Mcgovern Decorators Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC279763 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

FOR

MCGOVERN DECORATORS LTD.

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

35,004

21,754

CURRENT ASSETS

Stocks

4,116

39,116

Debtors

23,930

22,320

Cash at bank

58,292

46,320

86,338

107,756

CREDITORS

Amounts falling due within one year

95,750

121,757

NET CURRENT LIABILITIES

(9,412

)

(14,001

)

TOTAL ASSETS LESS CURRENT LIABILITIES

25,592

7,753

PROVISIONS FOR LIABILITIES

6,651

3,552

NET ASSETS

18,941

4,201

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

18,841

4,101

SHAREHOLDERS' FUNDS

18,941

4,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 2 December 2019 and were signed by:

P McGovern - Director

1.	STATUTORY INFORMATION

Mcgovern Decorators Ltd. is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address are as below:

Registered number:

SC279763

Registered office:

Unit 13 Simpson Court

11 South Avenue

Clydebank Business Park

Glasgow

G81 2NR

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition

Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when

goods and services are provided to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2018

58,231

Additions

26,281

Disposals

(13,879

)

At 31 July 2019

70,633

DEPRECIATION

At 1 August 2018

36,477

Charge for year

13,031

Eliminated on disposal

(13,879

)

At 31 July 2019

35,629

NET BOOK VALUE

At 31 July 2019

35,004

At 31 July 2018

21,754

5.	ULTIMATE CONTROLLING PARTY

The company is wholly owned and controlled by the director.