27
21 February 2025
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false
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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
10,000
10,000
10,000
xbrli:pure
xbrli:shares
iso4217:GBP
SC057956
2023-06-01
2024-05-31
SC057956
2024-05-31
SC057956
2023-05-31
SC057956
2022-06-01
2023-05-31
SC057956
2023-05-31
SC057956
2022-05-31
SC057956
core:PlantMachinery
2023-06-01
2024-05-31
SC057956
core:FurnitureFittings
2023-06-01
2024-05-31
SC057956
core:MotorVehicles
2023-06-01
2024-05-31
SC057956
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2023-06-01
2024-05-31
SC057956
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2023-06-01
2024-05-31
SC057956
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2023-06-01
2024-05-31
SC057956
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2024-05-31
SC057956
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2023-05-31
SC057956
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2023-05-31
SC057956
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2023-05-31
SC057956
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2023-05-31
SC057956
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2024-05-31
SC057956
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2024-05-31
SC057956
core:MotorVehicles
2024-05-31
SC057956
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2024-05-31
SC057956
core:ShareCapital
2023-05-31
SC057956
core:SharePremium
2024-05-31
SC057956
core:SharePremium
2023-05-31
SC057956
core:CapitalRedemptionReserve
2024-05-31
SC057956
core:CapitalRedemptionReserve
2023-05-31
SC057956
core:RetainedEarningsAccumulatedLosses
2024-05-31
SC057956
core:RetainedEarningsAccumulatedLosses
2023-05-31
SC057956
core:CostValuation
core:Non-currentFinancialInstruments
2024-05-31
SC057956
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2024-05-31
SC057956
core:Non-currentFinancialInstruments
2023-05-31
SC057956
core:PlantMachinery
2023-05-31
SC057956
core:FurnitureFittings
2023-05-31
SC057956
core:MotorVehicles
2023-05-31
SC057956
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2023-06-01
2024-05-31
SC057956
bus:Audited
2023-06-01
2024-05-31
SC057956
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2023-06-01
2024-05-31
SC057956
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
SC057956
bus:FullAccounts
2023-06-01
2024-05-31
SC057956
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2024-05-31
SC057956
bus:OrdinaryShareClass1
2023-05-31
SC057956
bus:OrdinaryShareClass2
2024-05-31
SC057956
bus:OrdinaryShareClass2
2023-05-31
SC057956
bus:AllOrdinaryShares
2024-05-31
SC057956
bus:AllOrdinaryShares
2023-05-31
SC057956
core:ComputerEquipment
2023-06-01
2024-05-31
SC057956
core:ComputerEquipment
2023-05-31
SC057956
core:ComputerEquipment
2024-05-31
SC057956
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2023-06-01
2024-05-31
SC057956
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2022-06-01
2023-05-31
COMPANY REGISTRATION NUMBER:
SC057956
James McGowan Engineering Limited |
|
Filleted Financial Statements |
|
James McGowan Engineering Limited |
|
Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
362,736 |
290,103 |
Investments |
6 |
10,000 |
10,000 |
|
--------- |
--------- |
|
372,736 |
300,103 |
|
|
|
|
Current assets
Stocks |
133,216 |
125,211 |
Debtors |
7 |
1,102,683 |
1,428,416 |
Cash at bank and in hand |
1,786,088 |
939,520 |
|
------------ |
------------ |
|
3,021,987 |
2,493,147 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
1,878,950 |
2,077,933 |
|
------------ |
------------ |
Net current assets |
1,143,037 |
415,214 |
|
------------ |
--------- |
Total assets less current liabilities |
1,515,773 |
715,317 |
|
|
|
|
Provisions
Taxation including deferred tax |
45,484 |
24,808 |
Other provisions |
21,149 |
– |
|
-------- |
-------- |
|
66,633 |
24,808 |
|
------------ |
--------- |
Net assets |
1,449,140 |
690,509 |
|
------------ |
--------- |
|
|
|
Capital and reserves
Called up share capital |
9 |
74,115 |
74,115 |
Share premium account |
72,885 |
72,885 |
Capital redemption reserve |
4,552 |
4,552 |
Profit and loss account |
1,297,588 |
538,957 |
|
------------ |
--------- |
Shareholders funds |
1,449,140 |
690,509 |
|
------------ |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
James McGowan Engineering Limited |
|
Statement of Financial Position (continued) |
|
31 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
21 February 2025
, and are signed on behalf of the board by:
Company registration number:
SC057956
James McGowan Engineering Limited |
|
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dechmont Works, Lightburn Road, Cambuslang, Glasgow, G72 8XN, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company and the company's ultimate parent entity, MMNR Limited, have taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that MMNR Limited and its subsidiary undertakings comprise a small group.
Changes in accounting estimates
During the year the rate of depreciation charged agiainst motor vehicles within tangible assets was changed to 20% (reducing balance method) having previously been 25% (reducing balance method). This has resulted in a decrease in depreciation of £13,683 in the year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
20% reducing balance |
|
Fixtures and fittings |
- |
15% reducing balance |
|
Motor vehicles |
- |
20% reducing balance |
|
Computer equipment |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
27
(2023:
24
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 June 2023 |
386,133 |
10,008 |
339,723 |
73,706 |
809,570 |
Additions |
15,370 |
1,591 |
182,650 |
5,450 |
205,061 |
Disposals |
– |
– |
(
140,410) |
(
17,228) |
(
157,638) |
|
--------- |
-------- |
--------- |
-------- |
--------- |
At 31 May 2024 |
401,503 |
11,599 |
381,963 |
61,928 |
856,993 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
Depreciation |
|
|
|
|
|
At 1 June 2023 |
336,193 |
6,814 |
131,121 |
45,339 |
519,467 |
Charge for the year |
11,525 |
567 |
54,747 |
7,707 |
74,546 |
Disposals |
– |
– |
(
83,529) |
(
16,227) |
(
99,756) |
|
--------- |
-------- |
--------- |
-------- |
--------- |
At 31 May 2024 |
347,718 |
7,381 |
102,339 |
36,819 |
494,257 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
|
At 31 May 2024 |
53,785 |
4,218 |
279,624 |
25,109 |
362,736 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
At 31 May 2023 |
49,940 |
3,194 |
208,602 |
28,367 |
290,103 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
|
|
|
|
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 June 2023 and 31 May 2024 |
10,000 |
|
-------- |
Impairment |
|
At 1 June 2023 and 31 May 2024 |
– |
|
-------- |
|
|
Carrying amount |
|
At 31 May 2024 |
10,000 |
|
-------- |
At 31 May 2023 |
10,000 |
|
-------- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
440,125 |
1,032,273 |
Amounts owed by customers on construction contracts |
592,917 |
333,093 |
Prepayments and accrued income |
69,641 |
63,050 |
|
------------ |
------------ |
|
1,102,683 |
1,428,416 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
123,830 |
168,230 |
Amounts owed to group undertakings |
1,111,530 |
1,154,300 |
Accruals and deferred income |
40,797 |
40,948 |
Corporation tax |
164,419 |
146,724 |
Social security and other taxes |
100,296 |
208,181 |
Amounts owed to customers on construction contracts |
323,497 |
354,946 |
Other creditors |
14,581 |
4,604 |
|
------------ |
------------ |
|
1,878,950 |
2,077,933 |
|
------------ |
------------ |
|
|
|
9.
Called up share capital
Authorised share capital
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
63,000 |
63,000 |
63,000 |
63,000 |
B Ordinary shares of £ 1 each |
11,115 |
11,115 |
11,115 |
11,115 |
|
-------- |
-------- |
-------- |
-------- |
|
74,115 |
74,115 |
74,115 |
74,115 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
63,000 |
63,000 |
63,000 |
63,000 |
B Ordinary shares of £ 1 each |
11,115 |
11,115 |
11,115 |
11,115 |
|
-------- |
-------- |
-------- |
-------- |
|
74,115 |
74,115 |
74,115 |
74,115 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
10.
Summary audit opinion
The auditor's report dated
21 February 2025
was
unqualified
.
The senior statutory auditor was
Andrew Wilson
, for and on behalf of
Nelson Gilmour Smith
.
11.
Related party transactions
During the year the company paid rent of £
72,000
to McGowan Holdings Limited, a company under the common control of MMNR Limited, for the use of the premises from which the company trades (2023: £ 72,000
). No other transactions with related parties were entered into during the year that are required to be disclosed under the terms of FRS 102 Section 1A.