M Squared (Scotland) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC479137 (Scotland)

Unaudited Financial Statements

For The Period 1 July 2019 to 31 December 2020

for

M Squared (Scotland) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K R McEwan

REGISTERED OFFICE:

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

REGISTERED NUMBER:

SC479137 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

394,112

124,008

CURRENT ASSETS

Stocks

90,086

376,186

Debtors

5

558,949

737,146

Cash at bank and in hand

533,525

87,060

1,182,560

1,200,392

CREDITORS

Amounts falling due within one year

6

607,858

1,020,023

NET CURRENT ASSETS

574,702

180,369

TOTAL ASSETS LESS CURRENT LIABILITIES

968,814

304,377

CREDITORS

Amounts falling due after more than one year

7

(679,971

)

(69,604

)

PROVISIONS FOR LIABILITIES

9

(42,786

)

(20,283

)

NET ASSETS

246,057

214,490

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

246,056

214,489

SHAREHOLDERS' FUNDS

246,057

214,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2020 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.

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 and authorised for issue on 28 July 2021 and were signed by:

K R McEwan - Director

1.	STATUTORY INFORMATION

M Squared (Scotland) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

2% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

Taxation

Taxation for the period 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 period 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.

Debt financing

The company makes use of an invoice financing facility. The parameters allow the company to be funded for 60% of their applications for payments and 75% for their invoices. The company is charged for this and these costs are charged to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 (2019 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 July 2019

9,234

146,494

2,090

Additions

158,720

71,754

7,563

Disposals

(9,234

)

-

-

At 31 December 2020

158,720

218,248

9,653

DEPRECIATION

At 1 July 2019

1,847

77,250

418

Charge for period

4,762

45,032

1,094

Eliminated on disposal

(1,847

)

-

-

At 31 December 2020

4,762

122,282

1,512

NET BOOK VALUE

At 31 December 2020

153,958

95,966

8,141

At 30 June 2019

7,387

69,244

1,672

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2019

49,656

19,201

226,675

Additions

105,699

11,779

355,515

Disposals

-

-

(9,234

)

At 31 December 2020

155,355

30,980

572,956

DEPRECIATION

At 1 July 2019

15,672

7,480

102,667

Charge for period

17,284

9,852

78,024

Eliminated on disposal

-

-

(1,847

)

At 31 December 2020

32,956

17,332

178,844

NET BOOK VALUE

At 31 December 2020

122,399

13,648

394,112

At 30 June 2019

33,984

11,721

124,008

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

30.6.19

£

£

Trade debtors

64,331

265,286

Accrued income

306,445

426,561

Other debtors

141,223

7,856

VAT

36,982

34,061

Prepayments

9,968

3,382

558,949

737,146

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

30.6.19

£

£

Bank loans and overdrafts

72,217

99,840

Hire purchase contracts

102,521

24,415

Trade creditors

275,392

754,063

Tax

46,872

40,194

Social security and other taxes

16,176

22,534

Other creditors

64,982

75,477

Directors' current accounts

23,421

-

Accrued expenses

6,277

3,500

607,858

1,020,023

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

30.6.19

£

£

Bank loans - 1-2 years

276,792

-

Bank loans - 2-5 years

229,953

-

Bank loans more 5 yr by instal

45,000

-

Hire purchase contracts

128,226

69,604

679,971

69,604

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

45,000

-

8.	SECURED DEBTS

The bank hold the following securities:

1. Floating charge covers all the property or undertaking of the company.

Ultimate Finance hold the following securities:

1. Floating charge covers all the property or undertaking of the company.

9.	PROVISIONS FOR LIABILITIES

31.12.20

30.6.19

£

£

Deferred tax

42,786

20,283

Deferred

tax

£

Balance at 1 July 2019

20,283

Provided during period

22,503

Balance at 31 December 2020

42,786

10.	RELATED PARTY DISCLOSURES

During the year the company traded on an arms length basis with another company that shares a common Director (Mr K McEwan), Moorlodge Limited. Moorlodge Estates Limited invoiced M Squared (Scotland) Ltd £29,562.41.

At the end of the year end Moorlodge Limited owed £14,948.00 to M Squared (Scotland) Ltd.

During the 18 months period the company traded on an arms length basis with another company that shares a common Director (Mr K McEwan), Simply Gardening (Scotland) Ltd. Simply Gardening (Scotland) Ltd invoiced M Squared (Scotland) Ltd £53,611.73.

At the end of the 18 month period Simply Gardening (Scotland) Ltd was owed £10,174.98 (2019 - £7,856.16 creditor) by M Squared (Scotland) Ltd.

M Squared (Scotland) Ltd provided £3,500 loan to another company that shares a common Director (Mr K McEwan), Lily and Moon Limited. The full balance remained outstanding at the year end.