2023-04-012024-03-312024-03-31falseSC034282FERGUSON & MENZIES LIMITED2024-07-2519201iso4217:GBPxbrli:pureSC0342822023-04-01SC0342822024-03-31SC0342822023-04-012024-03-31SC0342822022-04-01SC0342822023-03-31SC0342822022-04-012023-03-31SC034282bus:SmallEntities2023-04-012024-03-31SC034282bus:AuditExempt-NoAccountantsReport2023-04-012024-03-31SC034282bus:FullAccounts2023-04-012024-03-31SC034282bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC034282core:WithinOneYear2024-03-31SC034282core:AfterOneYear2024-03-31SC034282core:WithinOneYear2023-03-31SC034282core:AfterOneYear2023-03-31SC034282core:ShareCapital2024-03-31SC034282core:SharePremium2024-03-31SC034282core:RevaluationReserve2024-03-31SC034282core:OtherReservesSubtotal2024-03-31SC034282core:RetainedEarningsAccumulatedLosses2024-03-31SC034282core:ShareCapital2023-03-31SC034282core:SharePremium2023-03-31SC034282core:RevaluationReserve2023-03-31SC034282core:OtherReservesSubtotal2023-03-31SC034282core:RetainedEarningsAccumulatedLosses2023-03-31SC034282core:LandBuildings2024-03-31SC034282core:PlantMachinery2024-03-31SC034282core:Vehicles2024-03-31SC034282core:FurnitureFittings2024-03-31SC034282core:OfficeEquipment2024-03-31SC034282core:NetGoodwill2024-03-31SC034282core:IntangibleAssetsOtherThanGoodwill2024-03-31SC034282core:ListedExchangeTraded2024-03-31SC034282core:UnlistedNon-exchangeTraded2024-03-31SC034282core:LandBuildings2023-03-31SC034282core:PlantMachinery2023-03-31SC034282core:Vehicles2023-03-31SC034282core:FurnitureFittings2023-03-31SC034282core:OfficeEquipment2023-03-31SC034282core:NetGoodwill2023-03-31SC034282core:IntangibleAssetsOtherThanGoodwill2023-03-31SC034282core:ListedExchangeTraded2023-03-31SC034282core:UnlistedNon-exchangeTraded2023-03-31SC034282core:LandBuildings2023-04-012024-03-31SC034282core:PlantMachinery2023-04-012024-03-31SC034282core:Vehicles2023-04-012024-03-31SC034282core:FurnitureFittings2023-04-012024-03-31SC034282core:OfficeEquipment2023-04-012024-03-31SC034282core:NetGoodwill2023-04-012024-03-31SC034282core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-31SC034282core:ListedExchangeTraded2023-04-012024-03-31SC034282core:UnlistedNon-exchangeTraded2023-04-012024-03-31SC034282core:MoreThanFiveYears2023-04-012024-03-31SC034282core:Non-currentFinancialInstruments2024-03-31SC034282core:Non-currentFinancialInstruments2023-03-31SC034282dpl:CostSales2023-04-012024-03-31SC034282dpl:DistributionCosts2023-04-012024-03-31SC034282core:LandBuildings2023-04-012024-03-31SC034282core:PlantMachinery2023-04-012024-03-31SC034282core:Vehicles2023-04-012024-03-31SC034282core:FurnitureFittings2023-04-012024-03-31SC034282core:OfficeEquipment2023-04-012024-03-31SC034282dpl:AdministrativeExpenses2023-04-012024-03-31SC034282core:NetGoodwill2023-04-012024-03-31SC034282core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-31SC034282dpl:GroupUndertakings2023-04-012024-03-31SC034282dpl:ParticipatingInterests2023-04-012024-03-31SC034282dpl:GroupUndertakingscore:ListedExchangeTraded2023-04-012024-03-31SC034282core:ListedExchangeTraded2023-04-012024-03-31SC034282dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-04-012024-03-31SC034282core:UnlistedNon-exchangeTraded2023-04-012024-03-31SC034282dpl:CostSales2022-04-012023-03-31SC034282dpl:DistributionCosts2022-04-012023-03-31SC034282core:LandBuildings2022-04-012023-03-31SC034282core:PlantMachinery2022-04-012023-03-31SC034282core:Vehicles2022-04-012023-03-31SC034282core:FurnitureFittings2022-04-012023-03-31SC034282core:OfficeEquipment2022-04-012023-03-31SC034282dpl:AdministrativeExpenses2022-04-012023-03-31SC034282core:NetGoodwill2022-04-012023-03-31SC034282core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-31SC034282dpl:GroupUndertakings2022-04-012023-03-31SC034282dpl:ParticipatingInterests2022-04-012023-03-31SC034282dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-31SC034282core:ListedExchangeTraded2022-04-012023-03-31SC034282dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-31SC034282core:UnlistedNon-exchangeTraded2022-04-012023-03-31SC034282core:NetGoodwill2024-03-31SC034282core:IntangibleAssetsOtherThanGoodwill2024-03-31SC034282core:LandBuildings2024-03-31SC034282core:PlantMachinery2024-03-31SC034282core:Vehicles2024-03-31SC034282core:FurnitureFittings2024-03-31SC034282core:OfficeEquipment2024-03-31SC034282core:AfterOneYear2024-03-31SC034282core:WithinOneYear2024-03-31SC034282core:ListedExchangeTraded2024-03-31SC034282core:UnlistedNon-exchangeTraded2024-03-31SC034282core:ShareCapital2024-03-31SC034282core:SharePremium2024-03-31SC034282core:RevaluationReserve2024-03-31SC034282core:OtherReservesSubtotal2024-03-31SC034282core:RetainedEarningsAccumulatedLosses2024-03-31SC034282core:NetGoodwill2023-03-31SC034282core:IntangibleAssetsOtherThanGoodwill2023-03-31SC034282core:LandBuildings2023-03-31SC034282core:PlantMachinery2023-03-31SC034282core:Vehicles2023-03-31SC034282core:FurnitureFittings2023-03-31SC034282core:OfficeEquipment2023-03-31SC034282core:AfterOneYear2023-03-31SC034282core:WithinOneYear2023-03-31SC034282core:Liste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FERGUSON & MENZIES LIMITED

Registered Number
SC034282
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

FERGUSON & MENZIES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

PROUD, John Nicholas

Registered Address

312 Broomloan Road
Govan
Glasgow
G51 2JW

Registered Number

SC034282 (Scotland)
FERGUSON & MENZIES LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3549,804610,179
549,804610,179
Current assets
Stocks4696,250805,330
Debtors51,720,9191,717,212
Cash at bank and on hand86,542112,113
2,503,7112,634,655
Creditors amounts falling due within one year6(1,595,071)(1,781,973)
Net current assets (liabilities)908,640852,682
Total assets less current liabilities1,458,4441,462,861
Creditors amounts falling due after one year7(88,139)(152,561)
Provisions for liabilities9(59,880)(67,528)
Net assets1,310,4251,242,772
Capital and reserves
Called up share capital65,00065,000
Other reserves35,00035,000
Profit and loss account1,210,4251,142,772
Shareholders' funds1,310,4251,242,772
The financial statements were approved and authorised for issue by the Director on 25 July 2024, and are signed on its behalf by:
PROUD, John Nicholas
Director
Registered Company No. SC034282
FERGUSON & MENZIES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors have concluded that it continues to be appropriate to present the accounts on a Going Concern basis.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Interest income
Interest income is recognised using the effective interest rate method.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-33
Plant and machinery-10
Fixtures and fittings-5
Vehicles25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year2424
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 April 23465,5991,148,631151,348168,5831,934,161
Additions-2,70023,3821,86827,950
At 31 March 24465,5991,151,331174,730170,4511,962,111
Depreciation and impairment
At 01 April 23191,183921,27958,747152,7731,323,982
Charge for year10,59543,30128,9965,43388,325
At 31 March 24201,778964,58087,743158,2061,412,307
Net book value
At 31 March 24263,821186,75186,98712,245549,804
At 31 March 23274,416227,35292,60115,810610,179
4.Stocks

2024

2023

££
Finished goods696,250805,330
Total696,250805,330
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables893,6711,133,606
Amounts owed by group undertakings752,715451,890
Other debtors50,40664,366
Prepayments and accrued income24,12767,350
Total1,720,9191,717,212
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables848,616921,430
Bank borrowings and overdrafts459,841712,005
Taxation and social security95,81371,325
Finance lease and HP contracts38,66851,575
Accrued liabilities and deferred income152,13325,638
Total1,595,0711,781,973
The finance leases are secured on the assets concerned. The loan is secured on the assets in connection to the AdBlue blending site.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts14,47866,950
Other creditors73,66185,611
Total88,139152,561
The finance leases are secured on the assets concerned. The loan is secured on the assets in connection to the AdBlue blending site.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts73,66185,611
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)59,88067,528
Total59,88067,528
10.Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £28,953 (2023: £28,726). Contributions totalling £2,269 (2023: £3,706) were payable to the fund at the reporting date and are included in creditors.
11.Operating lease commitments
At 31 March 2024, the company had future minimum lease payments under non-cancellable operating leases of £369,861 (2023: £391,044).
12.Share capital
65,000 (2023 - 65,000) Ordinary A shares of £1.00 each.
13.Related party transactions
As at 31 March 2024, the company was owed £454,365 (2023: £451,890) by the parent company. The loan is interest-free and has no fixed date for repayment. As at 31 March 2024, the company was owed £298,350 (2023: £nil) by an associated company. The loan is interest-free and has no fixed date for repayment.
14.Controlling party
The ultimate controlling party is Ferguson & Menzies Topco Limited, by virtue of its shareholding in the entity's parent company Ferguson & Menzies Holdings Limited.
15.Further information regarding the company's financial position
In respect of these Financial Statements the comparative income statement has had £49,182 moved from Administration Expenses - Bank Charges to Interest Payable and Similar Charges - Bank Charges. £301,116 has moved from Selling - Salaries, £15,041 from Selling - hotels / travel / meals and £22,272 from Commissions Payable, all previously in Selling and Distribution Expenses, to Administrative Expenses. Gain / Loss on disposal of tangible fixed assets has moved to the Gain / Loss on disposal of assets classification. These reclassifications have not affected the reported profit position which remains the same.