D.v. Mccoll Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC068824 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

D.V. MCCOLL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Neil McColl

Mr David Iain McColl

SECRETARY:

Isobel Vance McCrossan

REGISTERED OFFICE:

Alexander Graham Bell House

Sholto Crescent

Righead Industrial Estate

Bellshill

Lanarkshire

ML4 3LX

REGISTERED NUMBER:

SC068824 (Scotland)

ACCOUNTANTS:

Feely & Company, Chartered Accountants

165 Main Street

Wishaw

Lanarkshire

ML2 7AU

FIXED ASSETS

Tangible assets

4

175,403

126,785

CURRENT ASSETS

Stocks

1,552,357

1,583,733

Debtors

5

380,004

576,164

1,932,361

2,159,897

CREDITORS

Amounts falling due within one year

6

1,370,669

1,538,033

NET CURRENT ASSETS

561,692

621,864

TOTAL ASSETS LESS CURRENT LIABILITIES

737,095

748,649

CREDITORS

Amounts falling due after more than one year

7

56,836

49,018

NET ASSETS

680,259

699,631

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Retained earnings

678,259

697,631

SHAREHOLDERS' FUNDS

680,259

699,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 Board of Directors and authorised for issue on 11 December 2023 and were signed on its behalf by:

Mr Neil McColl - Director

1.	STATUTORY INFORMATION

D.v. Mccoll Limited 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 represents net sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and at variable rates on reducing balance

At each balance sheet date, the company reviews the carrying amount of the tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks

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

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 only in those instances where the amount is deemed to be material.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Government grants

Government grants are recognised in the accounts using the performance model - the full amount is recognised when the grant proceeds are received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 46 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

236,789

Additions

90,603

Disposals

(20,250

)

At 31 March 2023

307,142

DEPRECIATION

At 1 April 2022

110,004

Charge for year

40,268

Eliminated on disposal

(18,533

)

At 31 March 2023

131,739

NET BOOK VALUE

At 31 March 2023

175,403

At 31 March 2022

126,785

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

106,152

DEPRECIATION

At 1 April 2022

25,077

Charge for year

20,268

At 31 March 2023

45,345

NET BOOK VALUE

At 31 March 2023

60,807

At 31 March 2022

81,075

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

84,601

143,799

Retention

225,693

366,034

Other debtors

69,710

66,331

380,004

576,164

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

254,125

398,751

Hire purchase contracts

20,453

22,816

Trade creditors

856,679

866,432

Taxation and social security

28,710

38,300

Other creditors

210,702

211,734

1,370,669

1,538,033

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

56,836

49,018