Registered Number SC091924

MCCOMB MACPHERSON & CO LIMITED

Abbreviated Accounts

31 May 2014

MCCOMB MACPHERSON & CO LIMITED Registered Number SC091924

Abbreviated Balance Sheet as at 31 May 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 961,170 971,766
961,170 971,766
Current assets
Debtors 37,839 23,742
Cash at bank and in hand 180,755 100,303
218,594 124,045
Creditors: amounts falling due within one year (85,146) (122,964)
Net current assets (liabilities) 133,448 1,081
Total assets less current liabilities 1,094,618 972,847
Total net assets (liabilities) 1,094,618 972,847
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,094,616 972,845
Shareholders' funds 1,094,618 972,847
  • For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 27 March 2015

And signed on their behalf by:
Mr J MacPherson, Director

MCCOMB MACPHERSON & CO LIMITED Registered Number SC091924

Notes to the Abbreviated Accounts for the period ended 31 May 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Heritable property - 2% straight line basis
Fixtures & fittings - 25% straight line basis

Other accounting policies
Investment Properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

2 Tangible fixed assets
£
Cost
At 1 June 2013 1,029,871
Additions -
Disposals (17,676)
Revaluations -
Transfers -
At 31 May 2014 1,012,195
Depreciation
At 1 June 2013 58,105
Charge for the year -
On disposals (7,080)
At 31 May 2014 51,025
Net book values
At 31 May 2014 961,170
At 31 May 2013 971,766

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