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REGISTERED NUMBER: SC141718 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

MCINALLY ASSOCIATES LIMITED

MCINALLY ASSOCIATES LIMITED (REGISTERED NUMBER: SC141718)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MCINALLY ASSOCIATES LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: T McInally
Mrs R McInally





SECRETARY: Mrs R McInally





REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ





REGISTERED NUMBER: SC141718 (Scotland)





ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

MCINALLY ASSOCIATES LIMITED (REGISTERED NUMBER: SC141718)

Balance Sheet
31 MAY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 2,853 3,355
Investments 5 100 100
2,953 3,455

CURRENT ASSETS
Debtors 6 10,797 23,782
Cash at bank - 29,986
10,797 53,768
CREDITORS
Amounts falling due within one year 7 133,237 152,203
NET CURRENT LIABILITIES (122,440 ) (98,435 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(119,487

)

(94,980

)

CREDITORS
Amounts falling due after more than one
year

8

10,413

19,413
NET LIABILITIES (129,900 ) (114,393 )

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings (130,004 ) (114,497 )
SHAREHOLDERS' FUNDS (129,900 ) (114,393 )

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

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

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.

MCINALLY ASSOCIATES LIMITED (REGISTERED NUMBER: SC141718)

Balance Sheet - continued
31 MAY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





Mrs R McInally - Director


MCINALLY ASSOCIATES LIMITED (REGISTERED NUMBER: SC141718)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

McInally Associates Limited 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.

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.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company's liabilities exceeded its assets by £129,900 at 31 May 2024 (2023: £114,393). The company is thus dependent on the continued financial support of its creditors. The directors are confident of this continuing support and of the company's long term trading prospects and on this basis considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of financial support.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover, which stated net of value added tax, represents amounts invoiced to third parties, except in respect of contracts for services where turnover is also recognised when the company obtains the right to consideration for its performance of those contracts. The right to consideration is based on the fair value of the performance of the contractual obligations, net of discounts and value added tax and allowance for any significant risk of default in payment. Amounts recoverable on contracts, not invoiced at the year end, being the excess of turnover payments on account, are included within prepayments and accrued income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on a straight line basis and 15% on a reducing balance basis

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


MCINALLY ASSOCIATES LIMITED (REGISTERED NUMBER: SC141718)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 61,814
DEPRECIATION
At 1 June 2023 58,459
Charge for year 502
At 31 May 2024 58,961
NET BOOK VALUE
At 31 May 2024 2,853
At 31 May 2023 3,355

MCINALLY ASSOCIATES LIMITED (REGISTERED NUMBER: SC141718)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 100
NET BOOK VALUE
At 31 May 2024 100
At 31 May 2023 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,797 23,782

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,389 9,000
Trade creditors - 10,222
Taxation and social security 45,781 57,639
Other creditors 77,067 75,342
133,237 152,203

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 10,413 19,413

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 1,389 -

The bank overdraft is secured by personal guarantee by both Directors.