Registered number
03747802
Murray Mcgowan Scaffolding Limited
Filleted Accounts
30 April 2024
Murray Mcgowan Scaffolding Limited
Report to the directors on the preparation of the unaudited statutory accounts of Murray Mcgowan Scaffolding Limited for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Murray Mcgowan Scaffolding Limited for the year ended 30 April 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
1st Cloud Accountants
1st Cloud Accountants
Chartered Certified Accountants
Analysis House
117-119 Sea Road
Sunderland
Tyne and Wear
SR6 9EQ
26 June 2024
Murray Mcgowan Scaffolding Limited
Registered number: 03747802
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 97,042 135,817
Current assets
Debtors 4 148,494 214,491
Cash at bank and in hand 286,193 286,810
434,687 501,301
Creditors: amounts falling due within one year 5 (83,475) (119,991)
Net current assets 351,212 381,310
Total assets less current liabilities 448,254 517,127
Creditors: amounts falling due after more than one year 6 (5,955) (11,955)
Provisions for liabilities (52,189) (32,241)
Net assets 390,110 472,931
Capital and reserves
Called up share capital 77 77
Profit and loss account 390,033 472,854
Shareholders' funds 390,110 472,931
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J. McGowan
Director
Approved by the board on 27 June 2024
Murray Mcgowan Scaffolding Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 4 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 727,540 52,891 780,431
Additions 7,846 - 7,846
At 30 April 2024 735,386 52,891 788,277
Depreciation
At 1 May 2023 592,686 51,928 644,614
Charge for the year 45,658 963 46,621
At 30 April 2024 638,344 52,891 691,235
Net book value
At 30 April 2024 97,042 - 97,042
At 30 April 2023 134,854 963 135,817
4 Debtors 2024 2023
£ £
Trade debtors 137,781 202,663
Other debtors 10,713 11,828
148,494 214,491
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,545 6,545
Obligations under finance lease and hire purchase contracts - 3,341
Trade creditors 22,623 14,259
Taxation and social security costs 41,483 89,145
Director's Loan 71 71
Other creditors 12,753 6,630
83,475 119,991
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,955 11,955
7 Other information
Murray Mcgowan Scaffolding Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Morgan Business Park
Clockmill Road
Gateshead
NE8 2QX
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