MCNAIR ENGINEERING LIMITED

Company Registration Number:
SC066401 (Scotland)

Unaudited abridged accounts for the year ended 31 May 2023

Period of accounts

Start date: 01 June 2022

End date: 31 May 2023

MCNAIR ENGINEERING LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2023

Balance sheet
Notes

MCNAIR ENGINEERING LIMITED

Balance sheet

As at 31 May 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 294,690 300,012
Total fixed assets: 294,690 300,012
Current assets
Stocks: 135,991 5,239
Debtors:   184,841 533,904
Cash at bank and in hand: 843,411 682,610
Total current assets: 1,164,243 1,221,753
Creditors: amounts falling due within one year: 4 (164,610) (285,840)
Net current assets (liabilities): 999,633 935,913
Total assets less current liabilities: 1,294,323 1,235,925
Provision for liabilities: (5,037) (5,821)
Total net assets (liabilities): 1,289,286 1,230,104
Capital and reserves
Called up share capital: 1,000 1,000
Revaluation reserve:5161,553161,553
Profit and loss account: 1,126,733 1,067,551
Shareholders funds: 1,289,286 1,230,104

The notes form part of these financial statements

MCNAIR ENGINEERING LIMITED

Balance sheet statements

For the year ending 31 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 22 December 2023
and signed on behalf of the board by:

Name: I E McNair
Status: Director

The notes form part of these financial statements

MCNAIR ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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 and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its useful life.Plant and machinery etc - 33% on cost, 25% on reducing balance, 15% on reducing balance and 10% on reducing balance.

Other accounting policies

StocksStocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.TaxationTaxation 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 taxDeferred 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 benefitsThe 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.

MCNAIR ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

2. Employees

2023 2022
Average number of employees during the period 13 14

MCNAIR ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

3. Tangible Assets

Total
Cost £
At 01 June 2022 923,841
Additions 3,041
Disposals (2,500)
At 31 May 2023 924,382
Depreciation
At 01 June 2022 623,829
Charge for year 7,613
On disposals (1,750)
At 31 May 2023 629,692
Net book value
At 31 May 2023 294,690
At 31 May 2022 300,012

MCNAIR ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

4. Creditors: amounts falling due within one year note

Trade creditors £71,657 (2022: £25,796)Taxation and social security £78,118 (2022: £249,421)Other creditors £14,835 (2022: £10,623)

MCNAIR ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

5. Revaluation reserve

2023
£
Balance at 01 June 2022 161,553
Surplus or deficit after revaluation 0
Balance at 31 May 2023 161,553