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COMPANY REGISTRATION NUMBER: SC291681
John McNicol & Co. (Electrical Engineers) Limited
Filleted Unaudited Financial Statements
31 March 2024
John McNicol & Co. (Electrical Engineers) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
16,975
21,565
Current assets
Stocks
21,757
25,504
Debtors
6
326,036
327,603
Cash at bank and in hand
45,050
52,418
---------
---------
392,843
405,525
Creditors: amounts falling due within one year
7
165,223
204,838
---------
---------
Net current assets
227,620
200,687
---------
---------
Total assets less current liabilities
244,595
222,252
Creditors: amounts falling due after more than one year
8
21,473
38,834
---------
---------
Net assets
223,122
183,418
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
223,022
183,318
---------
---------
Shareholders funds
223,122
183,418
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
John McNicol & Co. (Electrical Engineers) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
N.D. McNicol
Director
Company registration number: SC291681
John McNicol & Co. (Electrical Engineers) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 123 Elliot Street, Glasgow, G3 8EY.
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.
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.
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:
Plant & Machinery
-
10% reducing balance
Fixtures & Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 15 (2023: 17 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
75,613
15,946
60,330
8,892
160,781
--------
--------
--------
-------
---------
Depreciation
At 1 April 2023
71,782
14,435
44,107
8,892
139,216
Charge for the year
383
151
4,056
4,590
--------
--------
--------
-------
---------
At 31 March 2024
72,165
14,586
48,163
8,892
143,806
--------
--------
--------
-------
---------
Carrying amount
At 31 March 2024
3,448
1,360
12,167
16,975
--------
--------
--------
-------
---------
At 31 March 2023
3,831
1,511
16,223
21,565
--------
--------
--------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
170,748
195,141
Amounts owed by group undertakings and undertakings in which the company has a participating interest
145,641
112,940
Other debtors
9,647
19,522
---------
---------
326,036
327,603
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46,506
32,066
Social security and other taxes
70,395
90,718
Other creditors
48,322
82,054
---------
---------
165,223
204,838
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,473
38,834
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
N.D. McNicol
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
N.D. McNicol
35,000
( 35,000)
--------
--------
----
10. Related party transactions
Control:- In the directors' opinion no one party had ultimate control of the company at the balance sheet date. Transactions:- The balance due to John McNicol & Co (1938) Limited at 31 March 2024 amounted to £Nil (31 March 2023 : £Nil). The balance due from John McNicol & Co (Holdings) Limited at 31 March 2024 amounted to £ 145,640 (31 March 2023 : £ 112,940 ).
11. Controlling party
The company's ultimate parent undertaking throughout the period under review was John McNicol & Co. (Holdings) Limited , a company incorporated in Scotland.