Company Registration No. SC113771 (Scotland)
McNab Sport Limited
Unaudited accounts
for the year ended 30 April 2024
McNab Sport Limited
Unaudited accounts
Contents
McNab Sport Limited
Company Information
for the year ended 30 April 2024
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
McNab Sport Limited
Statement of financial position
as at 30 April 2024
Tangible assets
24,883
8,626
Cash at bank and in hand
28,789
37,795
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
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
McNab Sport Limited
Notes to the Accounts
for the year ended 30 April 2024
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.
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.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
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.
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
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 are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
McNab Sport Limited
Notes to the Accounts
for the year ended 30 April 2024
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.
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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
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
At 30 April 2024
3,509
21,374
-
24,883
At 30 April 2023
5,629
2,997
-
8,626
Amounts falling due within one year
Trade debtors
39,695
41,544
Other debtors
8,321
11,425
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
2,744
2,863
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
Loans from directors
1,425
5,589
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
Obligations under finance leases and hire purchase contracts
11,904
9,540
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).