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REGISTERED NUMBER: SC308028 (Scotland)















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: C D Macmillan
G M Mackenzie





SECRETARY: Mrs C Macmillan





REGISTERED OFFICE: 26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF





REGISTERED NUMBER: SC308028 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
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 6 102,806 117,675
102,806 117,675

CURRENT ASSETS
Stocks 7 119,416 66,462
Debtors 8 115,076 219,070
Cash at bank 129,124 123,824
363,616 409,356
CREDITORS
Amounts falling due within one year 9 125,011 134,050
NET CURRENT ASSETS 238,605 275,306
TOTAL ASSETS LESS CURRENT
LIABILITIES

341,411

392,981

CREDITORS
Amounts falling due after more than one
year

10

(46,351

)

(62,896

)

PROVISIONS FOR LIABILITIES (19,528 ) (22,358 )

ACCRUALS AND DEFERRED INCOME (4,209 ) (6,797 )
NET ASSETS 271,323 300,930

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 271,223 300,830
SHAREHOLDERS' FUNDS 271,323 300,930

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028)

BALANCE SHEET - continued
31 March 2022


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2022 and were signed on its behalf by:





G M Mackenzie - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% depreciation on reducing balance
Motor vehicles - 25% depreciation on reducing balance
Computer equipment - 20% depreciation 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.


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 20 (2021 - 20 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 100,000
AMORTISATION
At 1 April 2021
and 31 March 2022 100,000
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 233,791 46,570 5,580 285,941
DEPRECIATION
At 1 April 2021 126,616 36,494 5,156 168,266
Charge for year 12,027 2,519 323 14,869
At 31 March 2022 138,643 39,013 5,479 183,135
NET BOOK VALUE
At 31 March 2022 95,148 7,557 101 102,806
At 31 March 2021 107,175 10,076 424 117,675

7. STOCKS
31.3.22 31.3.21
£    £   
Stock & work-in-progress 119,416 66,462

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 115,076 219,070

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts 11,882 4,000
Hire purchase contracts 4,000 4,000
Trade creditors 64,808 55,821
Company Credit Card 4,606 916
Tax 21,776 32,134
Social security and other taxes 7,077 8,279
VAT 4,688 23,897
Directors' current accounts 4,174 3,003
Accrued expenses 2,000 2,000
125,011 134,050

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
£    £   
Bank loans - 1-2 years 10,648 11,896
Bank loans - 2-5 years 28,703 40,000
Hire purchase contracts 7,000 11,000
46,351 62,896

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.