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COMPANY REGISTRATION NUMBER: SC053853
Millar & McGowan Limited
Filleted Unaudited Financial Statements
31 January 2024
Millar & McGowan Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Millar & McGowan Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Millar & McGowan Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Millar & McGowan Limited for the year ended 31 January 2024, which comprise the statement of financial position 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Millar & McGowan Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Millar & McGowan Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Millar & McGowan Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Millar & McGowan Limited 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 loss of Millar & McGowan Limited. You consider that Millar & McGowan Limited 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 Millar & McGowan Limited. 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
23 October 2024
Millar & McGowan Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
3,015
Tangible assets
6
151,915
8,079
---------
--------
151,915
11,094
Current assets
Stocks
42,178
50,944
Debtors
7
149,450
115,226
Cash at bank and in hand
68,827
185,879
---------
---------
260,455
352,049
Creditors: amounts falling due within one year
8
154,570
169,926
---------
---------
Net current assets
105,885
182,123
---------
---------
Total assets less current liabilities
257,800
193,217
Provisions
Taxation including deferred tax
20,078
539
---------
---------
Net assets
237,722
192,678
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
125,216
Profit and loss account
111,506
191,678
---------
---------
Shareholders funds
237,722
192,678
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Millar & McGowan Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
Mr D J Leonard
Mr S J McDermott
Director
Director
Company registration number: SC053853
Millar & McGowan Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 35 Abbeygreen, Lesmahagow, Lanark, ML110EQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
100% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
15% reducing balance
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
3,015
-------
Amortisation
Charge for the year
3,015
-------
At 31 January 2024
3,015
-------
Carrying amount
At 31 January 2024
-------
At 31 January 2023
3,015
-------
6. Tangible assets
Freehold and Investment Property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost or valuation
At 1 February 2023
16,225
34,145
5,899
56,269
Revaluations
133,775
133,775
---------
--------
-------
---------
At 31 January 2024
150,000
34,145
5,899
190,044
---------
--------
-------
---------
Depreciation
At 1 February 2023
11,519
31,892
4,779
48,190
Charge for the year
338
1,120
1,458
Revaluations
( 11,519)
( 11,519)
---------
--------
-------
---------
At 31 January 2024
32,230
5,899
38,129
---------
--------
-------
---------
Carrying amount
At 31 January 2024
150,000
1,915
151,915
---------
--------
-------
---------
At 31 January 2023
4,706
2,253
1,120
8,079
---------
--------
-------
---------
Had the properties not been revalued, the net book value of the properties would have been £4,381, with the depreciation charge for the year equalling £325.
7. Debtors
2024
2023
£
£
Trade debtors
95,972
83,558
Prepayments and accrued income
855
1,026
Other debtors
52,623
30,642
---------
---------
149,450
115,226
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
123,664
120,722
Accruals and deferred income
27,791
25,519
Corporation tax
2,115
10,316
Social security and other taxes
1,869
Director loan accounts
500
11,000
Other creditors
500
500
---------
---------
154,570
169,926
---------
---------
9. Directors' advances, credits and guarantees
A balance of £ 500 was owed to the directors by the company as at 31 January 2024. (2023: £11,000)
10. Related party transactions
Mr D J Leonard and Mr S McDermott, directors after the year end, are also shareholders and directors of G&S Investments (Glasgow) Limited. As at 31 January 2024, G&S Investments (Glasgow) Limited owed £ 40,000 (2023: £nil) to the company.
11. Controlling party
The company was under the control of Mr J F Bland and Ms M A Bland throughout the year. From 2nd February 2024 the company is under the control of its parent company, G&S Investments (Glasgow) Limited.