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COMPANY REGISTRATION NUMBER: SC252712
McWilliam Joinery Ltd
Filleted Unaudited Financial Statements
31 July 2024
McWilliam Joinery Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
271,644
166,725
Current assets
Stocks
123,532
127,000
Debtors
6
178,855
106,080
Cash at bank and in hand
597,844
538,973
---------
---------
900,231
772,053
Creditors: amounts falling due within one year
7
148,367
98,500
---------
---------
Net current assets
751,864
673,553
------------
---------
Total assets less current liabilities
1,023,508
840,278
Creditors: amounts falling due after more than one year
8
25,558
Provisions
40,614
40,614
------------
---------
Net assets
957,336
799,664
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
957,236
799,564
---------
---------
Shareholders funds
957,336
799,664
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
McWilliam Joinery Ltd
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 4 March 2025 , and are signed on behalf of the board by:
Mrs J McWilliam
Mr D McWilliam
Director
Director
Company registration number: SC252712
McWilliam Joinery Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 17 Regent Street, Keith, AB55 5DY, 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
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 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.
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 depredation and subsequent accumulated impairment losses.
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:
Short leasehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Stocks
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.
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
The following assets and liabilities are classed as financial instruments - bank, trade debtors, trade creditors and directors' loans from the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Directors' loans from the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
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 4 (2023: 4 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
40,000
392,474
5,950
438,424
Additions
163,725
163,725
Disposals
( 55,495)
( 55,495)
--------
---------
-------
---------
At 31 July 2024
40,000
500,704
5,950
546,654
--------
---------
-------
---------
Depreciation
At 1 August 2023
10,359
260,150
1,190
271,699
Charge for the year
800
42,175
952
43,927
Disposals
( 40,616)
( 40,616)
--------
---------
-------
---------
At 31 July 2024
11,159
261,709
2,142
275,010
--------
---------
-------
---------
Carrying amount
At 31 July 2024
28,841
238,995
3,808
271,644
--------
---------
-------
---------
At 31 July 2023
29,641
132,324
4,760
166,725
--------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
176,724
104,600
Other debtors
2,131
1,480
---------
---------
178,855
106,080
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,689
2,669
Corporation tax
44,044
36,532
Social security and other taxes
32,404
12,857
Other creditors
57,230
46,442
---------
--------
148,367
98,500
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Social security and other taxes
25,558
--------
----