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Company registration number: SC165246
McKerron & Milne Limited
Unaudited filleted financial statements
30 June 2023
McKerron & Milne Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
McKerron & Milne Limited
Directors and other information
Directors Brian J Yeats
John McWilliam
Scott Cameron
Secretary Karan J Yeats
Company number SC165246
Registered office 35 New Steet
Rothes
Aberlour
Banffshire
AB38 7BQ
Accountants The Sinclair Partnership
4 Waukmill Drive
Blackford
Perthshire
PH4 1PT
Bankers Bank of Scotland
McKerron & Milne Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of McKerron & Milne Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of McKerron & Milne Limited for the year ended 30 June 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
It is your duty to ensure that McKerron & Milne Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of McKerron & Milne Limited. You consider that McKerron & Milne Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of McKerron & Milne Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Sinclair Partnership
Certified Practising Accountant
4 Waukmill Drive
Blackford
Perthshire
PH4 1PT
22 February 2024
McKerron & Milne Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 131,040 97,171
_______ _______
131,040 97,171
Current assets
Stocks 87,733 74,236
Debtors 7 404,413 293,299
Cash at bank and in hand 112,242 239,585
_______ _______
604,388 607,120
Creditors: amounts falling due
within one year 8 ( 209,312) ( 283,192)
_______ _______
Net current assets 395,076 323,928
_______ _______
Total assets less current liabilities 526,116 421,099
Creditors: amounts falling due
after more than one year 9 ( 36,875) ( 10,937)
Provisions for liabilities ( 25,880) ( 18,462)
_______ _______
Net assets 463,361 391,700
_______ _______
Capital and reserves
Called up share capital 24,444 24,444
Profit and loss account 438,917 367,256
_______ _______
Shareholders funds 463,361 391,700
_______ _______
For the year ending 30 June 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
Brian J Yeats
Director
Company registration number: SC165246
McKerron & Milne Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 35 New Steet, Rothes, Aberlour, Banffshire, AB38 7BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 15 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 50 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Financial instruments
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.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short term highly liquid investments.
Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 23 ).
5. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 21,000 38,000
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer Equipment Total
£ £ £ £ £ £
Cost
At 1 July 2022 20,689 193,017 17,556 217,874 11,169 460,305
Additions - 3,871 - 65,900 - 69,771
Disposals - ( 2,520) - ( 65,946) - ( 68,466)
_______ _______ _______ _______ _______ _______
At 30 June 2023 20,689 194,368 17,556 217,828 11,169 461,610
_______ _______ _______ _______ _______ _______
Depreciation
At 1 July 2022 20,689 158,331 16,109 156,836 11,169 363,134
Charge for the year - 6,284 289 21,102 - 27,675
Disposals - ( 699) - ( 59,540) - ( 60,239)
_______ _______ _______ _______ _______ _______
At 30 June 2023 20,689 163,916 16,398 118,398 11,169 330,570
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 June 2023 - 30,452 1,158 99,430 - 131,040
_______ _______ _______ _______ _______ _______
At 30 June 2022 - 34,686 1,447 61,038 - 97,171
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 390,270 279,373
Other debtors 14,143 13,926
_______ _______
404,413 293,299
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 83,853 107,966
Corporation tax 16,600 18,593
Social security and other taxes 62,868 73,855
Other creditors 45,991 82,778
_______ _______
209,312 283,192
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 36,875 10,937
_______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Eilander Limited 18,300 18,000 - -
McKerron & Milne (Roofing and Slating Contractors) Limited 32,200 59,800 - ( 34,800)
Abbeyside Nursing Home Limited 40,863 40,068 - 3,011
_______ _______ _______ _______
All related party transactions are carried out under all parties normal commercial terms.