McLean Financial Services Limited
McLean Financial Services Limited
Registered number: SC465351
Unaudited Financial Statements
For The Year Ended 31 December 2019
Calculus Accountants (Scotland) Ltd
10 Avonhead Road
Condorrat
Glasgow
G67 4RA
McLean Financial Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2019
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
McLean Financial Services Limited
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
SC465351
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 6 |
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| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 13 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 9,609 | 2,879 | |||
Page 1
McLean Financial Services Limited
Balance Sheet (continued)
As at
31 December 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
McLean Financial Services Limited
Notes to the Financial Statements
For The Year Ended 31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises the invoiced value of services supplied by the company, with no Value Added Tax being applicable as such services are exempt.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is not amortised to the profit and loss account as the director considers there to have been no reduction in the cost value.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Office equipment and furniture |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
The ony grant applicable in the year was from Business Gateway for general business advise, mentoring and marketing strategy, with however no funds being provided to the company but with Business Gateway meeting any such costs direct to the service supplier. Therefore no grant release income or associated costs in the year are reflected within the profit and loss account.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 3
McLean Financial Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
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| Office and administration |
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6.
Intangible Assets
| Goodwill | |||
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| Net Book Value | |||
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7.
Tangible Assets
| Office equipment and furniture | |
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| Cost | |
| As at |
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| Additions |
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| As at |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
| As at |
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8.
Debtors
| 2019 | 2018 | ||
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| Due within one year | |||
| Trade debtors |
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| Sundry debtor - office rent deposit |
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Page 4
McLean Financial Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
9.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| PAYE and NI |
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| Provision for commission clawbacks |
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| Accrued charges |
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| Director's loan account |
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The directors loan is interest free and has no fixed terms of repayment.
10.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Sundry loan |
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The loan relates to an advance from First Complete on future commissions to be earned by the company and has no fixed terms of payment, is interest free, and is being written-off annually at a pre-set rate based on business generated.
11.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
| 2019 | 2018 | ||
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| £ | £ | ||
| Deferred tax |
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12.
Provisions for Liabilities
| Deferred Tax | ||
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| £ | ||
| Additions |
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| Balance at |
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Page 5
McLean Financial Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
14.
Dividends
| 2019 | 2018 | ||
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| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| 20,000 | 6,000 | ||
15.
Controlling Party
The company's controlling party is Mr Cameron McLean by virtue of his ownership of 90% of the issued share capital in the company.
16.
General Information
McLean Financial Services Limited Registered number SC465351 is a limited by shares company incorporated in Scotland. The Registered Office is 10 Avonhead Road, Condorrat, Glasgow, G67 4RA.
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