REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
McLachlan (Elgin) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
McLachlan (Elgin) Limited |
McLachlan (Elgin) Limited (Registered number: SC127975) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
McLachlan (Elgin) Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
39 St Vincent Place |
Glasgow |
G1 2ER |
McLachlan (Elgin) Limited (Registered number: SC127975) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 10 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
McLachlan (Elgin) Limited (Registered number: SC127975) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
McLachlan (Elgin) Limited (Registered number: SC127975) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
McLachlan (Elgin) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the company has the right to receive it. |
Goodwill |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Goodwill | - 100% on cost |
Tangible fixed assets |
Freehold land and buildings | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and selling price less costs to complete and sell. |
Financial instruments |
The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Taxation |
Taxation for the year comprises current and deferred tax. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
McLachlan (Elgin) Limited (Registered number: SC127975) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Listed investments held as both fixed and current assets, are recognised at fair value which is the equivalent to market value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
McLachlan (Elgin) Limited (Registered number: SC127975) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 477,170 |
Additions | 10,011 |
Disposals | ( |
) | (81,782 | ) |
Revaluations | ( |
) | (34,994 | ) |
At 31 December 2023 | 370,405 |
NET BOOK VALUE |
At 31 December 2023 | 370,405 |
At 31 December 2022 | 477,170 |
Cost or valuation at 31 December 2023 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2016 | - | 11,512 | 11,512 |
Valuation in 2017 | - | (1,539 | ) | (1,539 | ) |
Valuation in 2018 | - | (20,261 | ) | (20,261 | ) |
Valuation in 2019 | - | 19,961 | 19,961 |
Valuation in 2020 | - | 17,417 | 17,417 |
Valuation in 2021 | - | 16,387 | 16,387 |
Valuation in 2022 | - | (3,244 | ) | (3,244 | ) |
Valuation in 2023 | - | (40,835 | ) | (40,835 | ) |
Cost | 302 | 370,705 | 371,007 |
302 | 370,103 | 370,405 |
7. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Included in other debtors is the director's loan account which is unsecured, interest free and repayable on demand. |
McLachlan (Elgin) Limited (Registered number: SC127975) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | CURRENT ASSET INVESTMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Listed investments | 51,223 | 50,134 |
Current asset investments are stated at fair value at 31st December 2023. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included in other creditors is the director's loan account which is unsecured, interest free and repayable on demand. |
10. | RESERVES |
Retained earnings include undistributable reserves at 31st December 2023 of (£23,402) (2022 - £20,278). |
11. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £7,500 (2022 - £15,000) were paid to the director . |