| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| MACGREGOR FLOORING COMPANY LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| MACGREGOR FLOORING COMPANY LIMITED |
| MACGREGOR FLOORING COMPANY LIMITED (REGISTERED NUMBER: SC093567) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MACGREGOR FLOORING COMPANY LIMITED |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Oakfield House |
| 378 Brandon Street |
| Motherwell |
| NORTH LANARKSHIRE |
| ML1 1XA |
| MACGREGOR FLOORING COMPANY LIMITED (REGISTERED NUMBER: SC093567) |
| Abridged Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves | ( |
) | ( |
) |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| MACGREGOR FLOORING COMPANY LIMITED (REGISTERED NUMBER: SC093567) |
| Abridged Balance Sheet - continued |
| 31 August 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MACGREGOR FLOORING COMPANY LIMITED (REGISTERED NUMBER: SC093567) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| MacGregor Flooring Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at fair value received or receivable, excluding discounts, rebates, value added tax and other sales. Income is based on agreed contract valuations. |
| Flooring Contracts |
| When the outcome of a flooring contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to percentage of the overall contract that has been completed.. |
| Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. |
| When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| MACGREGOR FLOORING COMPANY LIMITED (REGISTERED NUMBER: SC093567) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows : Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. |
| All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price, and are subsequently measured at fair value with any changes recognised in profit or loss. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment an impairment loss is recognised in profit or loss immediately. |
| All equity investments, regardless of significance, and other financial assets that are individually significant are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immedialtely to the extent that the reversal does not result in a carrying amount of the financilal asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| 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 at bank and in hand |
| Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Going concern |
| The company prepares its accounts on the basis that it remains a going concern; that |
| is that there is the assumption that the functions of the company will continue in |
| operational existence. |
| MACGREGOR FLOORING COMPANY LIMITED (REGISTERED NUMBER: SC093567) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| General provisions |
| The company accounts for income and expenditure in the period to which the service |
| has taken place, rather than when cash payments are received or made. |
| Where income and expenditure has been recognised but cash has not been received |
| or paid, a debtor or creditor for the relevant amount is recorded in the Balance Sheet. |
| Equally, where cash has been received or paid which is not yet recognised as income |
| or expenditure, a creditor (income in advance) or debtor (payment in advance) is |
| recorded in the Balance Sheet. |
| Impairment of assets |
| At each reporting date fixed and intangible assets are reviewed to determine whether there is any |
| indication that those assets have suffered an impairment loss. If there is an indication |
| of possible impairment, the recoverable amount of any affected asset is estimated and |
| compared with its carrying amount. If estimated recoverable amount is lower, the |
| carrying amount is reduced to its estimated recoverable amount, and an impairment loss |
| is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carry amount of the asset is increased |
| to the revised estimate of its recoverable amount, but not in excess of the amount that |
| would have been determined had no impairment loss been recognised for the asset in |
| prior years. A reversal of an impairment loss is recognised immediately in profit or loss |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| This comprises an investment in Deeka Limited, an investment holding company, which is incorporated in Scotland. The directors consider it worth not less than cost. |
| 6. | RELATED PARTY DISCLOSURES |
| The company rents premises from the company pension fund. The rent is charged at a commercial rate as advised by an independent firm of surveyors. |
| The controlling party is MacGregor Flooring (Holdings) Ltd. |
| This company is registered in Scotland. |