Registered number
SC315273
G. McKinlay Tiling Services Ltd.
Filleted Accounts
31 January 2025
G. McKinlay Tiling Services Ltd.
Registered number: SC315273
Balance Sheet
as at 31 January 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 13,084 852
Current assets
Stocks and WIP 13,100 2,482
Debtors 4 - 853
Cash at bank and in hand 1,270 25
14,370 3,360
Creditors: amounts falling due within one year 5 (17,334) (5,791)
Net current liabilities (2,964) (2,431)
Total assets less current liabilities 10,120 (1,579)
Creditors: amounts falling due after more than one year 6 (9,340) (18,175)
Net assets/(liabilities) 780 (19,754)
Capital and reserves
Called up share capital 1 1
Profit and loss account 779 (19,755)
Shareholder's funds 780 (19,754)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G McKinlay
Director
Approved by the board on 30 June 2025
G. McKinlay Tiling Services Ltd.
Notes to the Accounts
for the year ended 31 January 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2024 5,862 13,760 19,622
Additions 15,580 - 15,580
Disposals (5,862) - (5,862)
At 31 January 2025 15,580 13,760 29,340
Depreciation
At 1 February 2024 5,785 12,985 18,770
Charge for the year 3,116 155 3,271
On disposals (5,785) - (5,785)
At 31 January 2025 3,116 13,140 16,256
Net book value
At 31 January 2025 12,464 620 13,084
At 31 January 2024 77 775 852
4 Debtors 2025 2024
£ £
Other debtors - 853
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 4,418 -
Trade creditors - 2,279
Taxation and social security costs 4,229 61
Other creditors 8,687 3,451
17,334 5,791
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 9,340 18,175
7 Controlling party
The company was under the control of the director throughout the current and previous years.
8 Other information
G. McKinlay Tiling Services Ltd. is a private company limited by shares and incorporated in Scotland. Its registered office is:
58 Long Lane
Dundee
DD5 1HH
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