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Registered Number: SC506710
Scotland

 

 

 

M&S ACCOUNTANCY AND TAXATION LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
Directors Stewart McKinnon
Catherine Sinclair
Registered Number SC506710
Registered Office Unit 26, Dunfermline Business Centre
Izatt Avenue
Dunfermline
KY11 3BZ
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 6,168    11,108 
Tangible fixed assets 4 10,842    15,279 
17,010    26,387 
Current assets      
Debtors 5 393,254    434,826 
Cash at bank and in hand 257,782    190,873 
651,036    625,699 
Creditors: amount falling due within one year 6 (415,086)   (397,663)
Net current assets 235,950    228,036 
 
Total assets less current liabilities 252,960    254,423 
Creditors: amount falling due after more than one year 7 (1,667)   (11,667)
Provisions for liabilities 8 (2,903)   (2,903)
Net assets 248,390    239,853 
 

Capital and reserves
     
Called up share capital 9 200    200 
Profit and loss account 248,190    239,653 
Shareholders' funds 248,390    239,853 
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 January 2025 and were signed on its behalf by:


-------------------------------
Stewart McKinnon
Director
-------------------------------
Catherine Sinclair
Director
2
General Information
M&S Accountancy and Taxation Ltd is a private company, limited by shares, registered in Scotland, registration number SC506710, registration address Unit 26, Dunfermline Business Centre, Izatt Avenue, Dunfermline, KY11 3BZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 4 Years Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 May 2023 49,400    49,400 
Additions  
Disposals  
At 30 April 2024 49,400    49,400 
Amortisation
At 01 May 2023 38,292    38,292 
Charge for year 4,940    4,940 
On disposals  
At 30 April 2024 43,232    43,232 
Net book values
At 30 April 2024 6,168    6,168 
At 30 April 2023 11,108    11,108 


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 May 2023 47,943    47,943 
Additions 2,326    2,326 
Disposals  
At 30 April 2024 50,269    50,269 
Depreciation
At 01 May 2023 32,665    32,665 
Charge for year 6,762    6,762 
On disposals  
At 30 April 2024 39,427    39,427 
Net book values
Closing balance as at 30 April 2024 10,842    10,842 
Opening balance as at 01 May 2023 15,279    15,279 


5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 131,573    155,749 
Provision for Doubtful Debts (22,336)   (7,650)
Prepayments & Accrued Income 4,413    9,123 
Work In Progress 279,604    277,604 
393,254    434,826 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 3,593    12,755 
Bank Loans & Overdrafts (Secured) 10,000    10,000 
Amounts Owed to Participating Interests 262,212    280,980 
Corporation Tax 83,998    54,605 
Other Creditors 11,346    849 
Credit Card 1,485    1,855 
Directors' Current Accounts 5,878    7,273 
VAT 36,574    29,346 
415,086    397,663 
Bank Loans
Bank borrowings relate to the bounce back loan scheme and are fully covered by a government back guarantee.

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 1,667    11,667 
1,667    11,667 
Bank Loans
Bank borrowings relate to the bounce back loan scheme and are fully covered by a government back guarantee.

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 2,903    2,903 
2,903    2,903 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100 Class B shares of £1.00 each 100    100 
200    200 

3