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REGISTERED NUMBER: SC413501 (Scotland)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Mcgowan Group Ltd

Mcgowan Group Ltd (Registered number: SC413501)

Contents of the Financial Statements
for the year ended 31st March 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Mcgowan Group Ltd

Company Information
for the year ended 31st March 2024







Directors: R A F McGowan
D C Forsyth





Registered office: Unit 16a
Dalfaber Industrial Estate
Dalfaber Drive
Aviemore
PH22 1ST





Registered number: SC413501 (Scotland)






Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Mcgowan Group Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mcgowan Group Ltd for the year ended 31st March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Mcgowan Group Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mcgowan Group Ltd and state those matters that we have agreed to state to the Board of Directors of Mcgowan Group Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mcgowan Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mcgowan Group Ltd. You consider that Mcgowan Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mcgowan Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.








3rd October 2024

Mcgowan Group Ltd (Registered number: SC413501)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 1,711,079 1,639,230

Current assets
Stocks - 530,064
Debtors 5 3,228,239 1,633,787
Cash at bank 1,168,193 1,174,120
4,396,432 3,337,971
Creditors
Amounts falling due within one year 6 2,636,715 2,047,105
Net current assets 1,759,717 1,290,866
Total assets less current liabilities 3,470,796 2,930,096

Creditors
Amounts falling due after more than one
year

7

(645,105

)

(638,667

)

Provisions for liabilities (393,444 ) (383,679 )
Net assets 2,432,247 1,907,750

Capital and reserves
Called up share capital 100 100
Retained earnings 2,432,147 1,907,650
2,432,247 1,907,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

Mcgowan Group Ltd (Registered number: SC413501)

Balance Sheet - continued
31st March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd October 2024 and were signed on its behalf by:





R A F McGowan - Director


Mcgowan Group Ltd (Registered number: SC413501)

Notes to the Financial Statements
for the year ended 31st March 2024


1. Statutory information

Mcgowan Group Ltd 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Mcgowan Group Ltd (Registered number: SC413501)

Notes to the Financial Statements - continued
for the year ended 31st March 2024


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.

Fair value
Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

3. Employees and directors

The average number of employees during the year was 56 (2023 - 61 ) .

4. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1st April 2023 28,138 1,881,722 70,963 973,721 2,954,544
Additions - 436,397 - 355,379 791,776
Disposals - (608,820 ) - (201,370 ) (810,190 )
At 31st March 2024 28,138 1,709,299 70,963 1,127,730 2,936,130
Depreciation
At 1st April 2023 5,671 738,637 57,707 513,299 1,315,314
Charge for year 2,244 186,430 4,404 160,434 353,512
Eliminated on disposal - (277,737 ) - (166,038 ) (443,775 )
At 31st March 2024 7,915 647,330 62,111 507,695 1,225,051
Net book value
At 31st March 2024 20,223 1,061,969 8,852 620,035 1,711,079
At 31st March 2023 22,467 1,143,085 13,256 460,422 1,639,230

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 1,848,184 611,434
Other debtors 1,380,055 1,022,353
3,228,239 1,633,787

Mcgowan Group Ltd (Registered number: SC413501)

Notes to the Financial Statements - continued
for the year ended 31st March 2024


6. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts 350,500 446,648
Trade creditors 776,093 345,894
Taxation and social security 664,001 494,921
Other creditors 846,121 759,642
2,636,715 2,047,105

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 577,938 509,500
Other creditors 67,167 129,167
645,105 638,667

8. Capital commitments

At 31 March 2024 the company was committed to the purchase of plant at a cost of £160,425 which was delivered in April and May 2024.