McGrade & Co Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC370240 (Scotland)

Abbreviated Accounts

for the Year Ended 31 December 2014

for

McGrade & Co Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A M McGrade

G Woolfson

REGISTERED OFFICE:

Standard Buildings

94 Hope Street

Glasgow

G2 6QB

REGISTERED NUMBER:

SC370240 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Intangible assets

2

300,000

320,000

Tangible assets

3

9,068

10,541

309,068

330,541

CURRENT ASSETS

Stocks

60,500

73,500

Debtors

91,778

104,451

Cash at bank and in hand

78,192

90,431

230,470

268,382

CREDITORS

Amounts falling due within one year

91,382

95,690

NET CURRENT ASSETS

139,088

172,692

TOTAL ASSETS LESS CURRENT LIABILITIES

448,156

503,233

CREDITORS

Amounts falling due after more than one year

(135,237

)

(243,016

)

PROVISIONS FOR LIABILITIES

(1,415

)

(1,622

)

NET ASSETS

311,504

258,595

CAPITAL AND RESERVES

Called up share capital

4

1

1

Profit and loss account

311,503

258,594

SHAREHOLDERS' FUNDS

311,504

258,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 9 June 2015 and were signed on its behalf by:

A M McGrade - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the amounts derived from the provision of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates

that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

400,000

AMORTISATION

At 1 January 2014

80,000

Amortisation for year

20,000

At 31 December 2014

100,000

NET BOOK VALUE

At 31 December 2014

300,000

At 31 December 2013

320,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

36,276

Additions

358

At 31 December 2014

36,634

DEPRECIATION

At 1 January 2014

25,735

Charge for year

1,831

At 31 December 2014

27,566

NET BOOK VALUE

At 31 December 2014

9,068

At 31 December 2013

10,541

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

£1

1

1