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Registration number: SC148672

Almico Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Almico Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Almico Limited

Company Information

Directors

Mr A C McDonald

Miss J E McDonald

Company secretary

Mrs M McDonald

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

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

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Almico Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Almico Limited for the year ended 31 August 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Almico Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Almico Limited and state those matters that we have agreed to state to the Board of Directors of Almico Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Almico Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Almico Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Almico Limited. You consider that Almico 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 accounts of Almico 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 accounts.

......................................

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

17 April 2025

 

Almico Limited

(Registration number: SC148672)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

633,927

640,462

Current assets

 

Debtors

5

33,960

47,096

Cash at bank and in hand

 

17,465

20,743

 

51,425

67,839

Creditors: Amounts falling due within one year

6

(15,720)

(6,521)

Net current assets

 

35,705

61,318

Total assets less current liabilities

 

669,632

701,780

Provisions for liabilities

(52,719)

(43,060)

Net assets

 

616,913

658,720

Capital and reserves

 

Called up share capital

7

390,002

390,002

Retained earnings

226,911

268,718

Shareholders' funds

 

616,913

658,720

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Almico Limited

(Registration number: SC148672)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 

.........................................
Mr A C McDonald
Director

 

Almico Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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

The principal place of business is:
Glenwood House
Gleneagles Village
Muirton
Auchterarder
PH3 1ND

These financial statements were authorised for issue by the Board on 17 April 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 financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These 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 (£).

 

Almico Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Going concern

These financial statements have been prepared on a going concern basis as the director has undertaken to support the company until profitability can be achieved.

Revenue recognition

Turnover comprises the fair value of the consideration derived from property management. 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 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.

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 £1,000 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

Freehold property

2% straight line

 

Almico Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Financial instruments

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 directors) during the year was 3 (2023 - 3).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 September 2023

653,533

653,533

At 31 August 2024

653,533

653,533

Depreciation

At 1 September 2023

13,071

13,071

Charge for the year

6,535

6,535

At 31 August 2024

19,606

19,606

Carrying amount

At 31 August 2024

633,927

633,927

At 31 August 2023

640,462

640,462

Included within the net book value of land and buildings above is £633,927 (2023 - £640,463) in respect of freehold land and buildings.
 

 

Almico Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Debtors

2024
£

2023
£

Other debtors

33,960

47,096

33,960

47,096

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

206

206

Other creditors

15,514

6,315

15,720

6,521

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

390,002

390,002

390,002

390,002

       

8

Related party transactions

The company operates a loan account with the director, Mr A C McDonald.
During the year, the director advanced loans totalling £9,199 to the company. At the year end, the balance due to the director was £15,514 (2023 - £6,315). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Deja Hair and Beauty Ltd., a company controlled by Mr A C McDonald.
During the year, Deja Hair and Beauty Ltd. repaid loans totalling £13,000 to the company. At the year end, the balance due from Deja Hair and Beauty Ltd. was £33,729 (2023 - £46,729). This loan is unsecured, interest free and has no fixed repayment terms.