Molly Mac Interiors Ltd SC633066 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is interior design. Digita Accounts Production Advanced 6.30.9574.0 true true SC633066 2023-07-01 2024-06-30 SC633066 2024-06-30 SC633066 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC633066 core:FurnitureFittingsToolsEquipment 2024-06-30 SC633066 bus:SmallEntities 2023-07-01 2024-06-30 SC633066 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC633066 bus:FilletedAccounts 2023-07-01 2024-06-30 SC633066 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC633066 bus:RegisteredOffice 2023-07-01 2024-06-30 SC633066 bus:Director1 2023-07-01 2024-06-30 SC633066 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC633066 core:ComputerEquipment 2023-07-01 2024-06-30 SC633066 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 SC633066 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 SC633066 countries:Scotland 2023-07-01 2024-06-30 SC633066 2023-06-30 SC633066 core:FurnitureFittingsToolsEquipment 2023-06-30 SC633066 2022-07-01 2023-06-30 SC633066 2023-06-30 SC633066 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC633066 core:FurnitureFittingsToolsEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: SC633066

Molly Mac Interiors Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Molly Mac Interiors Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Molly Mac Interiors Ltd

Company Information

Director

Miss M MacLachlan

Registered office

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Molly Mac Interiors Ltd

(Registration number: SC633066)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

365

729

Current assets

 

Stocks

5

1,012

1,012

Cash at bank and in hand

 

17,991

5,392

 

19,003

6,404

Creditors: Amounts falling due within one year

(17,352)

(5,416)

Net current assets

 

1,651

988

Total assets less current liabilities

 

2,016

1,717

Provisions for liabilities

(69)

(182)

Net assets

 

1,947

1,535

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,847

1,435

Shareholders' funds

 

1,947

1,535

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.

Director's 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 director acknowledges her 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Molly Mac Interiors Ltd

(Registration number: SC633066)
Abridged Balance Sheet as at 30 June 2024

Approved and authorised by the director on 12 March 2025
 

.........................................
Miss M MacLachlan
Director

 

Molly Mac Interiors Ltd

Notes to the Unaudited Abridged 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:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 12 March 2025.

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 abridged 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 abridged 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from interior design services.

Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

 

Molly Mac Interiors Ltd

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

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 balance sheet 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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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

Fixtures, fittings and equipment

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Molly Mac Interiors Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Molly Mac Interiors Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

2,395

2,395

At 30 June 2024

2,395

2,395

Depreciation

At 1 July 2023

1,666

1,666

Charge for the year

364

364

At 30 June 2024

2,030

2,030

Carrying amount

At 30 June 2024

365

365

At 30 June 2023

729

729

5

Stocks

2024
£

2023
£

Stock

1,012

1,012

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Molly Mac Interiors Ltd

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

8

Related party transactions

Summary of transactions with key management

The company operates a loan account with the director, Miss M MacLachlan.
During the year, the director advanced loans totalling £11,743 to the company. At the year end the balance due to the director was £11,991 (2023 - £248). This loan is unsecured, interest free and has no fixed repayment terms.