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COMPANY REGISTRATION NUMBER: SC373793
MacWilson Group Limited
Filleted Unaudited Financial Statements
31 March 2023
MacWilson Group Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
MacWilson Group Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
95,313
5,148
Investments
7
152
152
--------
-------
95,465
5,300
Current assets
Stocks
60,703
61,003
Debtors
8
188,727
133,233
Cash at bank and in hand
103,277
234,107
---------
---------
352,707
428,343
Creditors: amounts falling due within one year
9
49,258
59,644
---------
---------
Net current assets
303,449
368,699
---------
---------
Total assets less current liabilities
398,914
373,999
Creditors: amounts falling due after more than one year
10
58,548
29,133
Provisions
Taxation including deferred tax
15,487
978
---------
---------
Net assets
324,879
343,888
---------
---------
Capital and reserves
Called up share capital
12
32
32
Profit and loss account
324,847
343,856
---------
---------
Shareholders funds
324,879
343,888
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MacWilson Group Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Mr C. M. Wilson
Director
Company registration number: SC373793
MacWilson Group Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Fixed assets also include investment properties for residential and holiday rents which are recorded at cost and then subject to revaluation annually by the directors.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
20% reducing balance
Office equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
3,876
26,696
Deferred tax:
Origination and reversal of timing differences
14,509
( 88)
--------
--------
Tax on profit
18,385
26,608
--------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 April 2022
2,058
33,795
9,469
45,322
Additions
37,072
58,711
8,151
103,934
Disposals
( 2,058)
( 33,795)
( 5,472)
( 41,325)
-------
--------
--------
--------
---------
At 31 March 2023
37,072
58,711
12,148
107,931
-------
--------
--------
--------
---------
Depreciation
At 1 April 2022
2,058
30,487
7,629
40,174
Charge for the year
3,707
4,893
1,860
10,460
Disposals
( 2,058)
( 30,487)
( 5,471)
( 38,016)
-------
--------
--------
--------
---------
At 31 March 2023
3,707
4,893
4,018
12,618
-------
--------
--------
--------
---------
Carrying amount
At 31 March 2023
33,365
53,818
8,130
95,313
-------
--------
--------
--------
---------
At 31 March 2022
3,308
1,840
5,148
-------
--------
--------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
152
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
152
----
At 31 March 2022
152
----
The company owns a 50% shareholding in MacWilson Wickham Investing Limited. Mr C M Wilson and Mrs L MacDonald Wilson are both directors of this company. MacWilson Wickham Investing Limited is registered in Scotland.
The company owns a 50% shareholding in SRCN Solutions Limited. Mr C M Wilson is a director of this company. SRCN Solutions Limited is registered in Scotland.
The company owns a 100% shareholding in MacWilson Products Limited. Mr C M Wilson and Mrs L MacDonald Wilson are both directors of this company. MacWilson Products Limited is registered in Scotland.
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
MacWilson Products Limited
Ordinary
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2023
2022
2023
2022
£
£
£
£
Subsidiary undertakings
MacWilson Products Limited
(2,992)
(2,992)
(1,285)
-------
-------
----
-------
8. Debtors
2023
2022
£
£
Trade debtors
34,560
46,080
Other debtors
154,167
87,153
---------
---------
188,727
133,233
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,100
9,200
Trade creditors
1,661
1,920
Corporation tax
20,751
26,696
Social security and other taxes
9,866
11,801
Other creditors
7,880
10,027
--------
--------
49,258
59,644
--------
--------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,138
29,133
Other creditors
38,410
--------
--------
58,548
29,133
--------
--------
11. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
8,999
Later than 1 year and not later than 5 years
35,073
--------
----
44,072
--------
----
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
32
32
32
32
----
----
----
----
13. Transactions with directors
The company was under the control of the directors throughout the previous and current financial year. At the year end the directors were due to repay the company £50,000 (2022 - the company was due to repay the directors £6,513).
14. Related party transactions
At the year end MacWilson Wickham Investing Limited was due to repay the company £81,440 (2022 - £82,440). MacWilson Wickham Investing Limited is partly owned by MacWilson Group Limited . At the year end SRCN Solutions Limited was due to repay the company £94 (2022 - £94). SRCN SolutionsLimited is owned by MacWilson Group Limited .