Mcgovern Decorators Ltd. - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC279763 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

FOR

MCGOVERN DECORATORS LTD.

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

2,831

9,726

CURRENT ASSETS

Stocks

84,129

98,398

Debtors

130,390

113,561

Cash at bank

19,866

39,188

234,385

251,147

CREDITORS

Amounts falling due within one year

231,883

256,974

NET CURRENT ASSETS/(LIABILITIES)

2,502

(5,827

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,333

3,899

PROVISIONS FOR LIABILITIES

3,768

3,768

NET ASSETS

1,565

131

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,465

31

SHAREHOLDERS' FUNDS

1,565

131

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 2022 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 and authorised for issue on 19 April 2023 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 3 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2021

72,433

Additions

1,100

Disposals

(1,800

)

At 31 July 2022

71,733

DEPRECIATION

At 1 August 2021

62,707

Charge for year

6,910

Eliminated on disposal

(715

)

At 31 July 2022

68,902

NET BOOK VALUE

At 31 July 2022

2,831

At 31 July 2021

9,726

5.	ULTIMATE CONTROLLING PARTY

The company is wholly owned and controlled by the director.