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Company Registration No. SC660574 (Scotland)
Mcgovern Lettings Ltd Unaudited accounts for the year ended 31 March 2024
Mcgovern Lettings Ltd Unaudited accounts Contents
Page
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Mcgovern Lettings Ltd Company Information for the year ended 31 March 2024
Director
Daniel McGovern
Company Number
SC660574 (Scotland)
Registered Office
Craigesk House Lothian Bridge Dalkeith Midlothian EH22 4TP Scotland
Accountants
AGL Tax Solutions LLP 2A Station Yard Haddington East Lothian EH41 3PP
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Mcgovern Lettings Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,450,715 
1,513,125 
Investments
50 
- 
1,450,765 
1,513,125 
Current assets
Debtors
172,488 
10,443 
Cash at bank and in hand
80,857 
22,952 
253,345 
33,395 
Creditors: amounts falling due within one year
(562,090)
(648,169)
Net current liabilities
(308,745)
(614,774)
Total assets less current liabilities
1,142,020 
898,351 
Creditors: amounts falling due after more than one year
(1,105,202)
(817,136)
Net assets
36,818 
81,215 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
36,817 
81,214 
Shareholders' funds
36,818 
81,215 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 May 2025 and were signed on its behalf by
Daniel McGovern Director Company Registration No. SC660574
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Mcgovern Lettings Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Mcgovern Lettings Ltd is a private company, limited by shares, registered in Scotland, registration number SC660574. The registered office is Craigesk House, Lothian Bridge, Dalkeith, Midlothian, EH22 4TP, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company’s ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue. The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings
0% straight line
Plant & machinery
15% reducing balance
Taxation
Taxation for the period comprises current and deferred taxation. 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.
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Mcgovern Lettings Ltd Notes to the Accounts for the year ended 31 March 2024
Deferred taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Presentation currency
The accounts are presented in £ sterling.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
1,508,025 
6,000 
1,514,025 
Additions
203,120 
- 
203,120 
Revaluations
(32,080)
- 
(32,080)
Disposals
(232,685)
- 
(232,685)
At 31 March 2024
1,446,380 
6,000 
1,452,380 
Depreciation
At 1 April 2023
- 
900 
900 
Charge for the year
- 
765 
765 
At 31 March 2024
- 
1,665 
1,665 
Net book value
At 31 March 2024
1,446,380 
4,335 
1,450,715 
At 31 March 2023
1,508,025 
5,100 
1,513,125 
5
Investments
Other investments 
£ 
Valuation at 1 April 2023
- 
Additions
50 
Valuation at 31 March 2024
50 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
4,728 
3,600 
Other debtors
167,760 
6,843 
172,488 
10,443 
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Mcgovern Lettings Ltd Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Taxes and social security
- 
25,637 
Other creditors
79,753 
169,362 
Loans from directors
472,484 
449,570 
Accruals
9,853 
3,600 
562,090 
648,169 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
- 
677,136 
Other creditors
1,105,202 
140,000 
1,105,202 
817,136 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Daniel McGovern
Director's Loan
449,570 
109,260 
86,345 
472,485 
449,570 
109,260 
86,345 
472,485 
10
Transactions with related parties
One of the properties is occupied by the director's sister. Rental income is paid for the occupation.
11
Average number of employees
During the year the average number of employees was 2 (2023: 0).
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