COMPANY REGISTRATION NUMBER:
SC128482
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McCluskey Holdings Limited |
|
|
Filleted Unaudited Abridged Financial Statements |
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McCluskey Holdings Limited |
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Abridged Statement of Financial Position (continued) |
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31 December 2024
Capital and reserves
|
Called up share capital |
1,000 |
1,000 |
|
Revaluation reserve |
99,835 |
99,835 |
|
Profit and loss account |
157,367 |
302,061 |
|
--------- |
--------- |
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Shareholder funds |
258,202 |
402,896 |
|
--------- |
--------- |
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31st December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
10 September 2025
, and are signed on behalf of the board by:
Company registration number:
SC128482
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McCluskey Holdings Limited |
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Notes to the Abridged Financial Statements |
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Year ended 31st December 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 7, Hamilton Road Industrial Estate, Strathaven, ML10 6UB.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable from property rental, stated net of discounts.
Taxation
The taxation expense represents the amount of tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investment property
Investment property is initially recorded at cost or valuation, which includes purchase price and any directly attributable expenditure. Investment property has not been revalued to its fair value at the reporting date and no changes in fair value have been recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Staff
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
£ |
|
Cost |
|
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At 1st January 2024 |
348,158 |
|
Disposals |
(
36,000) |
|
--------- |
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At 31st December 2024 |
312,158 |
|
--------- |
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Depreciation |
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At 1st January 2024 and 31st December 2024 |
26,245 |
|
--------- |
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Carrying amount |
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At 31st December 2024 |
285,913 |
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--------- |
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At 31st December 2023 |
321,913 |
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--------- |
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The company's freehold properties are held for rental and have therefore not been depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view. There is no current valuation of the properties but the directors will obtain such valuation in the future.
6.
Investments
|
£ |
|
Cost |
|
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At 1st January 2024 and 31st December 2024 |
454,793 |
|
--------- |
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Impairment |
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At 1st January 2024 |
354,793 |
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Impairment losses |
99,900 |
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--------- |
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At 31st December 2024 |
454,693 |
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--------- |
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Carrying amount |
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At 31st December 2024 |
100 |
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--------- |
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At 31st December 2023 |
100,000 |
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--------- |
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7.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
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£ |
£ |
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Not later than 1 year |
8,640 |
8,640 |
|
------- |
------- |
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8.
Director's advances, credits and guarantees
The director's loan account balance at the year end was £8,373 debit (2023 - £8,630 debit). The loan is interest free and repayable on demand.