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Registered number: SC441180










MORVERN COMMUNITY TRADING COMPANY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
MORVERN COMMUNITY TRADING COMPANY LTD
 

COMPANY INFORMATION


Directors
Ms L J Jones 
Mr R M Jones 
Ms S Layton 
Mr D Mealand (appointed 3 October 2023)
Ms J R Rennie (appointed 8 May 2024)
Ms E Rosier (appointed 2 November 2023)
Ms J Stuart-Smith 
Ms J Kennedy (appointed 3 October 2023, resigned 7 February 2024)
Mr K J McLaughlin (resigned 18 December 2023)
Ms H Melohn (appointed 16 February 2024, resigned 23 February 2024)




Company secretary
Ms L Dobrokhodova



Registered number
SC441180



Registered office
Lochaline Harbour
Morvern

Oban

Argyll

PA80 5XT




Independent auditors
Sumer Auditco Limited
Statutory Auditors and Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
MORVERN COMMUNITY TRADING COMPANY LTD
REGISTERED NUMBER: SC441180

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
£
£

  

Current assets
  

Stocks
  
8,802
4,231

Debtors: amounts falling due within one year
 4 
17,038
11,466

Cash at bank and in hand
  
37,013
36,543

  
62,853
52,240

Creditors: amounts falling due within one year
 5 
(43,039)
(28,800)

Net current assets
  
 
 
19,814
 
 
23,440

Total assets less current liabilities
  
19,814
23,440

  

Net assets
  
19,814
23,440


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
19,714
23,340

  
19,814
23,440


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2024.




Mr D Mealand
Ms J R Rennie
Director
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
MORVERN COMMUNITY TRADING COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Morvern Community Trading Company Ltd is a private company, limited by shares, incorporated in Scotland with registration number SC441180.  The registered office is Lochaline Harbour Lochaline, Morvern, Oban, Argyll, PA80 5XT.
The Company's functional and presentational currency is GBP. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 2

 
MORVERN COMMUNITY TRADING COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 7).

Page 3

 
MORVERN COMMUNITY TRADING COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Debtors

2024
2023
£
£


Trade debtors
9,646
7,284

Other debtors
451
1,113

Prepayments and accrued income
6,941
3,069

17,038
11,466



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
14,647
1,083

Amounts owed to group undertakings
12,617
12,250

Other taxation and social security
7,587
4,703

Other creditors
834
164

Accruals and deferred income
7,354
10,600

43,039
28,800



6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary £1 shares shares of £1.00 each
100
100



7.


Pension commitments

The Company operates a defined contributions pension scheme.  The assets of the scheme are held separately from those of the Company in an independently administrated fund.  The pension charge represents contributions payable by the Company to the fund and amounted to £1,753 (2023 - £267).  Contributions totalling £334 (2023 - £164) were payable to the fund at the balance sheet date.


8.


Related party transactions

The group has taken advantage of provisions within FRS102 and has not disclosed transactions entered into with other wholly owned members of the group.

Page 4

 
MORVERN COMMUNITY TRADING COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Controlling party

The Company is a wholly owned subsidiary of The Morvern Community Development Company ('MCDC'), a company limited by guarantee incorporated in Scotland with registration number SC200325.  MCDC is the ultimate controlling party and has its registered office at Lochaline Harbour, Lochaline, Morvern, Oban, Argyll, PA80 5XT.
MCDC is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 March 2024.  The results of Morvern Community Trading Company are included within the consolidated financial statements of MCDC.


10.
 

Provisions available for audits of small entities

In keeping with many other businesses of our size and nature, we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 15 October 2024 by Douglas Rae (Senior statutory auditor) on behalf of Sumer Auditco Limited.


Page 5