J & J McIndoe Ltd SC356066 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the maintenance and repair of motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true SC356066 2023-04-01 2024-03-31 SC356066 2024-03-31 SC356066 bus:OrdinaryShareClass1 2024-03-31 SC356066 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 SC356066 core:CurrentFinancialInstruments 2024-03-31 SC356066 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC356066 core:Non-currentFinancialInstruments 2024-03-31 SC356066 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC356066 core:MotorVehicles 2024-03-31 SC356066 core:OtherPropertyPlantEquipment 2024-03-31 SC356066 bus:SmallEntities 2023-04-01 2024-03-31 SC356066 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC356066 bus:FilletedAccounts 2023-04-01 2024-03-31 SC356066 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC356066 bus:RegisteredOffice 2023-04-01 2024-03-31 SC356066 bus:Director1 2023-04-01 2024-03-31 SC356066 bus:Director2 2023-04-01 2024-03-31 SC356066 bus:Director3 2023-04-01 2024-03-31 SC356066 bus:Director4 2023-04-01 2024-03-31 SC356066 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC356066 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC356066 bus:Agent1 2023-04-01 2024-03-31 SC356066 core:MotorCars 2023-04-01 2024-03-31 SC356066 core:MotorVehicles 2023-04-01 2024-03-31 SC356066 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC356066 core:PlantMachinery 2023-04-01 2024-03-31 SC356066 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 SC356066 countries:Scotland 2023-04-01 2024-03-31 SC356066 2023-03-31 SC356066 core:MotorVehicles 2023-03-31 SC356066 core:OtherPropertyPlantEquipment 2023-03-31 SC356066 2022-04-01 2023-03-31 SC356066 2023-03-31 SC356066 bus:OrdinaryShareClass1 2023-03-31 SC356066 core:CurrentFinancialInstruments 2023-03-31 SC356066 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC356066 core:Non-currentFinancialInstruments 2023-03-31 SC356066 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC356066 core:MotorVehicles 2023-03-31 SC356066 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC356066

J & J McIndoe Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

J & J McIndoe Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

J & J McIndoe Ltd

Company Information

Directors

Miss L Scott

Mrs S McIndoe

Mr J A McIndoe

Mr J P McIndoe

Registered office

 

16 Houston Mains
Uphall
Broxburn
West Lothian
EH52 6PA

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J & J McIndoe Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J & J McIndoe Ltd for the year ended 31 March 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of J & J McIndoe Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of J & J McIndoe Ltd and state those matters that we have agreed to state to the Board of Directors of J & J McIndoe Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & J McIndoe Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J & J McIndoe Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J & J McIndoe Ltd. You consider that J & J McIndoe Ltd 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 accounts of J & J McIndoe Ltd. 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 accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

25 November 2024

 

J & J McIndoe Ltd

(Registration number: SC356066)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

59,156

25,026

Other financial assets

5

3,090

3,090

 

62,246

28,116

Current assets

 

Stocks

6

738

671

Debtors

7

55,131

47,005

Cash at bank and in hand

 

95,021

153,046

 

150,890

200,722

Creditors: Amounts falling due within one year

8

(111,756)

(142,076)

Net current assets

 

39,134

58,646

Total assets less current liabilities

 

101,380

86,762

Creditors: Amounts falling due after more than one year

8

(7,000)

(13,000)

Provisions for liabilities

(14,080)

(5,392)

Net assets

 

80,300

68,370

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

79,300

67,370

Shareholders' funds

 

80,300

68,370

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

J & J McIndoe Ltd

(Registration number: SC356066)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr J P McIndoe
Director

 

J & J McIndoe Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
16 Houston Mains
Uphall
Broxburn
West Lothian
EH52 6PA

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of the maintenance and repair of motor vehicles. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

J & J McIndoe Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Other tangible assets

20% reducing balance

 

J & J McIndoe Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2023 - 5).

 

J & J McIndoe Ltd

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

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

42,079

34,176

76,255

Additions

42,690

11,125

53,815

At 31 March 2024

84,769

45,301

130,070

Depreciation

At 1 April 2023

17,569

33,660

51,229

Charge for the year

16,800

2,885

19,685

At 31 March 2024

34,369

36,545

70,914

Carrying amount

At 31 March 2024

50,400

8,756

59,156

At 31 March 2023

24,510

516

25,026

 

J & J McIndoe Ltd

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

FA investment

3,090

3,090

At 31 March 2024

3,090

3,090

Impairment

Carrying amount

At 31 March 2024

3,090

3,090

6

Stocks

2024
£

2023
£

Stock

738

671

7

Debtors

2024
£

2023
£

Trade debtors

49,811

40,159

Prepayments

2,820

3,238

Other debtors

2,500

3,608

55,131

47,005

 

J & J McIndoe Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,000

6,000

Trade creditors

 

63,731

65,248

Taxation and social security

 

10,411

10,246

Other creditors

 

31,614

60,582

 

111,756

142,076

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

7,000

13,000

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,000

13,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,000

6,000

The bank loan is supported by a 100% guarantee from the UK Government.

 

J & J McIndoe Ltd

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

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

11

Related party transactions

The company operates a loan account with the directors.
During the year, the company repaid loans totalling £28,967 to the directors. At the year end, the balance due to the directors was £31,615 (2023 - £60,582). This loan is unsecured, interest free and has no fixed repayment terms.