Company Registration No. SC024976 (Scotland)
Margaret McIver Limited
Unaudited accounts
for the year ended 30 April 2024
Margaret McIver Limited
Unaudited accounts
Contents
Margaret McIver Limited
Company Information
for the year ended 30 April 2024
Directors
Mrs A Dick
DJR McArthur CPA(Ontario) CA(Ontario)
Mrs F Weber
Company Number
SC024976 (Scotland)
Registered Office
244 Gallowgate
Glasgow
G4 0TT
Accountants
The Accounting Crew Scotland Limited
Certified Public Accountants
8 Benview Road
Glasgow
G76 7PP
Margaret McIver Limited
Statement of financial position
as at 30 April 2024
Tangible assets
509,311
509,311
Cash at bank and in hand
1,251,779
1,064,978
Creditors: amounts falling due within one year
(240,867)
(254,854)
Net current assets
1,054,378
852,674
Net assets
1,564,689
1,362,985
Called up share capital
50,000
50,000
Capital contribution reserve
139,932
139,932
Profit and loss account
1,374,757
1,173,053
Shareholders' funds
1,564,689
1,362,985
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2024 and were signed on its behalf by
Mrs A Dick
Director
Company Registration No. SC024976
Margaret McIver Limited
Notes to the Accounts
for the year ended 30 April 2024
Margaret McIver Limited is a private company, limited by shares, registered in Scotland, registration number SC024976. The registered office is 244 Gallowgate, Glasgow, G4 0TT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
No depreciation has been provided on the Buildings. The Directors are of the opinion that these buildings are maintained in good state of repair and accordingly, the market value of these properties is in excess of their stated value in the accounts. This is a departure from the Companies Act 2006 and FRS 15. In the opinion of the directors, this departure is not material.
Other tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight Line over term of Lease
Fixtures & fittings
Straight Line over 3 years
Investments are shown at cost less amounts written off.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Turnover comprises the value of sales (excluding VAT and similar taxes and trade discounts) of goods and services in the normal course of business.
Turnover and profit on ordinary activities before taxation are attributable to the rental of market stalls, Barrowland Ballroom and other properties.
Margaret McIver Limited
Notes to the Accounts
for the year ended 30 April 2024
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 May 2023
526,267
440,024
966,291
At 30 April 2024
526,267
440,024
966,291
At 1 May 2023
41,700
415,280
456,980
At 30 April 2024
41,700
415,280
456,980
At 30 April 2024
484,567
24,744
509,311
At 30 April 2023
484,567
24,744
509,311
5
Investments
Other investments
Valuation at 1 May 2023
1,000
Valuation at 30 April 2024
1,000
The Company owns 20,000 shares of the Barras Centre Limited. The Company's Directors assessed the net realisable value of this investment, and have written it down to a nominal value of £1,000.
Amounts falling due within one year
Other debtors
11,913
19,837
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
24,440
35,230
Trade creditors
34,898
75,370
Taxes and social security
143,745
109,250
Other creditors
37,784
35,004
There is a first Standard Security in favour of the Company's bank over 13 Gibson Street, Glasgow for all sums due to the bank.
Allotted, called up and fully paid:
50,000 Ordinary shares of £1 each
50,000
50,000
Margaret McIver Limited
Notes to the Accounts
for the year ended 30 April 2024
9
Average number of employees
During the year the average number of employees was 40 (2023: 40).