REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Malcolm Elliot Stores Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Malcolm Elliot Stores Limited |
Malcolm Elliot Stores Limited (Registered number: SC323900) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Malcolm Elliot Stores Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bank Chambers |
31 The Square |
Cumnock |
Ayrshire |
KA18 1AT |
Malcolm Elliot Stores Limited (Registered number: SC323900) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 7 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Malcolm Elliot Stores Limited (Registered number: SC323900) |
Balance Sheet - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Malcolm Elliot Stores Limited (Registered number: SC323900) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Malcolm Elliot Stores Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates to write off the cost less estimated residual value of each asset over its estimated useful life. |
Land | is not depreciated |
Heritable Property | 4% straight line |
Plant and machinery | 10% straight line |
Fixtures and fittings | 10% straight line |
Computerised equipment | 33.33% straight line |
The residual value of heritable property is reviewed by directors on an annual basis and periodically subject to external professional valuation. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
Malcolm Elliot Stores Limited (Registered number: SC323900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Malcolm Elliot Stores Limited (Registered number: SC323900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
At 31 January 2024 |
8. | RELATED PARTY DISCLOSURES |
Gavin Ellis (Scotland) LLP |
GMS Ellis is a director of Malcolm Elliot Stores Limited and a member of Gavin Ellis Scotland LLP. |
Amounts due and transactions in the year were: |
31.1.24 | 31.1.23 |
£ | £ |
At 1 February 2023 due by Malcolm Elliot Stores Limited | (3,680 | ) | (190 | ) |
Invoiced to Malcolm Elliot Stores Limited | (67,395 | ) | (52,763 | ) |
Payments by Malcolm Elliot Stores Limited | 47,061 | 49,273 |
At 31 January 2024 due by Malcolm Elliot Stores Limited | (24,014 | ) | (3,680 | ) |
Fraysia Limited |
GMS Ellis is a director of Malcolm Elliot Stores Limited and director of Fraysia Limited, a company registered in England number 01473506. |
Amounts due and transactions in the year were: |
31.1.24 | 31.1.23 |
£ | £ |
At 1 February 2023 and 31 January 2024 due to Malcolm Elliot Stores Limited | 11,444 | 11,444 |
Ellis Properties Limited |
GMS Ellis and G W Scott are directors of Malcolm Elliot Stores Limited and directors of Ellis Properties Limited, a company registered in England number 00354302. |
Amounts due and transactions in the year were: |
31.1.24 | 31.1.23 |
£ | £ |
At 1 February 2023 and 31 January 2024 due to Malcolm Elliot Stores Limited | 50,000 | 50,000 |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is G M S Ellis. |