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REGISTERED NUMBER: SC228845 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

McGarry Flooring and Contracts Limited

McGarry Flooring and Contracts Limited (Registered number: SC228845)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McGarry Flooring and Contracts Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: L McGarry
C Stockman





REGISTERED OFFICE: 60 Canyon Road
Netherton Industrial Estate
Wishaw
ML2 0EG





REGISTERED NUMBER: SC228845 (Scotland)





ACCOUNTANTS: Gerber Landa & Gee
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

McGarry Flooring and Contracts Limited (Registered number: SC228845)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 96,386 42,383
Investments 5 50 50
Investment property 6 67,000 -
163,436 42,433

CURRENT ASSETS
Stocks 136,361 269,602
Debtors 7 985,064 927,429
Cash at bank and in hand 740,880 660,838
1,862,305 1,857,869
CREDITORS
Amounts falling due within one year 8 461,801 547,445
NET CURRENT ASSETS 1,400,504 1,310,424
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,563,940

1,352,857

PROVISIONS FOR LIABILITIES 24,096 625
NET ASSETS 1,539,844 1,352,232

CAPITAL AND RESERVES
Called up share capital 500 500
Revaluation reserve 9 28,140 -
Retained earnings 1,511,204 1,351,732
1,539,844 1,352,232

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

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

McGarry Flooring and Contracts Limited (Registered number: SC228845)

Balance Sheet - continued
31 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:





L McGarry - Director


McGarry Flooring and Contracts Limited (Registered number: SC228845)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

McGarry Flooring and Contracts 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

McGarry Flooring and Contracts Limited (Registered number: SC228845)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 35 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 67,000 35,449 102,449
Additions - 128,515 128,515
Reclassification/transfer (67,000 ) - (67,000 )
At 31 March 2024 - 163,964 163,964
DEPRECIATION
At 1 April 2023 28,140 31,926 60,066
Charge for year - 35,652 35,652
Reclassification/transfer (28,140 ) - (28,140 )
At 31 March 2024 - 67,578 67,578
NET BOOK VALUE
At 31 March 2024 - 96,386 96,386
At 31 March 2023 38,860 3,523 42,383

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 50
NET BOOK VALUE
At 31 March 2024 50
At 31 March 2023 50

McGarry Flooring and Contracts Limited (Registered number: SC228845)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Reclassification/transfer 67,000
At 31 March 2024 67,000
NET BOOK VALUE
At 31 March 2024 67,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 799,969 637,603
Amounts owed by group undertakings 80 252
Other debtors 15,299 16,470
VAT 60,360 74,814
Prepayments and accrued income 109,356 198,290
985,064 927,429

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 104,370 48,529
Trade creditors 227,749 401,476
Tax 58,985 30,729
Social security and other taxes 40,146 34,875
Directors' current accounts 24 231
Accrued expenses 30,527 31,605
461,801 547,445

9. RESERVES
Revaluation
reserve
£   
Transfer from land & buildings 28,140

At 31 March 2024 28,140