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REGISTERED NUMBER: SC153924















MCKINNON & FORBES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






MCKINNON & FORBES LIMITED (REGISTERED NUMBER: SC153924)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MCKINNON & FORBES LIMITED (REGISTERED NUMBER: SC153924)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 598,227 591,036

CURRENT ASSETS
Stocks 105,643 122,305
Debtors 5 513,244 474,956
Cash at bank and in hand 5,191 16,570
624,078 613,831
CREDITORS
Amounts falling due within one year 6 550,441 564,161
NET CURRENT ASSETS 73,637 49,670
TOTAL ASSETS LESS CURRENT
LIABILITIES

671,864

640,706

CREDITORS
Amounts falling due after more than one year 7 (32,537 ) (163,360 )

PROVISIONS FOR LIABILITIES (58,828 ) (51,146 )
NET ASSETS 580,499 426,200

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Profit and loss account 565,499 411,200
SHAREHOLDERS' FUNDS 580,499 426,200

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 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.

MCKINNON & FORBES LIMITED (REGISTERED NUMBER: SC153924)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





R McKinnon Jnr - Director


MCKINNON & FORBES LIMITED (REGISTERED NUMBER: SC153924)

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

1. STATUTORY INFORMATION

McKinnon & Forbes Limited is a private company limited by shares, incorporated in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover
Turnover represents the invoice value of goods and services rendered in the year, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

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.
Land and buildings - 4% straight line
Plant and machinery etc - 33% on cost, 25% on reducing balance, 20% on reducing balance, 10% on cost and written off over the term of the lease

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

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


MCKINNON & FORBES LIMITED (REGISTERED NUMBER: SC153924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable 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.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

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 agreements 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.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Rentals receivable under operating leases are credited to the profit and loss account as they accrue.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

MCKINNON & FORBES LIMITED (REGISTERED NUMBER: SC153924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 28 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 584,461 452,674 1,037,135
Additions - 102,137 102,137
Disposals - (25,400 ) (25,400 )
At 31 December 2023 584,461 529,411 1,113,872
DEPRECIATION
At 1 January 2023 198,009 248,090 446,099
Charge for year 23,536 56,155 79,691
Eliminated on disposal - (10,145 ) (10,145 )
At 31 December 2023 221,545 294,100 515,645
NET BOOK VALUE
At 31 December 2023 362,916 235,311 598,227
At 31 December 2022 386,452 204,584 591,036

At the balance sheet date the net book value of assets held under hire purchase and finance lease agreements amounted to £124,977 (2022 £93,761).

MCKINNON & FORBES LIMITED (REGISTERED NUMBER: SC153924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 351,300 394,175
Other debtors 161,944 80,781
513,244 474,956

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 11,542
Hire purchase contracts (see note 8) 50,855 40,497
Trade creditors 153,459 184,908
Taxation and social security 241,565 203,813
Other creditors 104,562 123,401
550,441 564,161

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 130,710
Hire purchase contracts (see note 8) 32,537 32,650
32,537 163,360

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 79,512

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 50,855 40,497
Between one and five years 32,537 32,650
83,392 73,147

At the balance sheet date the company had commitments amounting to £25,254 (2022: £8,773) under non-cancellable operating leases.

MCKINNON & FORBES LIMITED (REGISTERED NUMBER: SC153924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 142,252
Hire purchase contracts 83,392 73,147
83,392 215,399

The bank borrowings were secured by a bond and floating charge over all of the company's assets and a standard security over the property concerned.

Hire purchase obligations are secured over the assets to which the contracts relate.

10. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the directors £4,454 (2022 £29,353). The amounts due are interest free, unsecured and have no fixed terms of repayment.