Company Registration No. SC431884 (Scotland)
MCG COOLING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
MCG COOLING SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
3,975
Investments
4
50
50
50
4,025
Current assets
Debtors
5
248,776
137,914
Cash at bank and in hand
1,009
1,712
249,785
139,626
Creditors: amounts falling due within one year
6
(138,442)
(92,772)
Net current assets
111,343
46,854
Total assets less current liabilities
111,393
50,879
Creditors: amounts falling due after more than one year
7
(4,281)
(7,281)
Provisions for liabilities
8
-
0
(756)
Net assets
107,112
42,842
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
107,012
42,742
Total equity
107,112
42,842

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

MCG COOLING SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Alistair McGowan
Director
Company Registration No. SC431884
MCG COOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

MCG Cooling Services Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% straight line
Office Equipment
20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Fixed asset investments

Investments in shares are initially recognised at fair value, which is normally the transaction price less the transaction costs. Subsequent measurement is at fair value, where shares are publicly traded or the fair value can be measured reliably. Where fair value cannot be measured reliably investments are included at cost less impairment.

1.4
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

MCG COOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
MCG COOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Office Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
2,029
2,202
24,229
28,460
Disposals
-
0
-
0
(23,550)
(23,550)
At 28 February 2024
2,029
2,202
679
4,910
Depreciation and impairment
At 1 March 2023
2,029
1,981
20,475
24,485
Depreciation charged in the year
-
0
221
-
0
221
Eliminated in respect of disposals
-
0
-
0
(19,796)
(19,796)
At 28 February 2024
2,029
2,202
679
4,910
Carrying amount
At 28 February 2024
-
0
-
0
-
0
-
0
At 28 February 2023
-
0
221
3,754
3,975
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
50
50
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 March 2023 & 28 February 2024
50
Carrying amount
At 28 February 2024
50
At 28 February 2023
50
MCG COOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,800
19,800
Other debtors
239,584
117,643
Prepayments and accrued income
392
471
248,776
137,914
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,000
3,000
Trade creditors
-
0
39
Other taxation and social security
-
0
120
Directors current accounts
135,429
89,613
Accruals and deferred income
13
-
0
138,442
92,772
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,281
7,281
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
-
0
756
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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