IRIS Accounts Production v23.4.0.336 SC197482 Board of Directors 1.7.22 30.6.23 30.6.23 management services and the sale of furniture and storage. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1974822022-06-30SC1974822023-06-30SC1974822022-07-012023-06-30SC1974822021-06-30SC1974822021-07-012022-06-30SC1974822022-06-30SC197482ns15:Scotland2022-07-012023-06-30SC197482ns14:PoundSterling2022-07-012023-06-30SC197482ns10:Director12022-07-012023-06-30SC197482ns10:PrivateLimitedCompanyLtd2022-07-012023-06-30SC197482ns10:FRS1022022-07-012023-06-30SC197482ns10:Audited2022-07-012023-06-30SC197482ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-07-012023-06-30SC197482ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-07-012023-06-30SC197482ns10:FullAccounts2022-07-012023-06-30SC197482ns10:OrdinaryShareClass12022-07-012023-06-30SC197482ns10:Director22022-07-012023-06-30SC197482ns10:CompanySecretary12022-07-012023-06-30SC197482ns10:RegisteredOffice2022-07-012023-06-30SC197482ns5:RetainedEarningsAccumulatedLosses2022-06-30SC197482ns5:RetainedEarningsAccumulatedLosses2021-06-30SC197482ns5:RetainedEarningsAccumulatedLosses2023-06-30SC197482ns5:RetainedEarningsAccumulatedLosses2022-06-30SC197482ns5:CurrentFinancialInstruments2023-06-30SC197482ns5:CurrentFinancialInstruments2022-06-30SC197482ns5:ShareCapital2023-06-30SC197482ns5:ShareCapital2022-06-30SC197482ns5:FurtherSpecificReserve3ComponentTotalEquity2023-06-30SC197482ns5:FurtherSpecificReserve3ComponentTotalEquity2022-06-30SC19748212022-07-012023-06-30SC19748212021-07-012022-06-30SC197482ns5:LeaseholdImprovements2022-07-012023-06-30SC197482ns5:PlantMachinery2022-07-012023-06-30SC197482ns5:FurnitureFittings2022-07-012023-06-30SC197482ns5:MotorVehicles2022-07-012023-06-30SC197482ns15:UnitedKingdom2022-07-012023-06-30SC197482ns15:UnitedKingdom2021-07-012022-06-30SC197482ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-07-012023-06-30SC197482ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2021-07-012022-06-30SC197482ns5:OwnedAssets2022-07-012023-06-30SC197482ns5:OwnedAssets2021-07-012022-06-30SC197482ns5:LandBuildings2022-06-30SC197482ns5:LeaseholdImprovements2022-06-30SC197482ns5:PlantMachinery2022-06-30SC197482ns5:LandBuildings2022-07-012023-06-30SC197482ns5:LandBuildings2023-06-30SC197482ns5:LeaseholdImprovements2023-06-30SC197482ns5:PlantMachinery2023-06-30SC197482ns5:LandBuildings2022-06-30SC197482ns5:LeaseholdImprovements2022-06-30SC197482ns5:PlantMachinery2022-06-30SC197482ns5:FurnitureFittings2022-06-30SC197482ns5:MotorVehicles2022-06-30SC197482ns5:FurnitureFittings2023-06-30SC197482ns5:MotorVehicles2023-06-30SC197482ns5:FurnitureFittings2022-06-30SC197482ns5:MotorVehicles2022-06-30SC197482ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-30SC197482ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-30SC197482ns5:DeferredTaxation2022-07-012023-06-30SC197482ns5:DeferredTaxation2023-06-30SC197482ns10:OrdinaryShareClass12023-06-30SC197482ns5:FurtherSpecificReserve3ComponentTotalEquity2022-06-30SC197482ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-30
REGISTERED NUMBER: SC197482 (Scotland)



















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2023

for

McEwan Fraser Services Limited

McEwan Fraser Services Limited (Registered number: SC197482)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Balance Sheet 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


McEwan Fraser Services Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: K A McEwan
Mrs D E McEwan





SECRETARY: K A McEwan





REGISTERED OFFICE: Claremont House
130 East Claremont Street
Edinburgh
EH7 4LB





REGISTERED NUMBER: SC197482 (Scotland)





AUDITORS: Johnston Smillie Ltd, Statutory Auditor
6 Redheughs Rigg
Edinburgh
EH12 9DQ

McEwan Fraser Services Limited (Registered number: SC197482)

Strategic Report
for the Year Ended 30 June 2023

The directors present their strategic report for the year ended 30 June 2023.

REVIEW OF BUSINESS
The principal activity of the company group is that of management services and estate agency.

In the accounting period under review, the company reported a pre-tax profit of £2,228,352 (2022 £2,437,579) and the directors are satisfied with this result and hope to improve on it in the current year.

PRINCIPAL RISKS AND UNCERTAINTIES
Having reviewed forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

KEY PERFORMANCE INDICATORS
Key performance indicators highlights an upturn movement in the company's turnover in the current period, from the period ended 30 June 2022. Debtor days for the period ended 30 June 2023 was 6 days, which is higher than the debtor days previously disclosed by the company in respect of the accounting period ended 30 June 2022, being 2 days.

ON BEHALF OF THE BOARD:





K A McEwan - Director


7 February 2024

McEwan Fraser Services Limited (Registered number: SC197482)

Report of the Directors
for the Year Ended 30 June 2023

The directors present their report with the financial statements of the company for the year ended 30 June 2023.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

K A McEwan
Mrs D E McEwan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Johnston Smillie Ltd, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K A McEwan - Director


7 February 2024

Report of the Independent Auditors to the Members of
McEwan Fraser Services Limited

Opinion
We have audited the financial statements of McEwan Fraser Services Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
McEwan Fraser Services Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
McEwan Fraser Services Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the company, focusing on provisions of those laws and regulations which could have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by considering our knowledge of the company and the sector in which it operates and by discussion with staff and those charged with governance. We considered the procedures and controls that are in place to address risks identified, or that otherwise prevent, deter and detect fraud.

Based on this understanding we designed our audit procedures to detect circumstances in which irregularities could result in material misstatement and to identify irregularities which may have occurred. Our procedures included: journal entry testing; enquiries of staff and those charged with governance; review of specific transactions and documentation; analytical procedures; and review of the presentation and disclosures in the financial statements.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Lea Brash BA CA (Senior Statutory Auditor)
for and on behalf of Johnston Smillie Ltd, Statutory Auditor
6 Redheughs Rigg
Edinburgh
EH12 9DQ

8 February 2024

McEwan Fraser Services Limited (Registered number: SC197482)

Statement of Income and Retained Earnings
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

TURNOVER 3 6,095,713 6,462,875

Cost of sales 802,248 800,456
GROSS PROFIT 5,293,465 5,662,419

Administrative expenses 3,221,319 3,238,422
2,072,146 2,423,997

Other operating income 45,186 9,634
OPERATING PROFIT 5 2,117,332 2,433,631

Interest receivable and similar income 111,020 3,948
PROFIT BEFORE TAXATION 2,228,352 2,437,579

Tax on profit 6 451,534 461,549
PROFIT FOR THE FINANCIAL YEAR 1,776,818 1,976,030

Retained earnings at beginning of year 17,186,849 15,210,819

RETAINED EARNINGS AT END OF
YEAR

18,963,667

17,186,849

McEwan Fraser Services Limited (Registered number: SC197482)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Tangible assets 7 430,394 402,641
Investments 8 3,903,198 4,040,910
4,333,592 4,443,551

CURRENT ASSETS
Debtors 9 1,222,196 716,500
Cash at bank and in hand 14,168,902 12,814,243
15,391,098 13,530,743
CREDITORS
Amounts falling due within one year 10 (649,217 ) (679,609 )
NET CURRENT ASSETS 14,741,881 12,851,134
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,075,473

17,294,685

PROVISIONS FOR LIABILITIES 11 (3,970 ) -
NET ASSETS 19,071,503 17,294,685

CAPITAL AND RESERVES
Called up share capital 12 100 100
Fair value reserve 13 107,736 107,736
Retained earnings 13 18,963,667 17,186,849
SHAREHOLDERS' FUNDS 19,071,503 17,294,685

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:





K A McEwan - Director


McEwan Fraser Services Limited (Registered number: SC197482)

Cash Flow Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,638,905 2,556,664
Tax paid (469,000 ) (540,735 )
Net cash from operating activities 1,169,905 2,015,929

Cash flows from investing activities
Purchase of tangible fixed assets (63,978 ) (30,412 )
Purchase of fixed asset investments - (234,251 )
Sale of fixed asset investments 137,712 279,560
Interest received 111,020 3,948
Net cash from investing activities 184,754 18,845

Increase in cash and cash equivalents 1,354,659 2,034,774
Cash and cash equivalents at beginning of
year

2

12,814,243

10,779,469

Cash and cash equivalents at end of year 2 14,168,902 12,814,243

McEwan Fraser Services Limited (Registered number: SC197482)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.6.23 30.6.22
£    £   
Profit before taxation 2,228,352 2,437,579
Depreciation charges 36,226 31,631
Finance income (111,020 ) (3,948 )
2,153,558 2,465,262
(Increase)/decrease in trade and other debtors (505,697 ) 23,203
(Decrease)/increase in trade and other creditors (8,956 ) 68,199
Cash generated from operations 1,638,905 2,556,664

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 14,168,902 12,814,243
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 12,814,243 10,779,469


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 12,814,243 1,354,659 14,168,902
12,814,243 1,354,659 14,168,902
Total 12,814,243 1,354,659 14,168,902

McEwan Fraser Services Limited (Registered number: SC197482)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

McEwan Fraser Services Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency of the company is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
The directors have prepared the accounts using the going concern basis.

Having reviewed forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On that basis the directors consider the going concern basis to be appropriate.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

All fixed assets are initially measured at cost. Freehold property has been revalued based on directors' estimate and is not depreciated as the directors consider the residual market value of the property to be equal to or above the deemed cost, therefore any depreciation would be immaterial

McEwan Fraser Services Limited (Registered number: SC197482)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Investments
Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

Impairment of assets
Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors and creditors receivable/payable in one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Dividends
Dividends are recognised as liabilities once they are no longer at the discretion of the company.

McEwan Fraser Services Limited (Registered number: SC197482)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.6.23 30.6.22
£    £   
United Kingdom 6,095,713 6,462,875
6,095,713 6,462,875

4. EMPLOYEES AND DIRECTORS
30.6.23 30.6.22
£    £   
Wages and salaries 1,950,618 2,059,936
Social security costs 171,916 186,843
Other pension costs 33,681 37,092
2,156,215 2,283,871

The average number of employees during the year was as follows:
30.6.23 30.6.22

Administration 87 87

30.6.23 30.6.22
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

30.6.23 30.6.22
£    £   
Depreciation - owned assets 36,225 31,631
Auditors' remuneration 5,500 5,500

McEwan Fraser Services Limited (Registered number: SC197482)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.23 30.6.22
£    £   
Current tax:
UK corporation tax 447,564 461,871
Prior year corporation tax - (322 )
Total current tax 447,564 461,549

Deferred tax 3,970 -
Tax on profit 451,534 461,549

UK corporation tax has been charged at 20.50% (2022 - 19%).

7. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 July 2022 300,000 89,294 4,869
Additions - 24,808 -
At 30 June 2023 300,000 114,102 4,869
DEPRECIATION
At 1 July 2022 - 36,290 4,869
Charge for year - 14,523 -
At 30 June 2023 - 50,813 4,869
NET BOOK VALUE
At 30 June 2023 300,000 63,289 -
At 30 June 2022 300,000 53,004 -

McEwan Fraser Services Limited (Registered number: SC197482)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2022 105,157 11,455 510,775
Additions 39,170 - 63,978
At 30 June 2023 144,327 11,455 574,753
DEPRECIATION
At 1 July 2022 55,520 11,455 108,134
Charge for year 21,702 - 36,225
At 30 June 2023 77,222 11,455 144,359
NET BOOK VALUE
At 30 June 2023 67,105 - 430,394
At 30 June 2022 49,637 - 402,641

8. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
30.6.23 30.6.22
£    £   
Brought forward 4,040,910 4,086,219
Capital withdrawn (137,712 ) (45,309 )
3,903,198 4,040,910

Fixed Asset Investments represents the company's capital account balance in a Limited Liability Partnership.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 101,067 29,635
Other debtors 1,120,765 686,603
Prepayments and accrued income 364 262
1,222,196 716,500

McEwan Fraser Services Limited (Registered number: SC197482)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 117,035 66,301
Tax 210,490 231,926
Pension liability 6,867 7,111
VAT 234,735 294,181
Other creditors 72,090 72,090
Accruals and deferred income 8,000 8,000
649,217 679,609

11. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax 3,970 -

Deferred
tax
£   
Provided during year 3,970
Balance at 30 June 2023 3,970

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

13. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 July 2022 17,186,849 107,736 17,294,585
Profit for the year 1,776,818 1,776,818
At 30 June 2023 18,963,667 107,736 19,071,403

McEwan Fraser Services Limited (Registered number: SC197482)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

14. RELATED PARTY DISCLOSURES

As at 30 June 2023 £1,120,765 (2022: £686,065) was owed from a company controlled by key management personnel.

As at 30 June 2023 £72,090 (2022; £72,090) was owed to an entity controlled by key management personnel.

During the period under review, licence fees of £190,000 (2022: £91,000) were charged by an entity controlled by key management personnel.

During the period ended 30 June 2023 the company charged service fees of £5,339,687 (2022: £5,648,659), commission of £319,700 (2022: £320,961) and survey fees of £436,236 (2022: £481,093) respectively to McEwan Fraser Legal, a connected partnership. As at 30 June 2023 £57,936 (2022: £nil) was owing from McEwan Fraser Legal.

McEwan Fraser Services Limited has use of premises owned by a connected company rent free.

15. FINANCIAL INSTRUMENTS

The company has the following financial instruments:

Note 2023 2022
£    £   
Financial assets that are equity at cost less impairment
Fixed Asset Investment 8 3,903,198 4,040,910

Financial assets that are debt instruments measured at
amortised cost

- Trade receivables 9 101,067 29,635
- Other receivables 9 1,121,129 686,865
1,222,196 716,500
Financial liabilities that are debt instruments measured at
amortised cost

- Trade payables 10 117,035 66,301
- Other payables 10 80,090 80,090
197,125 146,391