Company registration number SC340033 (Scotland)
MCLAREN VENDING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
MCLAREN VENDING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MCLAREN VENDING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,873
9,372
Tangible assets
4
227,296
220,927
Investments
5
1,000
1,000
233,169
231,299
Current assets
Stocks
95,907
85,307
Debtors
6
55,340
50,195
Cash at bank and in hand
92,470
86,571
243,717
222,073
Creditors: amounts falling due within one year
7
(113,556)
(105,198)
Net current assets
130,161
116,875
Total assets less current liabilities
363,330
348,174
Creditors: amounts falling due after more than one year
8
(62,500)
(83,151)
Provisions for liabilities
(29,607)
(17,323)
Net assets
271,223
247,700
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
270,223
246,700
Total equity
271,223
247,700
MCLAREN VENDING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
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 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 25 June 2025
MR P MCLAREN
Mr P McLaren
Director
Company Registration No. SC340033
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
McLaren Vending Limited is a private company limited by shares incorporated in Scotland. The registered office is 87 Lister Street, Townhead, Glasgow, United Kingdom, G4 0BZ.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover represents the supply of vending machines and vending machine supplies. Turnover also includes the supply of cigarettes, drinks and confectionery to outlets through their wholesale operations.
1.4
Intangible fixed assets - goodwill
Goodwill represents the difference between fair value of consideration paid on acquisition of a business and the fair value of its separable net assets at the date of acquisition. Goodwill has been fully amortised in the year of purchase.
1.5
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% on cost
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on cost
Plant and equipment
7 and 14 years on cost
Fixtures and fittings
25% on reducing balance
Computer Equipment
25% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Any impairments or gain/loss on sale of investments is immediately recognised in profit or loss.
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.9
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Pension costs and other post-retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
9
10
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 February 2024 and 31 January 2025
39,001
22,494
61,495
Amortisation and impairment
At 1 February 2024
39,001
13,122
52,123
Amortisation charged for the year
4,499
4,499
At 31 January 2025
39,001
17,621
56,622
Carrying amount
At 31 January 2025
4,873
4,873
At 31 January 2024
9,372
9,372
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2024
7,480
653,569
661,049
Additions
60,530
60,530
Disposals
(25,022)
(25,022)
At 31 January 2025
7,480
689,077
696,557
Depreciation and impairment
At 1 February 2024
3,500
436,622
440,122
Depreciation charged in the year
748
48,960
49,708
Eliminated in respect of disposals
(20,569)
(20,569)
At 31 January 2025
4,248
465,013
469,261
Carrying amount
At 31 January 2025
3,232
224,064
227,296
At 31 January 2024
3,980
216,947
220,927
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
1,000
1,000
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
5,686
8,569
Other debtors
49,654
41,626
55,340
50,195
MCLAREN VENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
20,652
20,652
Trade creditors
34,746
27,764
Taxation and social security
15,926
13,823
Other creditors
42,232
42,959
113,556
105,198
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
62,500
83,151
9
Related party transactions
At the year end, the Company owed £5,762 to the director (2024 - £5,382), and £505 to other related parties (2024 - £505).
There are no set repayment terms, nor is interest charged on the outstanding balance due.