Silverfin false false 31/03/2024 01/04/2023 31/03/2024 C A Herd 18/07/2019 03 September 2024 The principal activity of the Company during the financial year was that of a holding company. The trading subsidiary, W.A. McGarrie & Son Limited, is engaged in sheet metalwork. SC636492 2024-03-31 SC636492 bus:Director1 2024-03-31 SC636492 2023-03-31 SC636492 core:CurrentFinancialInstruments 2024-03-31 SC636492 core:CurrentFinancialInstruments 2023-03-31 SC636492 core:Non-currentFinancialInstruments 2024-03-31 SC636492 core:Non-currentFinancialInstruments 2023-03-31 SC636492 core:ShareCapital 2024-03-31 SC636492 core:ShareCapital 2023-03-31 SC636492 core:SharePremium 2024-03-31 SC636492 core:SharePremium 2023-03-31 SC636492 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC636492 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC636492 core:CostValuation 2023-03-31 SC636492 core:CostValuation 2024-03-31 SC636492 bus:OrdinaryShareClass1 2024-03-31 SC636492 core:ParentEntities 2024-03-31 SC636492 core:ParentEntities 2023-03-31 SC636492 2023-04-01 2024-03-31 SC636492 bus:FilletedAccounts 2023-04-01 2024-03-31 SC636492 bus:SmallEntities 2023-04-01 2024-03-31 SC636492 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC636492 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC636492 bus:Director1 2023-04-01 2024-03-31 SC636492 2022-04-01 2023-03-31 SC636492 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC636492 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC636492 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC636492 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC636492 (Scotland)

W. A. MCGARRIE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

W. A. MCGARRIE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

W. A. MCGARRIE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
W. A. MCGARRIE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 3,139,710 3,139,710
3,139,710 3,139,710
Current assets
Cash at bank and in hand 4 220,096 20,098
220,096 20,098
Creditors: amounts falling due within one year 5 ( 2,320,254) ( 1,925,222)
Net current liabilities (2,100,158) (1,905,124)
Total assets less current liabilities 1,039,552 1,234,586
Creditors: amounts falling due after more than one year 6 0 ( 542,293)
Net assets 1,039,552 692,293
Capital and reserves
Called-up share capital 7 111,112 111,112
Share premium account 128,888 128,888
Profit and loss account 799,552 452,293
Total shareholders' funds 1,039,552 692,293

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of W. A. McGarrie Limited (registered number: SC636492) were approved and authorised for issue by the Director on 03 September 2024. They were signed on its behalf by:

C A Herd
Director
W. A. MCGARRIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
W. A. MCGARRIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W. A. McGarrie Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Lower, Harbour, Perth, PH2 8BB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis as the director considers it appropriate to do so. In coming to this conclusion, the trading subsidiary has agreed to support the company for at least twelve months following the date of approval of these accounts. In addition, the trading subsidiary will not seek repayment of its loan until all other creditors have been met.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction cost.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 3,139,710
At 31 March 2024 3,139,710
Carrying value at 31 March 2024 3,139,710
Carrying value at 31 March 2023 3,139,710

4. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 220,096 20,098

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings (note 8) 1,727,648 1,675,109
Other creditors 592,606 250,113
2,320,254 1,925,222

Included in other creditors due within one year is a loan from the minority shareholders totalling £590,366 (2023 - £248,073) which is secured by a bond and floating charge over the property of the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 0 542,293

Included in other creditors due after one year is a loan from the minority shareholders totalling £Nil (2023 - £542,293) which is secured by a bond and floating charge over the property of the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
111,112 Ordinary shares of £ 1.00 each 111,112 111,112

8. Related party transactions

Transactions with group companies

Amounts owed to Group undertakings

2024 2023
£ £
Loan from subsidiary 1,727,648 1,675,109

The loan is unsecured, interest free and repayable on demand.