John McGregor (Bro'ty) Limited SC244994 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the sale of motor vehicles and the maintenance and repair of motors. Digita Accounts Production Advanced 6.30.9574.0 true true SC244994 2023-07-01 2024-06-30 SC244994 2024-06-30 SC244994 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC244994 core:RevaluationReserve 2024-06-30 SC244994 core:ShareCapital 2024-06-30 SC244994 core:CurrentFinancialInstruments 2024-06-30 SC244994 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC244994 core:Non-currentFinancialInstruments 2024-06-30 SC244994 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 SC244994 core:Goodwill 2024-06-30 SC244994 core:FurnitureFittingsToolsEquipment 2024-06-30 SC244994 core:LandBuildings 2024-06-30 SC244994 bus:SmallEntities 2023-07-01 2024-06-30 SC244994 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC244994 bus:FilletedAccounts 2023-07-01 2024-06-30 SC244994 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC244994 bus:RegisteredOffice 2023-07-01 2024-06-30 SC244994 bus:Director1 2023-07-01 2024-06-30 SC244994 bus:Director2 2023-07-01 2024-06-30 SC244994 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC244994 core:Goodwill 2023-07-01 2024-06-30 SC244994 core:Buildings 2023-07-01 2024-06-30 SC244994 core:FurnitureFittings 2023-07-01 2024-06-30 SC244994 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 SC244994 core:LandBuildings 2023-07-01 2024-06-30 SC244994 core:OfficeEquipment 2023-07-01 2024-06-30 SC244994 countries:Scotland 2023-07-01 2024-06-30 SC244994 2023-06-30 SC244994 core:Goodwill 2023-06-30 SC244994 core:FurnitureFittingsToolsEquipment 2023-06-30 SC244994 core:LandBuildings 2023-06-30 SC244994 2022-07-01 2023-06-30 SC244994 2023-06-30 SC244994 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC244994 core:RevaluationReserve 2023-06-30 SC244994 core:ShareCapital 2023-06-30 SC244994 core:CurrentFinancialInstruments 2023-06-30 SC244994 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC244994 core:Non-currentFinancialInstruments 2023-06-30 SC244994 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 SC244994 core:Goodwill 2023-06-30 SC244994 core:FurnitureFittingsToolsEquipment 2023-06-30 SC244994 core:LandBuildings 2023-06-30 iso4217:GBP xbrli:pure

Registration number: SC244994

John McGregor (Bro'ty) Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

John McGregor (Bro'ty) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

John McGregor (Bro'ty) Limited

(Registration number: SC244994)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,875

Tangible assets

5

239,154

244,539

Investment property

6

170,750

170,750

 

409,904

417,164

Current assets

 

Stocks

7

228,315

192,697

Debtors

8

3,766

1,503

Cash at bank and in hand

 

513,990

432,058

 

746,071

626,258

Creditors: Amounts falling due within one year

9

(253,740)

(191,988)

Net current assets

 

492,331

434,270

Total assets less current liabilities

 

902,235

851,434

Creditors: Amounts falling due after more than one year

9

(9,121)

(19,107)

Provisions for liabilities

(305)

(406)

Net assets

 

892,809

831,921

Capital and reserves

 

Called up share capital

4

4

Revaluation reserve

5,000

5,000

Retained earnings

887,805

826,917

Shareholders' funds

 

892,809

831,921

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

John McGregor (Bro'ty) Limited

(Registration number: SC244994)
Statement of Financial Position as at 30 June 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................
Mrs Jennifer Leslie McGregor
Director

.........................................
Mr John K McGregor
Director

 

John McGregor (Bro'ty) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
20 Dalhousie Road
Barnhill
Dundee
DD5 2SW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

John McGregor (Bro'ty) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property & Improvements

2% reducing balance

Fixtures & Fittings

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

 

John McGregor (Bro'ty) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 7 (2023 - 8).

 

John McGregor (Bro'ty) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

105,000

105,000

At 30 June 2024

105,000

105,000

Amortisation

At 1 July 2023

103,125

103,125

Amortisation charge

1,875

1,875

At 30 June 2024

105,000

105,000

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

1,875

1,875

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

342,529

29,584

372,113

At 30 June 2024

342,529

29,584

372,113

Depreciation

At 1 July 2023

100,126

27,448

127,574

Charge for the year

4,851

534

5,385

At 30 June 2024

104,977

27,982

132,959

Carrying amount

At 30 June 2024

237,552

1,602

239,154

At 30 June 2023

242,403

2,136

244,539

Included within the net book value of land and buildings above is £237,552 (2023 - £242,403) in respect of freehold land and buildings.
 

 

John McGregor (Bro'ty) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Investment properties

2024
£

At 1 July

170,750

At 30 June

170,750

The last valuation of the properties was at 30 June 2024 by the directors and they are of the opinion that they are fairly stated in these accounts.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Other inventories

228,315

192,697

8

Debtors

Current

2024
£

2023
£

Trade debtors

3,766

1,503

 

3,766

1,503

 

John McGregor (Bro'ty) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,000

10,000

Trade creditors

 

15,993

15,730

Taxation and social security

 

69,200

54,381

Accruals and deferred income

 

4,340

11,235

Other creditors

 

154,207

100,642

 

253,740

191,988

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,121

19,107

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000