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REGISTERED NUMBER: SC323900 (Scotland)















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: G M S Ellis
G W Scott





SECRETARY: Mrs P J Ellis





REGISTERED OFFICE: 31 The Square
Cumnock
Ayrshire
KA18 1AT





REGISTERED NUMBER: SC323900 (Scotland)





ACCOUNTANTS: WR 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 4 212,280 207,558

CURRENT ASSETS
Stocks 70,571 70,839
Debtors 5 76,149 78,192
Cash at bank and in hand 532,983 436,325
679,703 585,356
CREDITORS
Amounts falling due within one year 6 167,414 125,605
NET CURRENT ASSETS 512,289 459,751
TOTAL ASSETS LESS CURRENT
LIABILITIES

724,569

667,309

PROVISIONS FOR LIABILITIES 6,329 5,204
NET ASSETS 718,240 662,105

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 7 718,136 662,001
718,240 662,105

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





G M S Ellis - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 Property4% straight line
Plant and machinery 10% straight line
Fixtures and fittings10% straight line
Computerised equipment33.33% 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 19 (2023 - 20 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 192,171 59,121 251,292
Additions 4,500 4,718 9,218
At 31 January 2024 196,671 63,839 260,510
DEPRECIATION
At 1 February 2023 280 43,454 43,734
Charge for year 19 4,477 4,496
At 31 January 2024 299 47,931 48,230
NET BOOK VALUE
At 31 January 2024 196,372 15,908 212,280
At 31 January 2023 191,891 15,667 207,558

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 12,555 12,295
Amounts owed by group undertakings 50,000 50,000
Other debtors 13,594 15,897
76,149 78,192

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 66,030 61,005
Taxation and social security 16,388 6,757
Other creditors 84,996 57,843
167,414 125,605

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 662,001
Profit for the year 56,135
At 31 January 2024 718,136

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.