35 false false false false false false false false false false true false false false false false false No description of principal activity 2024-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 420,429 12,086 432,515 64,101 3,283 67,384 365,131 356,328 xbrli:pure xbrli:shares iso4217:GBP 04129850 2024-02-01 2024-07-31 04129850 2024-07-31 04129850 2024-01-31 04129850 2023-02-01 2024-01-31 04129850 2024-01-31 04129850 2023-01-31 04129850 core:NetGoodwill 2024-02-01 2024-07-31 04129850 core:LandBuildings 2024-02-01 2024-07-31 04129850 core:PlantMachinery 2024-02-01 2024-07-31 04129850 bus:Director1 2024-02-01 2024-07-31 04129850 bus:Director3 2024-02-01 2024-07-31 04129850 bus:Director5 2024-02-01 2024-07-31 04129850 core:NetGoodwill 2024-01-31 04129850 core:NetGoodwill 2024-07-31 04129850 core:LandBuildings 2024-01-31 04129850 core:PlantMachinery 2024-01-31 04129850 core:WithinOneYear 2024-07-31 04129850 core:WithinOneYear 2024-01-31 04129850 core:AfterOneYear 2024-01-31 04129850 core:ShareCapital 2024-07-31 04129850 core:ShareCapital 2024-01-31 04129850 core:SharePremium 2024-07-31 04129850 core:SharePremium 2024-01-31 04129850 core:RetainedEarningsAccumulatedLosses 2024-07-31 04129850 core:RetainedEarningsAccumulatedLosses 2024-01-31 04129850 core:NetGoodwill 2024-01-31 04129850 core:LandBuildings 2024-01-31 04129850 core:PlantMachinery 2024-01-31 04129850 bus:Director1 2024-01-31 04129850 bus:Director3 2024-01-31 04129850 bus:Director5 2024-01-31 04129850 bus:Director1 2023-01-31 04129850 bus:Director1 2024-01-31 04129850 bus:Director3 2023-01-31 04129850 bus:Director3 2024-01-31 04129850 bus:Director5 2023-01-31 04129850 bus:Director5 2024-01-31 04129850 bus:Director1 2023-02-01 2024-01-31 04129850 bus:Director3 2023-02-01 2024-01-31 04129850 bus:Director5 2023-02-01 2024-01-31 04129850 bus:SmallEntities 2024-02-01 2024-07-31 04129850 bus:AuditExemptWithAccountantsReport 2024-02-01 2024-07-31 04129850 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2024-07-31 04129850 bus:PrivateLimitedCompanyLtd 2024-02-01 2024-07-31 04129850 bus:FullAccounts 2024-02-01 2024-07-31 04129850 core:FurnitureFittings 2024-02-01 2024-07-31 04129850 core:FurnitureFittings 2024-01-31 04129850 core:FurnitureFittings 2024-07-31
COMPANY REGISTRATION NUMBER: 04129850
McGills Limited
Filleted Unaudited Financial Statements
31 July 2024
McGills Limited
Statement of Financial Position
31 July 2024
31 Jul 24
31 Jan 24
Note
£
£
£
Fixed assets
Intangible assets
5
365,131
356,328
Tangible assets
6
12,189
1,072,386
---------
------------
377,320
1,428,714
Current assets
Stocks
285,383
84,620
Debtors
7
685,414
672,823
Cash at bank and in hand
366,589
330,720
------------
------------
1,337,386
1,088,163
Creditors: amounts falling due within one year
8
451,079
673,145
------------
------------
Net current assets
886,307
415,018
------------
------------
Total assets less current liabilities
1,263,627
1,843,732
Creditors: amounts falling due after more than one year
9
568,690
Provisions
Taxation including deferred tax
2,862
2,975
------------
------------
Net assets
1,260,765
1,272,067
------------
------------
McGills Limited
Statement of Financial Position (continued)
31 July 2024
31 Jul 24
31 Jan 24
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
62,000
62,000
Profit and loss account
1,197,765
1,209,067
------------
------------
Shareholders funds
1,260,765
1,272,067
------------
------------
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 period ending 31st 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 period 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 .
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , and are signed on behalf of the board by:
Mr. S.G. Nuttall
Director
Company registration number: 04129850
McGills Limited
Notes to the Financial Statements
Period from 1st February 2024 to 31st July 2024
1. General information
The company is a private company limited by shares, registered in England Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Glos.
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
4% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Improvements to Freehold Buildings
-
10% straight line
Plant and Machinery
-
10% straight line
Equipment
-
33% straight line
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, 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.
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 period amounted to 35 (2024: 36 ).
5. Intangible assets
Goodwill
£
Cost
At 1st February 2024
420,429
Additions
12,086
---------
At 31st July 2024
432,515
---------
Amortisation
At 1st February 2024
64,101
Charge for the period
3,283
---------
At 31st July 2024
67,384
---------
Carrying amount
At 31st July 2024
365,131
---------
At 31st January 2024
356,328
---------
6. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1st February 2024
1,012,759
89,148
144,258
1,246,165
Additions
5,212
5,212
Disposals
( 1,012,759)
( 89,148)
( 9,230)
( 1,111,137)
------------
--------
---------
------------
At 31st July 2024
140,240
140,240
------------
--------
---------
------------
Depreciation
At 1st February 2024
5,549
36,257
131,973
173,779
Charge for the period
5,308
5,308
Disposals
( 5,549)
( 36,257)
( 9,230)
( 51,036)
------------
--------
---------
------------
At 31st July 2024
128,051
128,051
------------
--------
---------
------------
Carrying amount
At 31st July 2024
12,189
12,189
------------
--------
---------
------------
At 31st January 2024
1,007,210
52,891
12,285
1,072,386
------------
--------
---------
------------
7. Debtors
31 Jul 24
31 Jan 24
£
£
Trade debtors
435,187
624,538
Amounts owed by group undertakings and undertakings in which the company has a participating interest
200,000
Other debtors
50,227
48,285
---------
---------
685,414
672,823
---------
---------
8. Creditors: amounts falling due within one year
31 Jul 24
31 Jan 24
£
£
Bank loans and overdrafts
83,700
Trade creditors
48,885
40,034
Corporation tax
192,288
117,074
Social security and other taxes
128,008
182,933
Other creditors
81,898
249,404
---------
---------
451,079
673,145
---------
---------
9. Creditors: amounts falling due after more than one year
31 Jul 24
31 Jan 24
£
£
Other creditors
568,690
----
---------
Included within Creditors falling due after one year is £652,390 (2023: £762,368) secured by a charge on Freehold Property.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2024: £318,768) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Jul 24
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr. S.G. Nuttall
( 169,101)
169,101
Mrs S.J. Dandy
( 23,259)
23,259
Mrs H.E. Jones
( 27,272)
27,272
---------
----
---------
----
( 219,632)
219,632
---------
----
---------
----
31 Jan 24
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr. S.G. Nuttall
( 2,851)
( 166,250)
( 169,101)
Mrs S.J. Dandy
( 3,398)
( 19,861)
( 23,259)
Mrs H.E. Jones
( 8,004)
( 19,268)
( 27,272)
--------
---------
----
---------
( 14,253)
( 205,379)
( 219,632)
--------
---------
----
---------