1 September 2023 v2025.31.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC6386912023-09-012024-08-31SC6386912024-08-31SC6386912023-08-31SC638691core:WithinOneYear2024-08-31SC638691core:WithinOneYear2023-08-31SC638691core:ShareCapital2024-08-31SC638691core:ShareCapital2023-08-31SC638691core:RetainedEarningsAccumulatedLosses2024-08-31SC638691core:RetainedEarningsAccumulatedLosses2023-08-31SC638691bus:Director12023-09-012024-08-31SC638691bus:RegisteredOffice2023-09-012024-08-31SC638691core:OfficeEquipment2023-09-012024-08-31SC6386912022-09-012023-08-31SC638691core:PlantMachinery2024-08-31SC63869112023-09-012024-08-31SC638691countries:Scotland2023-09-012024-08-31SC638691bus:AuditExemptWithAccountantsReport2023-09-012024-08-31SC638691bus:PrivateLimitedCompanyLtd2023-09-012024-08-31SC638691bus:SmallEntities2023-09-012024-08-31SC638691bus:FullAccounts2023-09-012024-08-31
Company registration number:
SC638691
McIlwraith Mortgage Ltd
Unaudited Filleted Financial Statements for the year ended
31 August 2024
McIlwraith Mortgage Ltd
Statement of Financial Position
31 August 2024
20242023
Note££
Current assets    
Debtors 6
810
 
810
 
Cash at bank and in hand
10,560
 
29,201
 
11,370
 
30,011
 
Creditors: amounts falling due within one year 7
(650
)
(14,607
)
Net current assets
10,720
 
15,404
 
Total assets less current liabilities 10,720   15,404  
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
10,719
 
15,403
 
Shareholders funds
10,720
 
15,404
 
For the 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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
28 May 2025
, and are signed on behalf of the board by:
Mr Scott Anthony McIlwraith
Director
Company registration number:
SC638691
McIlwraith Mortgage Ltd
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
2 Glamis Place
,
Airdrie
,
ML6 9FA
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
33% Straight Line

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 in value.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 September 2023
and
31 August 2024
800
 
Depreciation  
At
1 September 2023
and
31 August 2024
800
 
Carrying amount  
At
31 August 2024
-  
At 31 August 2023 -  

6 Debtors

20242023
££
Other debtors
810
 
810
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
72
 
4,572
 
Other creditors
578
 
10,035
 
650
 
14,607
 

9 Controlling party

During the current period the company was under the control of Mr S A McIlwraith who owns 100% of the share capital of the company.