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2023-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
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SC245900
2023-07-01
2024-06-30
SC245900
2024-06-30
SC245900
2023-06-30
SC245900
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2023-06-30
SC245900
2023-06-30
SC245900
2022-06-30
SC245900
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2024-06-30
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2024-06-30
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2024-06-30
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2024-06-30
SC245900
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2024-06-30
SC245900
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2024-06-30
SC245900
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2023-06-30
SC245900
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2024-06-30
SC245900
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2023-06-30
SC245900
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2024-06-30
SC245900
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2023-06-30
SC245900
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2024-06-30
SC245900
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2023-06-30
SC245900
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2023-06-30
SC245900
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2024-06-30
SC245900
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2024-06-30
SC245900
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2024-06-30
SC245900
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2024-06-30
SC245900
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2023-06-30
SC245900
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2024-06-30
SC245900
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2024-06-30
SC245900
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SC245900
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2024-06-30
SC245900
bus:AbridgedAccounts
2023-07-01
2024-06-30
COMPANY REGISTRATION NUMBER:
SC245900
R C McLeish Insurance Consultants Ltd |
|
Filleted Unaudited Abridged Financial Statements |
|
R C McLeish Insurance Consultants Ltd |
|
Abridged Financial Statements |
|
Year ended 30 June 2024
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
R C McLeish Insurance Consultants Ltd |
|
Abridged Statement of Financial Position |
|
30 June 2024
Fixed assets
Tangible assets |
6 |
|
60,458 |
64,336 |
Investments |
7 |
|
76,577 |
33,504 |
|
|
--------- |
-------- |
|
|
137,035 |
97,840 |
|
|
|
|
|
Current assets
Debtors |
10,247 |
|
10,689 |
Cash at bank and in hand |
21,836 |
|
158,701 |
|
-------- |
|
--------- |
|
32,083 |
|
169,390 |
|
|
|
|
Creditors: amounts falling due within one year |
63,385 |
|
72,778 |
|
-------- |
|
--------- |
Net current (liabilities)/assets |
|
(
31,302) |
96,612 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
105,733 |
194,452 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
981 |
1,498 |
|
|
--------- |
--------- |
Net assets |
|
104,752 |
192,954 |
|
|
--------- |
--------- |
|
|
|
|
R C McLeish Insurance Consultants Ltd |
|
Abridged Statement of Financial Position (continued) |
|
30 June 2024
Capital and reserves
Called up share capital |
|
100 |
100 |
Non distributable reserve |
|
8,123 |
50 |
Profit and loss account |
|
96,529 |
192,804 |
|
|
--------- |
--------- |
Shareholders funds |
|
104,752 |
192,954 |
|
|
--------- |
--------- |
|
|
|
|
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 30 June 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
31 July 2024
, and are signed on behalf of the board by:
Company registration number:
SC245900
R C McLeish Insurance Consultants Ltd |
|
Notes to the Abridged Financial Statements |
|
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 37-39 Wellgate, Lanark, Lanarkshire, ML11 9DS.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
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.
Going concern
There are no material uncertainties about the company's ability to continue. The accounts have been prepared on the going concern basis reflecting the continuing support of the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and commissions. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Land and buildings |
- |
2% reducing balance |
|
Plant and machinery |
- |
40% reducing balance |
|
Fixtures and fittings |
- |
20% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Other investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the 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. Debt instruments are subsequently measured at amortised cost. Investments are measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date.
If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Intangible assets
|
£ |
Cost |
|
At 1 July 2023 and 30 June 2024 |
43,000 |
|
-------- |
Amortisation |
|
At 1 July 2023 and 30 June 2024 |
43,000 |
|
-------- |
Carrying amount |
|
At 30 June 2024 |
– |
|
-------- |
At 30 June 2023 |
– |
|
-------- |
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 July 2023 |
102,395 |
Additions |
525 |
Disposals |
(
2,731) |
|
--------- |
At 30 June 2024 |
100,189 |
|
--------- |
Depreciation |
|
At 1 July 2023 |
38,059 |
Charge for the year |
4,175 |
Disposals |
(
2,503) |
|
--------- |
At 30 June 2024 |
39,731 |
|
--------- |
Carrying amount |
|
At 30 June 2024 |
60,458 |
|
--------- |
At 30 June 2023 |
64,336 |
|
--------- |
|
|
7.
Investments
|
£ |
Cost or valuation |
|
At 1 July 2023 |
33,504 |
Additions |
35,000 |
Revaluations |
8,073 |
|
-------- |
At 30 June 2024 |
76,577 |
|
-------- |
Impairment |
|
At 1 July 2023 and 30 June 2024 |
– |
|
-------- |
Carrying amount |
|
At 30 June 2024 |
76,577 |
|
-------- |
At 30 June 2023 |
33,504 |
|
-------- |
|
|
8.
Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The amount of unpaid contributions at the balance sheet date amounted to £nil (2023 - £115.59) and are included in other creditors.
9.
Directors' advances, credits and guarantees
The directors' loan account was not in debit at any time during the year.