REGISTERED NUMBER: |
MACMILLAN ENGINEERING LTD |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
REGISTERED NUMBER: |
MACMILLAN ENGINEERING LTD |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MACMILLAN ENGINEERING LTD |
COMPANY INFORMATION |
for the Year Ended 31 March 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028) |
BALANCE SHEET |
31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028) |
BALANCE SHEET - continued |
31 March 2022 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Macmillan Engineering Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements are rounded to the nearest £1. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The area of the accounts subject to significant judgements and estimates is fixed assets and annual depreciation charges. |
The directors exercise judgement in estimating the useful economic life of fixed assets and residual value of fixed assets, both of which affect the annual charge for depreciation charged to the profit and loss account and the carrying value of fixed assets held on the balance sheet. |
Turnover |
Turnover represents the value of engineering work invoiced to customers in the year, excluding value added tax. It also includes the value of any unbilled work in progress at the period end. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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. |
MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
AMORTISATION |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
6. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
and 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
7. | STOCKS |
31.3.22 | 31.3.21 |
£ | £ |
Stock & work-in-progress |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Company Credit Card | 4,606 | 916 |
Tax |
Social security and other taxes |
VAT | 4,688 | 23,897 |
Directors' current accounts | 4,174 | 3,003 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
11. | RELATED PARTY DISCLOSURES |
Creditors includes a director's loan of £4,174 (2021: £3,003). There are no repayment terms in place and no interest is being charged. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is C D Macmillan. |