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REGISTERED NUMBER: SC308028 (Scotland)















MACMILLAN ENGINEERING LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028)






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


MACMILLAN ENGINEERING LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: C D Macmillan
G M Mackenzie





SECRETARY: Mrs C Macmillan





REGISTERED OFFICE: 26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF





REGISTERED NUMBER: SC308028 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 123,212 132,361
123,212 132,361

CURRENT ASSETS
Stocks 7 17,100 15,458
Debtors 8 390,847 306,033
Cash at bank 186,168 210,144
594,115 531,635
CREDITORS
Amounts falling due within one year 9 271,764 213,292
NET CURRENT ASSETS 322,351 318,343
TOTAL ASSETS LESS CURRENT
LIABILITIES

445,563

450,704

CREDITORS
Amounts falling due after more than one year 10 (20,099 ) (32,822 )

PROVISIONS FOR LIABILITIES (30,335 ) (19,528 )

ACCRUALS AND DEFERRED INCOME - (1,622 )
NET ASSETS 395,129 396,732

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 395,029 396,632
SHAREHOLDERS' FUNDS 395,129 396,732

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.

MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





G M Mackenzie - Director


MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Macmillan Engineering Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The area of the accounts subject to significant judgements and estimates is fixed assets and annual depreciation charges.

The directors exercise judgement in estimating the useful economic life of fixed assets and residual value of fixed assets, both of which affect the annual charge for depreciation charged to the profit and loss account and the carrying value of fixed assets held on the balance sheet.

Turnover
Turnover represents the value of engineering work invoiced to customers in the year, excluding value added tax. It also includes the value of any unbilled work in progress at the period end.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten 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.
Plant and machinery - 15% depreciation on reducing balance
Motor vehicles - 25% depreciation on reducing balance
Computer equipment - 20% depreciation on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.


MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 100,000
AMORTISATION
At 1 April 2023
and 31 March 2024 100,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 240,215 73,485 5,580 319,280
Additions 12,343 - - 12,343
At 31 March 2024 252,558 73,485 5,580 331,623
DEPRECIATION
At 1 April 2023 148,865 32,541 5,513 186,919
Charge for year 11,222 10,236 34 21,492
At 31 March 2024 160,087 42,777 5,547 208,411
NET BOOK VALUE
At 31 March 2024 92,471 30,708 33 123,212
At 31 March 2023 91,350 40,944 67 132,361

7. STOCKS
31.3.24 31.3.23
£    £   
Stock & work-in-progress 17,100 15,458

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 390,847 306,033

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts 3,000 4,000
Trade creditors 107,557 78,629
Company Credit Card 372 296
Tax 87,080 50,142
Social security and other taxes 9,344 7,425
VAT 43,041 56,514
Directors' current accounts 8,522 1,438
Accrued expenses 2,200 4,200
271,764 213,292

MACMILLAN ENGINEERING LTD (REGISTERED NUMBER: SC308028)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 10,648 10,648
Bank loans - 2-5 years 9,451 19,196
Hire purchase contracts - 2,978
20,099 32,822

11. RELATED PARTY DISCLOSURES

Creditors includes a director's loan of £8,522 (2023: £1,438). There are no repayment terms in place and no interest is being charged.

12. ULTIMATE CONTROLLING PARTY

The controlling party is C D Macmillan.