MCLAGGAN SMITH MUGS LIMITED

Company Registration Number:
SC108315 (Scotland)

Unaudited abridged accounts for the year ended 31 December 2024

Period of accounts

Start date: 01 January 2024

End date: 31 December 2024

MCLAGGAN SMITH MUGS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2024

Balance sheet
Notes

MCLAGGAN SMITH MUGS LIMITED

Balance sheet

As at 31 December 2024


Notes
2024
2023


£
£
Fixed assets
Tangible assets: 3 17,831 18,120
Investments: 4 313,069 313,069
Total fixed assets: 330,900 331,189
Current assets
Stocks: 253,490 253,744
Debtors:   1,195,934 1,107,578
Cash at bank and in hand: 40,513 79,739
Total current assets: 1,489,937 1,441,061
Creditors: amounts falling due within one year:   (762,450) (773,018)
Net current assets (liabilities): 727,487 668,043
Total assets less current liabilities: 1,058,387 999,232
Creditors: amounts falling due after more than one year:   (106,802) (192,057)
Total net assets (liabilities): 951,585 807,175
Capital and reserves
Called up share capital: 67,000 67,000
Other reserves: 83,000 83,000
Profit and loss account: 801,585 657,175
Shareholders funds: 951,585 807,175

The notes form part of these financial statements

MCLAGGAN SMITH MUGS LIMITED

Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 September 2025
and signed on behalf of the board by:

Name: Mr K Mitchell
Status: Director

The notes form part of these financial statements

MCLAGGAN SMITH MUGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue comprises sales of goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

Tangible fixed assets and depreciation policy

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 - 33% straight line Plant and equipment - 25% reducing balance Fixtures and fittings - 25% reducing balance Computers - 25% 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.

Valuation and information policy

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MCLAGGAN SMITH MUGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

2. Employees

2024 2023
Average number of employees during the period 22 22

MCLAGGAN SMITH MUGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

3. Tangible Assets

Total
Cost £
At 01 January 2024 370,891
Additions 8,575
At 31 December 2024 379,466
Depreciation
At 01 January 2024 352,771
Charge for year 8,864
At 31 December 2024 361,635
Net book value
At 31 December 2024 17,831
At 31 December 2023 18,120

MCLAGGAN SMITH MUGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

4. Fixed investments

Investments comprise shares in group undertakings and participating interests.