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REGISTERED NUMBER: SC126734 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Marshall Wilson Packaging Limited

Marshall Wilson Packaging Limited (Registered number: SC126734)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Marshall Wilson Packaging Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Ian Miller Queen
Barbara Shields Carmichael Wilson
Angela Cara McGhee



SECRETARY: Angela Cara McGhee



REGISTERED OFFICE: Unit 3
Bogmoor Place
Glasgow
G51 4TQ



REGISTERED NUMBER: SC126734 (Scotland)



ACCOUNTANTS: Clements
Chartered Accountants
39 St Vincent Place
Glasgow
G1 2ER



BANKERS: Bank of Scotland
54/62 Sauchiehall Street
Glasgow
G2 3AH

Marshall Wilson Packaging Limited (Registered number: SC126734)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,236,255 1,021,359
1,236,255 1,021,359

CURRENT ASSETS
Stocks 854,130 795,788
Debtors 6 422,138 539,166
Cash at bank and in hand 162,238 80,995
1,438,506 1,415,949
CREDITORS
Amounts falling due within one year 7 578,239 766,836
NET CURRENT ASSETS 860,267 649,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,096,522

1,670,472

CREDITORS
Amounts falling due after more than one
year

8

(165,942

)

(205,284

)

PROVISIONS FOR LIABILITIES (17,862 ) (20,065 )
NET ASSETS 1,912,718 1,445,123

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Non distributable reserves 10 712,203 462,203
Retained earnings 10 1,195,515 977,920
SHAREHOLDERS' FUNDS 1,912,718 1,445,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Marshall Wilson Packaging Limited (Registered number: SC126734)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





Angela Cara McGhee - Director


Marshall Wilson Packaging Limited (Registered number: SC126734)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Marshall Wilson Packaging 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the company has the right to receive it.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 25% on cost, 20% on cost and 5% on cost

Stocks
Stocks are valued at the lower of cost and selling price less costs to complete and sell.

Financial instruments
The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Marshall Wilson Packaging Limited (Registered number: SC126734)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Leasing and hire purchase commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 63,991
AMORTISATION
At 1 April 2023
and 31 March 2024 63,991
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Marshall Wilson Packaging Limited (Registered number: SC126734)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 900,000 293,857 1,193,857
Revaluations 250,000 - 250,000
At 31 March 2024 1,150,000 293,857 1,443,857
DEPRECIATION
At 1 April 2023 - 172,498 172,498
Charge for year - 35,104 35,104
At 31 March 2024 - 207,602 207,602
NET BOOK VALUE
At 31 March 2024 1,150,000 86,255 1,236,255
At 31 March 2023 900,000 121,359 1,021,359

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 378,810 - 378,810
Valuation in 2024 250,000 - 250,000
Cost 521,190 293,857 815,047
1,150,000 293,857 1,443,857

If land and buildings had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 521,190 521,190
Aggregate depreciation 83,393 83,393

Land and buildings were valued on an open market basis on 26 July 2024 by David Allison & Co Chartered Surveyors .

The directors believe that the value placed on the properties by David Allison & Company, Chartered Surveyors on 26th July 2024 would have been a fair value at 31 March 2024.

Marshall Wilson Packaging Limited (Registered number: SC126734)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 93,600
DEPRECIATION
At 1 April 2023 23,400
Charge for year 23,400
At 31 March 2024 46,800
NET BOOK VALUE
At 31 March 2024 46,800
At 31 March 2023 70,200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 394,157 499,905
Other debtors 27,981 39,261
422,138 539,166

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 25,432 64,025
Hire purchase contracts 7,778 19,999
Trade creditors 275,695 490,515
Taxation and social security 164,318 108,159
Other creditors 105,016 84,138
578,239 766,836

Included in other creditors are directors' loans which are unsecured, interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 165,942 197,506
Hire purchase contracts - 7,778
165,942 205,284

Marshall Wilson Packaging Limited (Registered number: SC126734)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 54,275 86,238

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdraft - 38,564
Bank loans 191,374 222,967
191,374 261,531

The bank holds a Standard Security over property at Unit 3, 75 Bogmoor Place, Glasgow, G51 4SN.
This is supported by a bond and floating charge over the whole of the assets of the Company.

10. RESERVES
Non
Retained distributable
earnings reserves Totals
£    £    £   

At 1 April 2023 977,920 462,203 1,440,123
Profit for the year 263,595 263,595
Dividends (46,000 ) (46,000 )
Property revaluation - 250,000 250,000
At 31 March 2024 1,195,515 712,203 1,907,718

11. RELATED PARTY DISCLOSURES

Dividends paid to the directors and to the son of one of the directors total £46,000 (2022 - £50,400).