Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falsefalseNo description of principal activity1213truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC606547 2022-11-01 2023-10-31 SC606547 2021-11-01 2022-10-31 SC606547 2023-10-31 SC606547 2022-10-31 SC606547 c:Director1 2022-11-01 2023-10-31 SC606547 c:RegisteredOffice 2022-11-01 2023-10-31 SC606547 d:PlantMachinery 2022-11-01 2023-10-31 SC606547 d:PlantMachinery 2023-10-31 SC606547 d:PlantMachinery 2022-10-31 SC606547 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 SC606547 d:MotorVehicles 2022-11-01 2023-10-31 SC606547 d:MotorVehicles 2023-10-31 SC606547 d:MotorVehicles 2022-10-31 SC606547 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 SC606547 d:FurnitureFittings 2022-11-01 2023-10-31 SC606547 d:FurnitureFittings 2023-10-31 SC606547 d:FurnitureFittings 2022-10-31 SC606547 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 SC606547 d:ComputerEquipment 2022-11-01 2023-10-31 SC606547 d:ComputerEquipment 2023-10-31 SC606547 d:ComputerEquipment 2022-10-31 SC606547 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 SC606547 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 SC606547 d:Goodwill 2022-11-01 2023-10-31 SC606547 d:Goodwill 2023-10-31 SC606547 d:Goodwill 2022-10-31 SC606547 d:CurrentFinancialInstruments 2023-10-31 SC606547 d:CurrentFinancialInstruments 2022-10-31 SC606547 d:Non-currentFinancialInstruments 2023-10-31 SC606547 d:Non-currentFinancialInstruments 2022-10-31 SC606547 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 SC606547 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 SC606547 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 SC606547 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 SC606547 d:ShareCapital 2023-10-31 SC606547 d:ShareCapital 2022-10-31 SC606547 d:SharePremium 2023-10-31 SC606547 d:SharePremium 2022-10-31 SC606547 d:RetainedEarningsAccumulatedLosses 2023-10-31 SC606547 d:RetainedEarningsAccumulatedLosses 2022-10-31 SC606547 c:OrdinaryShareClass1 2022-11-01 2023-10-31 SC606547 c:OrdinaryShareClass1 2023-10-31 SC606547 c:OrdinaryShareClass1 2022-10-31 SC606547 c:FRS102 2022-11-01 2023-10-31 SC606547 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 SC606547 c:FullAccounts 2022-11-01 2023-10-31 SC606547 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC606547 d:Goodwill d:OwnedIntangibleAssets 2022-11-01 2023-10-31 SC606547 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC606547










W MCMILLAN FOODS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

 
W MCMILLAN FOODS LTD
 

COMPANY INFORMATION


Director
Mr P B Mitchell 




Registered number
SC606547



Registered office
Unit 20 & 21 Fife Food Centre
Faraday Road

Glenrothes

Fife

KY6 2RU




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
W MCMILLAN FOODS LTD
REGISTERED NUMBER: SC606547

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
£
£

Fixed assets
  

Intangible assets
 4 
7,500
9,000

Tangible assets
 5 
162,971
188,600

  
170,471
197,600

Current assets
  

Stocks
  
40,702
48,944

Debtors: amounts falling due within one year
 6 
141,686
153,857

Cash at bank and in hand
  
20,459
42,621

  
202,847
245,422

Creditors: amounts falling due within one year
 7 
(187,901)
(135,996)

Net current assets
  
 
 
14,946
 
 
109,426

Total assets less current liabilities
  
185,417
307,026

Creditors: amounts falling due after more than one year
 8 
(75,023)
(145,404)

  

Net assets
  
110,394
161,622


Capital and reserves
  

Called up share capital 
 9 
2,000
2,000

Share premium account
  
118,398
118,398

Profit and loss account
  
(10,004)
41,224

  
110,394
161,622


Page 1

 
W MCMILLAN FOODS LTD
REGISTERED NUMBER: SC606547

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr P B Mitchell
Director

Date: 31 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
W MCMILLAN FOODS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

W McMillan Foods Ltd is a private company, limited by shares, incorporated in Scotland with registration number SC606547. The registered office is Unit 21 & 22 Fife Food Centre, Faraday Road, Glenrothes, Fife, KY6 2RU.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
W MCMILLAN FOODS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Pensions

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
W MCMILLAN FOODS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
straight line
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
25%
straight line
Computer equipment
-
33%
straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, 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 profit or loss.

Page 5

 
W MCMILLAN FOODS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 13).


4.


Intangible assets




Goodwill

£



Cost


At 1 November 2022
15,000



At 31 October 2023

15,000



Amortisation


At 1 November 2022
6,000


Charge for the year on owned assets
1,500



At 31 October 2023

7,500



Net book value



At 31 October 2023
7,500



At 31 October 2022
9,000



Page 6

 
W MCMILLAN FOODS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
238,408
10,000
370
539
249,317


Additions
-
-
-
758
758



At 31 October 2023

238,408
10,000
370
1,297
250,075



Depreciation


At 1 November 2022
59,234
667
277
539
60,717


Charge for the year on owned assets
23,841
2,333
93
120
26,387



At 31 October 2023

83,075
3,000
370
659
87,104



Net book value



At 31 October 2023
155,333
7,000
-
638
162,971



At 31 October 2022
179,174
9,333
93
-
188,600


6.


Debtors

2023
2022
£
£


Trade debtors
95,014
68,598

Other debtors
40,773
60,768

Prepayments and accrued income
2,632
3,015

Deferred taxation
3,267
21,476

141,686
153,857


Page 7

 
W MCMILLAN FOODS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
27,139
-

Trade creditors
110,083
105,816

Other taxation and social security
22,640
4,287

Obligations under finance lease and hire purchase contracts
14,781
19,403

Other creditors
5,985
1,695

Accruals and deferred income
7,273
4,795

187,901
135,996



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
65,407
125,275

Net obligations under finance leases and hire purchase contracts
5,376
20,129

Government grants
4,240
-

75,023
145,404



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,000 (2022 - 2,000) Ordinary shares of £1.00 each
2,000
2,000



Page 8