Company registration number SC261243 (Scotland)
S R MCCOLM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
S R MCCOLM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
S R MCCOLM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
£
£
£
£
Fixed assets
Investment property
5
655,833
655,833
Current assets
Debtors
6
479
5
Cash at bank and in hand
114,229
132,372
114,708
132,377
Creditors: amounts falling due within one year
7
(532,336)
(547,859)
Net current liabilities
(417,628)
(415,482)
Net assets
238,205
240,351
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
238,203
240,349
Total equity
238,205
240,351
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 May 2025
Mrs A McColm
Director
Company Registration No. SC261243
S R MCCOLM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
S R McColm Limited is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of rental income exclusive of value added tax.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Computers
33.33% straight line
1.5
Investment properties
Investment property is included at fair value at the balance sheet date. Any surplus on revaluation is recognised in the income statement. No amortisation or depreciation is provided in respect of freehold investment properties and leasehold investment properties. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
1.6
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 tax
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.
S R MCCOLM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
30,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
30,000
Carrying amount
At 31 December 2024
At 31 December 2023
S R MCCOLM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
460
Depreciation and impairment
At 1 January 2024 and 31 December 2024
460
Carrying amount
At 31 December 2024
At 31 December 2023
5
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
655,833
The director considers that the cost of the investment property, is a reflection of the fair value of the property at the financial year end.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
474
Other debtors
5
5
479
5
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other loans
514,830
526,635
Corporation tax
4,186
Other taxation and social security
363
Other creditors
15,109
15,109
Accruals and deferred income
2,397
1,566
532,336
547,859
S R MCCOLM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
9
Directors' transactions
As at the year end, included within other creditors, is an amount of £15,109 (2023 - £15,109) owed to the director. This amount is interest free and has no terms of repayment.