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REGISTERED NUMBER: SC512337 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

McGinlay Associates Ltd

McGinlay Associates Ltd (Registered number: SC512337)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


McGinlay Associates Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTOR: James Peters McGinlay





REGISTERED OFFICE: Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB





REGISTERED NUMBER: SC512337 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

McGinlay Associates Ltd (Registered number: SC512337)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 855 844

CURRENT ASSETS
Debtors 5 1,290 3,027
Cash at bank 226,441 167,053
227,731 170,080
CREDITORS
Amounts falling due within one year 6 20,742 6,160
NET CURRENT ASSETS 206,989 163,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

207,844

164,764

PROVISIONS FOR LIABILITIES 216 160
NET ASSETS 207,628 164,604

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 207,528 164,504
SHAREHOLDERS' FUNDS 207,628 164,604

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 May 2025 and were signed by:




James Peters McGinlay - Director


McGinlay Associates Ltd (Registered number: SC512337)

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

1. STATUTORY INFORMATION

McGinlay Associates Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The director considers the current and future level of trading on an ongoing basis to assess the resources required to meet commitments as they fall due. Taking account of these factors the director is confident that the company has sufficient resources now and going forward to allow the company to continue in operation. On this basis, the financial statements have been prepared on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amount of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of cash-generating unit to which the asset belongs.

Taxation
Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


McGinlay Associates Ltd (Registered number: SC512337)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

McGinlay Associates Ltd (Registered number: SC512337)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2023 3,718
Additions 183
At 31 August 2024 3,901
DEPRECIATION
At 1 September 2023 2,874
Charge for year 172
At 31 August 2024 3,046
NET BOOK VALUE
At 31 August 2024 855
At 31 August 2023 844

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,665
Other debtors 1,290 1,362
1,290 3,027

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 18,543 4,015
Other creditors 2,199 2,145
20,742 6,160

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. RELATED PARTY DISCLOSURES

The company operates a loan account with the director. At the year end, the balance due to the director was £NIL (2023: £NIL). This loan is unsecured, interest free and has no fixed repayment terms.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the director, Mr J McGinlay, by virtue of his 100% shareholding in the company.