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REGISTRAR OF COMPANIES

Registration number: SC502769

J & J McConchie Limited

Unaudited Financial Statements

31 January 2025

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J & J McConchie Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J & J McConchie Limited
for the Year Ended 31 January 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J & J McConchie Limited for the year ended 31 January 2025 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of J & J McConchie Limited, as a body, in accordance with the terms of our engagement letter dated 23 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of J & J McConchie Limited and state those matters that we have agreed to state to the Board of Directors of J & J McConchie Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & J McConchie Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J & J McConchie Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J & J McConchie Limited. You consider that J & J McConchie Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J & J McConchie Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

28 April 2025

 

J & J McConchie Limited

(Registration number: SC502769)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

1,318,956

1,369,398

Current assets

 

Stocks

350

350

Debtors

5

69,902

8,528

Cash at bank and in hand

 

51,311

37

 

121,563

8,915

Creditors: Amounts falling due within one year

6

(223,116)

(190,996)

Net current liabilities

 

(101,553)

(182,081)

Total assets less current liabilities

 

1,217,403

1,187,317

Creditors: Amounts falling due after more than one year

6

(480,732)

(518,690)

Provisions for liabilities

(276,834)

(285,868)

Net assets

 

459,837

382,759

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

459,737

382,659

Total equity

 

459,837

382,759

 

J & J McConchie Limited

(Registration number: SC502769)
Balance Sheet as at 31 January 2025 (continued)

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

.........................................

J A McConchie

Director

 

J & J McConchie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Mossyard Farm
Gatehouse of Fleet
CASTLE DOUGLAS
DG7 2ET

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 January 2025 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

J & J McConchie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

J & J McConchie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

J & J McConchie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2024 - 14).

 

J & J McConchie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

4

Tangible assets

Caravans and lodges
 £

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 February 2024

1,290,131

251,299

300,096

1,841,526

Additions

-

1,142

9,689

10,831

At 31 January 2025

1,290,131

252,441

309,785

1,852,357

Depreciation

At 1 February 2024

234,463

105,606

132,059

472,128

Charge for the year

22,024

13,331

25,918

61,273

At 31 January 2025

256,487

118,937

157,977

533,401

Carrying amount

At 31 January 2025

1,033,644

133,504

151,808

1,318,956

At 31 January 2024

1,055,668

145,693

168,037

1,369,398

5

Debtors

2025
£

2024
£

Trade debtors

8,284

1,278

Other debtors

61,618

7,250

69,902

8,528

6

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

7

104,724

129,830

Trade creditors

 

75,539

16,597

Taxation and social security

 

3,853

371

Corporation tax liability

 

-

1,182

Other creditors

 

39,000

43,016

 

223,116

190,996

Due after one year

 

Loans and borrowings

7

480,732

518,690

 

J & J McConchie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

7

Loans and borrowings

2025
£

2024
£

Current loans and borrowings

Bank borrowings

34,190

31,546

Bank overdrafts

67,784

79,739

Finance lease liabilities

2,750

2,750

Other borrowings

-

15,795

104,724

129,830

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2025
£

2024
£

Bank borrowings

34,190

31,546

Bank overdrafts

67,784

79,739

Finance lease liabilities

2,750

2,750

104,724

114,035

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.
 

2025
£

2024
£

Non-current loans and borrowings

Bank borrowings

477,982

513,190

Finance lease liabilities

2,750

5,500

480,732

518,690

 

J & J McConchie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2025
£

2024
£

Bank borrowings

477,982

513,190

Finance lease liabilities

2,750

5,500

480,732

518,690

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.
 

8

Related party transactions

Transactions with directors

2025

At 1 February 2024
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 January 2025
£

J S E McConchie

Loan

-

(37,522)

16,223

-

-

(2,025)

(23,324)

               
         

J A McConchie

Loan

-

(37,522)

16,223

-

-

(2,025)

(23,324)

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors.

 

J & J McConchie Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

9

Transition to FRS 102

For the year ended 31 January 2025 the company is no longer eligible to prepare financial statements in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS 102, involving a full retrospective restatement of assets and liabiliites from the transition date, 1 February 2023. The only transition adjustment being the inclusion of a deferred tax liability, as follows:

Balance Sheet at 1 February 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

264,542

264,542

Capital and reserves

Profit and loss account

603,037

-

(264,542)

338,495

Balance Sheet at 31 January 2024
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

285,868

285,868

Capital and reserves

Profit and loss account

668,527

-

(285,868)

382,659

Profit and Loss Account for the year ended 31 January 2024
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Taxation

1,182

-

21,326

22,508