings of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000

11. RESERVES
Retained
earnings
£   

At 1 March 2023 58,563
Deficit for the year (22,398 )
Dividends (35,000 )
At 29 February 2024 1,165

Levy McCallum Limited (Registered number: SC039617)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. ULTIMATE CONTROLLING PARTY

The company was under the control of R L McCallum and J D McCallum in the year to 29 February 2024.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Levy McCallum Limited

The following reproduces the text of the report prepared for the directors 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 Directors 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 Levy McCallum Limited for the year ended 29 February 2024 which comprise the Income Statement, 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 Board of Directors of Levy McCallum Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Levy McCallum Limited and state those matters that we have agreed to state to the Board of Directors of Levy McCallum Limited, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Levy McCallum 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 loss of Levy McCallum Limited. You consider that Levy McCallum 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 Levy McCallum 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.






Parkhill Mackie & Co.
Chartered Accountants
60 Wellington Street
Glasgow
G2 6HJ


18 September 2024