REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
McDougall Property Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
McDougall Property Limited |
McDougall Property Limited (Registered number: SC651430) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
McDougall Property Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
7 Dunvegan Drive |
Newton Mearns |
Glasgow |
G77 5EB |
McDougall Property Limited (Registered number: SC651430) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
McDougall Property Limited (Registered number: SC651430) |
Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
McDougall Property Limited (Registered number: SC651430) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
McDougall Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
McDougall Property Limited (Registered number: SC651430) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (14,978 | ) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Eliminated on disposal | ( |
) |
Transfer to ownership | (8,658 | ) |
At 31 January 2024 | ( |
) |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
McDougall Property Limited (Registered number: SC651430) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The directors have advanced funds to the company on an interest free basis and without formal repayment terms. The amount owed at 31 January 2024 is £1,093 (2023 £18,795). |
The directors are directors and shareholder of Brifi Limited. In the course of the year under review a loan has been provided to Brifi Limited which is interest free and has no formal repayment terms. At 31st January 2024 the amount owed by Brifi Limited was £25,000 (2023 - £45,000). |