Silverfin false 31/12/2022 01/01/2022 31/12/2022 Edward Mackay 01/04/2005 Liam Mackay 20/06/2012 Scott 20/06/2012 Ian Moffat 07/02/2020 08 February 2024 The principal activity of the Company during the financial year continued to be that of construction of civil engineering projects. SC252897 2022-12-31 SC252897 bus:Director1 2022-12-31 SC252897 bus:Director2 2022-12-31 SC252897 bus:Director3 2022-12-31 SC252897 bus:Director4 2022-12-31 SC252897 2021-12-31 SC252897 core:CurrentFinancialInstruments 2022-12-31 SC252897 core:CurrentFinancialInstruments 2021-12-31 SC252897 core:Non-currentFinancialInstruments 2022-12-31 SC252897 core:Non-currentFinancialInstruments 2021-12-31 SC252897 core:ShareCapital 2022-12-31 SC252897 core:ShareCapital 2021-12-31 SC252897 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC252897 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC252897 core:LandBuildings 2021-12-31 SC252897 core:OtherPropertyPlantEquipment 2021-12-31 SC252897 core:LandBuildings 2022-12-31 SC252897 core:OtherPropertyPlantEquipment 2022-12-31 SC252897 core:CurrentFinancialInstruments core:Secured 2022-12-31 SC252897 bus:OrdinaryShareClass1 2022-12-31 SC252897 bus:OrdinaryShareClass2 2022-12-31 SC252897 bus:OrdinaryShareClass3 2022-12-31 SC252897 bus:OrdinaryShareClass4 2022-12-31 SC252897 bus:OrdinaryShareClass5 2022-12-31 SC252897 bus:OtherShareClass1 2022-12-31 SC252897 bus:OtherShareClass2 2022-12-31 SC252897 2022-01-01 2022-12-31 SC252897 bus:FullAccounts 2022-01-01 2022-12-31 SC252897 bus:SmallEntities 2022-01-01 2022-12-31 SC252897 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC252897 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC252897 bus:Director1 2022-01-01 2022-12-31 SC252897 bus:Director2 2022-01-01 2022-12-31 SC252897 bus:Director3 2022-01-01 2022-12-31 SC252897 bus:Director4 2022-01-01 2022-12-31 SC252897 core:LandBuildings core:TopRangeValue 2022-01-01 2022-12-31 SC252897 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 SC252897 2021-01-01 2021-12-31 SC252897 core:LandBuildings 2022-01-01 2022-12-31 SC252897 core:CurrentFinancialInstruments 2022-01-01 2022-12-31 SC252897 core:Non-currentFinancialInstruments 2022-01-01 2022-12-31 SC252897 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC252897 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC252897 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC252897 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 SC252897 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 SC252897 bus:OrdinaryShareClass3 2021-01-01 2021-12-31 SC252897 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 SC252897 bus:OrdinaryShareClass4 2021-01-01 2021-12-31 SC252897 bus:OrdinaryShareClass5 2022-01-01 2022-12-31 SC252897 bus:OrdinaryShareClass5 2021-01-01 2021-12-31 SC252897 bus:OtherShareClass1 2022-01-01 2022-12-31 SC252897 bus:OtherShareClass1 2021-01-01 2021-12-31 SC252897 bus:OtherShareClass2 2022-01-01 2022-12-31 SC252897 bus:OtherShareClass2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC252897 (Scotland)

EDWARD MACKAY CONTRACTOR LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH THE REGISTRAR

EDWARD MACKAY CONTRACTOR LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

EDWARD MACKAY CONTRACTOR LTD

BALANCE SHEET

AS AT 31 DECEMBER 2022
EDWARD MACKAY CONTRACTOR LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 2,398,582 3,125,250
2,398,582 3,125,250
Current assets
Stocks 992,003 289,100
Debtors 4 1,759,422 1,787,242
Cash at bank and in hand 79,372 119,893
2,830,797 2,196,235
Creditors: amounts falling due within one year 5 ( 3,016,838) ( 2,115,362)
Net current (liabilities)/assets (186,041) 80,873
Total assets less current liabilities 2,212,541 3,206,123
Creditors: amounts falling due after more than one year 6 ( 758,514) ( 1,550,186)
Provision for liabilities 7 ( 445,786) ( 419,559)
Net assets 1,008,241 1,236,378
Capital and reserves
Called-up share capital 8 10,000 10,000
Profit and loss account 998,241 1,226,378
Total shareholders' funds 1,008,241 1,236,378

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Edward Mackay Contractor Ltd (registered number: SC252897) were approved and authorised for issue by the Director on 08 February 2024. They were signed on its behalf by:

Liam Mackay
Director
EDWARD MACKAY CONTRACTOR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
EDWARD MACKAY CONTRACTOR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Edward Mackay Contractor Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Spoutie Burn, Brora, Sutherland, KW9 6NL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 10 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and at bank.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 46 61

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2022 229,238 6,150,881 6,380,119
Additions 0 15,691 15,691
Disposals 0 ( 1,494,710) ( 1,494,710)
At 31 December 2022 229,238 4,671,862 4,901,100
Accumulated depreciation
At 01 January 2022 31,534 3,223,335 3,254,869
Charge for the financial year 4,585 311,690 316,275
Disposals 0 ( 1,068,626) ( 1,068,626)
At 31 December 2022 36,119 2,466,399 2,502,518
Net book value
At 31 December 2022 193,119 2,205,463 2,398,582
At 31 December 2021 197,704 2,927,546 3,125,250

4. Debtors

2022 2021
£ £
Trade debtors 233,927 181,695
Other debtors 1,525,495 1,605,547
1,759,422 1,787,242

Included within debtors at 31/12/22 is £271,513 (2021 - £166,548) of debt due to the company subject to an invoice financing agreement.

5. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans and overdrafts (secured) 203,733 145,831
Trade creditors 1,364,146 961,499
Other taxation and social security 224,630 78,657
Obligations under finance leases and hire purchase contracts 296,040 613,417
Other creditors 928,289 315,958
3,016,838 2,115,362

Bank loans are secured by a floating charge over the assets of the company. Obligations under finance leases and hire purchase contracts are secured against the assets in which they relate to.

6. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans (secured) 187,892 354,169
Obligations under finance leases and hire purchase contracts 570,622 1,196,017
758,514 1,550,186

Bank loans are secured by a floating charge over the assets of the company. Obligations under finance leases and hire purchase contracts are secured against the assets in which they relate to.

7. Provision for liabilities

2022 2021
£ £
Deferred tax 445,786 419,559

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
2,500 A ordinary shares of £ 1.00 each 2,500 2,500
2,500 B ordinary shares of £ 1.00 each 2,500 2,500
1,500 C ordinary shares of £ 1.00 each 1,500 1,500
2,000 D ordinary shares of £ 1.00 each 2,000 2,000
500 E ordinary shares of £ 1.00 each 500 500
500 F ordinary shares of £ 1.00 each 500 500
500 G ordinary shares of £ 1.00 each 500 500
10,000 10,000

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2022 2021
£ £
Amounts due to key management personnel 221,711 84,796
Amounts due from key management personnel 125,765 121,813

Other related party transactions

2022 2021
£ £
Amounts due to other related parties. 224,701 231,673

These loans are unsecured, interest free, and have no fixed terms of repayment.