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REGISTERED NUMBER: SC052798 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RONALD J. MCDERMID LIMITED

RONALD J. MCDERMID LIMITED (REGISTERED NUMBER: SC052798)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RONALD J. MCDERMID LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: S A Higgins





SECRETARY: Mrs L Higgins





REGISTERED OFFICE: 51 Back Sneddon Street
Paisley
PA3 2DD





REGISTERED NUMBER: SC052798 (Scotland)





ACCOUNTANTS: John M Taylor & Co
Chartered Accountants
9 Glasgow Road
PAISLEY
Renfrewshire
PA1 3QS

RONALD J. MCDERMID LIMITED (REGISTERED NUMBER: SC052798)

BALANCE SHEET
31 December 2023

31.12.22 31.12.23
£    £    Notes £    £   
FIXED ASSETS
118,187 Tangible assets 5 80,545

CURRENT ASSETS
1,785 Stocks 1,810
417,896 Debtors 6 347,739
320,456 Cash at bank and in hand 364,444
740,137 713,993
CREDITORS
227,568 Amounts falling due within one year 7 221,197
512,569 NET CURRENT ASSETS 492,796
630,756 TOTAL ASSETS LESS CURRENT
LIABILITIES

573,341

CREDITORS
(167,076 ) Amounts falling due after more than one
year

8

(96,298

)

(16,817 ) PROVISIONS FOR LIABILITIES (13,163 )
446,863 NET ASSETS 463,880

CAPITAL AND RESERVES
10,000 Called up share capital 10,000
436,863 Retained earnings 453,880
446,863 SHAREHOLDERS' FUNDS 463,880

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

RONALD J. MCDERMID LIMITED (REGISTERED NUMBER: SC052798)

BALANCE SHEET - continued
31 December 2023


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 director and authorised for issue on 5 September 2024 and were signed by:





S A Higgins - Director


RONALD J. MCDERMID LIMITED (REGISTERED NUMBER: SC052798)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Ronald J. McDermid 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.

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


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.

The significant policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the cost at the balance sheet date plus a contribution to profit dependent on the status of services completed.

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.
Plant & machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


RONALD J. MCDERMID LIMITED (REGISTERED NUMBER: SC052798)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

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 which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Hire purchase and leasing 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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Amounts recoverable on contracts
Amounts recoverable on contracts includes the value of contractual work in progress. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised
when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Financial instruments
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

RONALD J. MCDERMID LIMITED (REGISTERED NUMBER: SC052798)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 33 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant & and Motor
Totals machinery fittings vehicles
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 219,655 18,095 10,153 191,407
DEPRECIATION
At 1 January 2023 101,468 11,189 6,763 83,516
Charge for year 37,642 1,751 711 35,180
At 31 December 2023 139,110 12,940 7,474 118,696
NET BOOK VALUE
At 31 December 2023 80,545 5,155 2,679 72,711
At 31 December 2022 118,187 6,906 3,390 107,891

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 119,571
DEPRECIATION
At 1 January 2023 23,951
Charge for year 29,892
At 31 December 2023 53,843
NET BOOK VALUE
At 31 December 2023 65,728
At 31 December 2022 95,620

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 326,839 370,686
Amounts owed by group undertakings 1,853 33,853
Other debtors 19,047 13,357
347,739 417,896

RONALD J. MCDERMID LIMITED (REGISTERED NUMBER: SC052798)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 17,979 17,979
Trade creditors 59,188 83,004
Taxation and social security 45,099 34,310
Other creditors 98,931 92,275
221,197 227,568

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 48,620 66,599
Other creditors 47,678 100,477
96,298 167,076

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 66,599 84,578

A bank overdraft facility is secured by a bond and floating charge dated 6 February 1976 over the assets of the company in favour of the Royal Bank of Scotland plc.

Obligations under hire purchase contracts are secured over the assets to which they relate.

10. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent of the company is Emros Ltd, a company registered in Scotland whose registered office is at 51 Back Sneddon Street, Paisley PA3 2DD.

S A Higgins and Mrs L Higgins indirectly control the company as a result of holding the whole of the issued
share capital of the parent company between them.