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MCGILL MICROWAVE SYSTEMS LTD

Registered Number
SC630441
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2024

MCGILL MICROWAVE SYSTEMS LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

Liam Scott McGill
Ross Michael McGill
Ryan Craig McGill

Registered Address

17 West Vows Walk
Kirkcaldy
KY1 1RX

Registered Number

SC630441 (Scotland)
MCGILL MICROWAVE SYSTEMS LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3195,09250,017
195,09250,017
Current assets
Stocks1,250,2781,130,540
Debtors466,435606,525
Cash at bank and on hand1,425,0331,250,540
3,141,7462,987,605
Creditors amounts falling due within one year(841,193)(484,703)
Net current assets (liabilities)2,300,5532,502,902
Total assets less current liabilities2,495,6452,552,919
Net assets2,495,6452,552,919
Capital and reserves
Called up share capital300300
Profit and loss account2,495,3452,552,619
Shareholders' funds2,495,6452,552,919
The financial statements were approved and authorised for issue by the Board of Directors on 20 February 2025, and are signed on its behalf by:
Ross Michael McGill
Director
Registered Company No. SC630441
MCGILL MICROWAVE SYSTEMS LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
McGill Microwave Systems Ltd is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period. There were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company. All amounts are rounded to the nearest pound.
Going concern
At the time of signing these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Also of note is that the company continued to retain its workforce, with average headcount stable at 7 employees. Management are keen to continue to invest in people, to ensure the business infrastructure is in place to support high quality customer delivery. In reaching this conclusion the director has assessed the ongoing cashflow requirements of the company, also setting realistic targets on both sales and cost control for the new financial year. Therefore the director has concluded that they can continue to adopt the going concern basis in preparing these financial statements.
Revenue from sale of goods
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 represents net invoiced sales after discounts, excluding value added tax.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). Cost includes all amounts related to the purchase, conversion and other processes in bringing the stock to its present location and condition ready for sale. Stock is accounted for on a 'First-In, First-Out' (FIFO) basis. Provision for damaged, obsolete and slow moving items is made where appropriate.
2.Average number of employees

20242023
Average number of employees during the year77
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 2372,328
Additions155,309
At 31 May 24227,637
Depreciation and impairment
At 01 June 2322,311
Charge for year10,234
At 31 May 2432,545
Net book value
At 31 May 24195,092
At 31 May 2350,017