Registered number
SC368852
McArthur Renewables and Marine Technologies Limited
Filleted Accounts
31 January 2023
McArthur Renewables and Marine Technologies Limited
Registered number: SC368852
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 17,901 11,865
Current assets
Stocks 39,474 52,632
Debtors 5 381,850 582,020
Cash at bank and in hand 169,902 98,914
591,226 733,566
Creditors: amounts falling due within one year 6 (491,329) (599,741)
Net current assets 99,897 133,825
Total assets less current liabilities 117,798 145,690
Creditors: amounts falling due after more than one year 7 (26,668) (33,333)
Net assets 91,130 112,357
Capital and reserves
Called up share capital 9,418 9,418
Profit and loss account 81,712 102,939
Shareholders' funds 91,130 112,357
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Richard Oswell
Director
Approved by the board on 16 October 2023
McArthur Renewables and Marine Technologies Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Taxation 2023 2022
£ £
Corporation tax on profits - 11,851
Corporation tax recovered on R & D claim (38,241) (87,514)
Movement in deferred tax - (732)
(38,241) (76,395)
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 24 24
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 14,784 34,567 49,351
Additions - 8,491 8,491
At 31 January 2023 14,784 43,058 57,842
Depreciation
At 1 February 2022 13,662 23,824 37,486
Charge for the year 581 1,874 2,455
At 31 January 2023 14,243 25,698 39,941
Net book value
At 31 January 2023 541 17,360 17,901
At 31 January 2022 1,122 10,743 11,865
5 Debtors 2023 2022
£ £
Trade debtors 347,864 439,001
R & D Claim 87,514
Other debtors 33,986 55,505
381,850 582,020
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,666 16,667
Trade creditors 156,345 131,115
Corporation tax (113,904) 11,851
Other taxes and social security costs 188,822 153,353
Pension fund 17,825 20,492
Other creditors 235,575 266,263
491,329 599,741
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,668 33,333
8 Deferred taxation 2023 2022
£ £
At 1 February 732
Movement in year (732)
At 31 January - -
9 Other information
McArthur Renewables and Marine Technologies Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Red Tree Business Suites
33 Dalmarnock Road
Bridgeton
Glasgow
G40 4LA
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