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Sage Accounts Production Advanced 2024 - FRS102_2024
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COMPANY REGISTRATION NUMBER:
SC168219
Filleted Unaudited Financial Statements |
|
Year ended 31 July 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
MacIntosh Homes Limited |
|
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MacIntosh Homes Limited for the year ended 31 July 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of MacIntosh Homes Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of MacIntosh Homes Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MacIntosh Homes Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that MacIntosh Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MacIntosh Homes Limited. You consider that MacIntosh Homes Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of MacIntosh Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
29 April 2025
Statement of Financial Position |
|
31 July 2024
Fixed assets
Tangible assets |
5 |
|
1,384 |
374 |
|
|
|
|
|
Current assets
Stocks |
67,500 |
|
196,908 |
Cash at bank and in hand |
264,631 |
|
66,204 |
|
--------- |
|
--------- |
|
332,131 |
|
263,112 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
202,034 |
|
199,345 |
|
--------- |
|
--------- |
Net current assets |
|
130,097 |
63,767 |
|
|
--------- |
-------- |
Total assets less current liabilities |
|
131,481 |
64,141 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
36,920 |
40,610 |
|
|
--------- |
-------- |
Net assets |
|
94,561 |
23,531 |
|
|
--------- |
-------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
94,461 |
23,431 |
|
|
-------- |
-------- |
Shareholders funds |
|
94,561 |
23,531 |
|
|
-------- |
-------- |
|
|
|
|
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
.
Statement of Financial Position (continued) |
|
31 July 2024
These financial statements were approved by the
board of directors
and authorised for issue on
29 April 2025
, and are signed on behalf of the board by:
Mr Colin McLachlan |
Director |
|
Company registration number:
SC168219
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 216 West George Street, Glasgow, G2 2PQ.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
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
Provision is made for deferred taxation arising from timing differences other than those which are expected with reasonable probability to continue in the foreseeable future.
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 & Machinery |
- |
25% reducing balance |
|
Fixtures & Fittings |
- |
25% reducing balance |
|
Computer equipment |
- |
33% straight line |
|
|
|
|
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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 August 2023 |
4,558 |
9,021 |
20,080 |
33,659 |
Additions |
– |
– |
1,322 |
1,322 |
|
------- |
------- |
-------- |
-------- |
At 31 July 2024 |
4,558 |
9,021 |
21,402 |
34,981 |
|
------- |
------- |
-------- |
-------- |
Depreciation |
|
|
|
|
At 1 August 2023 |
4,499 |
8,706 |
20,080 |
33,285 |
Charge for the year |
15 |
79 |
218 |
312 |
|
------- |
------- |
-------- |
-------- |
At 31 July 2024 |
4,514 |
8,785 |
20,298 |
33,597 |
|
------- |
------- |
-------- |
-------- |
Carrying amount |
|
|
|
|
At 31 July 2024 |
44 |
236 |
1,104 |
1,384 |
|
------- |
------- |
-------- |
-------- |
At 31 July 2023 |
59 |
315 |
– |
374 |
|
------- |
------- |
-------- |
-------- |
|
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
43,943 |
35,204 |
Corporation tax |
10,947 |
14,137 |
Social security and other taxes |
11,974 |
12,581 |
Other creditors |
135,170 |
137,423 |
|
--------- |
--------- |
|
202,034 |
199,345 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
36,920 |
40,610 |
|
-------- |
-------- |
|
|
|
8.
Directors' advances, credits and guarantees
The company was under the control of Mr & Mrs McLachlan, Directors, throughout the current period. The balance owed to Mr & Mrs McLachlan as at 31st July 2024 amounted to £82,171 (2023: £97,960).
9.
Related party transactions
As at the 31st July 2024, the company owed £51,198 (2023: £37,663) to Intelligent Building System Limited, a company which Mr & Mrs McLachlan have an interest. This loan is interest free and has no fixed date for repayment.