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REGISTERED NUMBER: SC288945 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Mearns & Company Limited

Mearns & Company Limited (Registered number: SC288945)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Mearns & Company Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: C A Bell
G A Brown
M L Steel
G McInally





SECRETARY: C A Bell





REGISTERED OFFICE: 112 Commercial Street
Edinburgh
EH6 6NF





REGISTERED NUMBER: SC288945 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Mearns & Company Limited (Registered number: SC288945)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 47,926 50,613
47,926 50,613

CURRENT ASSETS
Debtors 6 361,123 384,854
Cash at bank and in hand 686,254 498,592
1,047,377 883,446
CREDITORS
Amounts falling due within one year 7 415,170 285,314
NET CURRENT ASSETS 632,207 598,132
TOTAL ASSETS LESS CURRENT
LIABILITIES

680,133

648,745

CREDITORS
Amounts falling due after more than one year 8 (8,026 ) (166,068 )

PROVISIONS FOR LIABILITIES 12 (11,499 ) (12,065 )
NET ASSETS 660,608 470,612

CAPITAL AND RESERVES
Called up share capital 13 2 2
Capital redemption reserve 14 25,010 25,010
Retained earnings 14 635,596 445,600
SHAREHOLDERS' FUNDS 660,608 470,612

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 18 September 2024 and were signed on its behalf by:




C A Bell - Director


Mearns & Company Limited (Registered number: SC288945)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Mearns & Company 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.

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.

Turnover
Turnover is stated net of trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill
Goodwill arising in connection with the acquisition of the business is amortised over its estimated economic life to a maximum of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:

Improvements to property-10% reducing balance
Fixtures and fittings-25% reducing balance
Computer equipment-25% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments
The company only has financial assets and financial 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. 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.


Mearns & Company Limited (Registered number: SC288945)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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 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.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 30,000
AMORTISATION
At 1 May 2023
and 30 April 2024 30,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

Mearns & Company Limited (Registered number: SC288945)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 8,662 54,415 64,182 127,259
Additions - 7,083 5,756 12,839
At 30 April 2024 8,662 61,498 69,938 140,098
DEPRECIATION
At 1 May 2023 4,114 48,681 23,851 76,646
Charge for year 866 1,952 12,708 15,526
At 30 April 2024 4,980 50,633 36,559 92,172
NET BOOK VALUE
At 30 April 2024 3,682 10,865 33,379 47,926
At 30 April 2023 4,548 5,734 40,331 50,613

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 72,403 91,600
Other debtors 288,720 293,254
361,123 384,854

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts (see note 9) - 15,695
Trade creditors 11,182 13,669
Taxation and social security 205,678 117,408
Other creditors 198,310 138,542
415,170 285,314

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans (see note 9) - 148,410
Other creditors 8,026 17,658
8,026 166,068

9. LOANS

An analysis of the maturity of loans is given below:

30.4.24 30.4.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 15,695
Other loans 9,632 9,632
9,632 25,327

Mearns & Company Limited (Registered number: SC288945)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. LOANS - continued
30.4.24 30.4.23
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years - 148,410
Other loans - 2-5 years 8,026 17,658
8,026 166,068

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.24 30.4.23
£    £   
Within one year 80,940 80,694
Between one and five years 75,968 154,100
156,908 234,794

11. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans - 164,105

RBS had a personal guarantee provided by a director.

12. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 11,499 12,065

Deferred
tax
£   
Balance at 1 May 2023 12,065
Provided during year (566 )
Balance at 30 April 2024 11,499

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
2 Ordinary £1 2 2

Mearns & Company Limited (Registered number: SC288945)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

14. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 445,600 25,010 470,610
Profit for the year 641,716 641,716
Dividends (451,720 ) (451,720 )
At 30 April 2024 635,596 25,010 660,606

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 30 April 2024 the company owed the directors £nil (2023: £296).

16. RELATED PARTY DISCLOSURES





Related Party




Transaction


Amount in the
year ended
30.04.24


Amount in the
year ended
30.04.23
Balance
receivable
from /(payable
to) as at
30.04.24
Balance
receivable
from/(payable
to) as at
30.04.23
£ £ £ £

Director's family member Loan 196 2,892 - (196)

Lightbox Reward Limited Loan - - 176,835 176,835
Sales 945 945 - -
Recharge 384 300 - -

Director's pension company Rent 80,400 80,400 - -

Sixty Seven Group Limited Dividends 451,720 337,740 - -
Loan 2,280 (2,280) - (2,280)

The directors of Mearns & Company Limited are also directors of Lightbox Reward Limited.

Mearns & Company Limited is a 100% subsidiary of Sixty Seven Group Limited.

17. ULTIMATE CONTROLLING PARTY

The controlling party is Sixty Seven Group Limited.

There is no ultimate controlling party.