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Company Registration Number SC459844























MACROCOM (1030) LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2023


























img228b.png

 
MACROCOM (1030) LIMITED
 

COMPANY INFORMATION


Directors
J Macdonald (appointed 17 March 2023)
F Oman 
D Sloan 
P Oksholen 
H P Selstad 
D Hutchens (resigned 17 March 2023)




Company secretary
D Sloan



Registered number
SC459844



Registered office
Mill Road

Kilbirnie

Ayrshire

KA25 7DZ




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

1st Floor

24 Blythswood Square

Glasgow

G2 4BG




Bankers
Clydesdale Bank
30 St Vincent Place

Glasgow

G1 2HL




Solicitors
MacRoberts LLP
Capella

60 York Street

Glasgow

G2 8JX





 
MACROCOM (1030) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditors' Report
 
 
4 - 6
Consolidated Statement of Comprehensive Income
 
 
7
Consolidated Statement of Financial Position
 
 
8
Company Statement of Financial Position
 
 
9
Consolidated Statement of Changes in Equity
 
 
10
Company Statement of Changes in Equity
 
 
11
Consolidated Statement of Cash Flows
 
 
12
Consolidated Analysis of Net Debt
 
 
13
Notes to the Financial Statements
 
 
14 - 32


 
MACROCOM (1030) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report of the company and the group for the year ended 31 December 2023.

Business review
 
The Group’s principal activities are the service, manufacture and design of fish farm cage nets, and sports
and camouflage netting.
There have been no changes in the Group's activities in the year under review. The Group’s strategy is to
ensure the long term future of the business. It pursues that strategy through the objectives of profitable
operations and prudent management.
Turnover in 2023 increased by 47.1% (2022- 48.4% decrease) on the previous year, and the operating margin
for the group was 8.80% in 2023 (2022- 4.03%).
We are confident of a very good level of profitabilty in 2024. The group remains debt free.
There have been no events since the balance sheet date which materially affect the position of the Group.

Principal risks and uncertainties
 
The market for the group's products and services is competitive, and the group seeks to maintain and where possible improve market share by the provision of added value services to customers, improving response times and the handling of customer enquiries, and by maintaining strong relationships with key customers and suppliers. Where appropriate, the group seeks to minimise exposure to certain future risks of cost increases.
The group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, and by monitoring customers' payment patterns. The group monitors cash flow as part of its day to day control procedures. The Board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be drawn upon as necessary.

Financial key performance indicators
 
The financial key performance indicators are turnover and operating margin, as referred to in the business review above, and net margin, as evident from the consolidated statement of comprehensive income on page 8 of these financial statements. 


This report was approved by the board and signed on its behalf.



................................................
D Sloan
Director

Date: 26 April 2024

Page 1

 
MACROCOM (1030) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £619,636 (2022 - £81,810).

Dividends of £1,694,326 were distributed for the year ended 31 December 2023 (2022 - £525,751).

Directors

The directors who served during the year were:

J Macdonald (appointed 17 March 2023)
F Oman 
D Sloan 
P Oksholen 
H P Selstad 
D Hutchens (resigned 17 March 2023)

Future developments

The Directors aim to maintain the management policies which have resulted in the Group profitability and growth in recent years.  

Page 2

 
MACROCOM (1030) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
D Sloan
Director

Date: 26 April 2024

Page 3

 
MACROCOM (1030) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF MACROCOM (1030) LIMITED
 

Opinion


We have audited the financial statements of Macrocom (1030) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
MACROCOM (1030) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF MACROCOM (1030) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
MACROCOM (1030) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF MACROCOM (1030) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martin Johnston (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Glasgow

26 April 2024
Page 6

 
MACROCOM (1030) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,013,492
8,845,339

Cost of sales
  
(10,541,670)
(7,199,658)

Gross profit
  
2,471,822
1,645,681

Administrative expenses
  
(1,652,813)
(1,642,512)

Other operating income
 5 
115,006
94,964

Operating profit
 6 
934,015
98,133

Interest payable and similar expenses
 10 
9,510
3,013

Profit before taxation
  
943,525
101,146

Tax on profit
 11 
(323,889)
(19,336)

Profit for the financial year
  
619,636
81,810

Profit for the year attributable to:
  

Owners of the parent Company
  
619,636
81,810

  
619,636
81,810

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
619,636
81,810

  
619,636
81,810

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 32 form part of these financial statements.

Page 7

 
MACROCOM (1030) LIMITED
REGISTERED NUMBER: SC459844

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
-
193,641

Tangible assets
 13 
1,532,496
1,739,513

  
1,532,496
1,933,154

Current assets
  

Stocks
 15 
979,962
575,664

Debtors: amounts falling due within one year
 16 
1,437,679
1,113,448

Cash at bank and in hand
 17 
1,152,095
5,283,966

  
3,569,736
6,973,078

Creditors: amounts falling due within one year
 18 
(1,942,739)
(4,667,693)

Net current assets
  
 
 
1,626,997
 
 
2,305,385

Total assets less current liabilities
  
3,159,493
4,238,539

Provisions for liabilities
  

Deferred taxation
 20 
(176,747)
(181,103)

  
 
 
(176,747)
 
 
(181,103)

Net assets
  
2,982,746
4,057,436


Capital and reserves
  

Called up share capital 
 21 
2,049
2,049

Share premium account
 22 
7,126
7,126

Profit and loss account
 22 
2,973,571
4,048,261

Equity attributable to owners of the parent Company
  
2,982,746
4,057,436

  
2,982,746
4,057,436


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
F Oman
................................................
D Sloan
Director
Director


Date: 26 April 2024
Date:26 April 2024

The notes on pages 14 to 32 form part of these financial statements.

Page 8

 
MACROCOM (1030) LIMITED
REGISTERED NUMBER: SC459844

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
4,954,685
4,954,685

  
4,954,685
4,954,685

Current assets
  

Cash at bank and in hand
 17 
901
901

  
901
901

Creditors: amounts falling due within one year
 18 
(901)
(901)

Net current assets
  
 
 
-
 
 
-

Total assets less current liabilities
  
4,954,685
4,954,685

  

  

Net assets
  
4,954,685
4,954,685


Capital and reserves
  

Called up share capital 
 21 
2,049
2,049

Share premium account
 22 
7,126
7,126

Profit and loss account brought forward
  
4,945,510
4,945,510

Profit for the year
  
1,694,326
525,751

Other changes in the profit and loss account

  

(1,694,326)
(525,751)

Profit and loss account carried forward
  
4,945,510
4,945,510

  
4,954,685
4,954,685


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
F Oman
................................................
D Sloan
Director
Director


Date: 26 April 2024
Date:26 April 2024

The notes on pages 14 to 32 form part of these financial statements.

Page 9

 
MACROCOM (1030) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2,049
7,126
4,492,202
4,501,377


Comprehensive income for the year

Profit for the year
-
-
81,810
81,810
Total comprehensive income for the year
-
-
81,810
81,810


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(525,751)
(525,751)


Total transactions with owners
-
-
(525,751)
(525,751)



At 1 January 2023
2,049
7,126
4,048,261
4,057,436


Comprehensive income for the year

Profit for the year
-
-
619,636
619,636
Total comprehensive income for the year
-
-
619,636
619,636


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,694,326)
(1,694,326)


Total transactions with owners
-
-
(1,694,326)
(1,694,326)


At 31 December 2023
2,049
7,126
2,973,571
2,982,746


The notes on pages 14 to 32 form part of these financial statements.

Page 10

 
MACROCOM (1030) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2,049
7,126
4,945,510
4,954,685


Comprehensive income for the year

Profit for the year
-
-
525,751
525,751
Total comprehensive income for the year
-
-
525,751
525,751


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(525,751)
(525,751)


Total transactions with owners
-
-
(525,751)
(525,751)



At 1 January 2023
2,049
7,126
4,945,510
4,954,685


Comprehensive income for the year

Profit for the year
-
-
1,694,326
1,694,326
Total comprehensive income for the year
-
-
1,694,326
1,694,326


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,694,326)
(1,694,326)


Total transactions with owners
-
-
(1,694,326)
(1,694,326)


At 31 December 2023
2,049
7,126
4,945,510
4,954,685


The notes on pages 14 to 32 form part of these financial statements.

Page 11

 
MACROCOM (1030) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
619,636
81,810

Adjustments for:

Amortisation of intangible assets
193,641
258,188

Depreciation of tangible assets
285,962
222,178

Interest paid
(9,510)
3,013

Taxation charge
323,889
-

(Increase)/decrease in stocks
(404,299)
184,019

(Increase)/decrease in debtors
(321,038)
761,840

Decrease in amounts owed by groups
-
3,000

(Decrease)/increase in creditors
(3,048,753)
3,159,242

(Decrease)/increase in amounts owed to groups
(6,488)
1,931

Net cash generated from operating activities

(2,366,960)
4,675,221


Cash flows from investing activities

Purchase of tangible fixed assets
(107,239)
(459,822)

Sale of tangible fixed assets
27,144
-

Net cash from investing activities

(80,095)
(459,822)

Cash flows from financing activities

Dividends paid
(1,694,326)
(525,751)

Interest paid
9,510
(3,013)

Net cash used in financing activities
(1,684,816)
(528,764)

Net (decrease)/increase in cash and cash equivalents
(4,131,871)
3,686,635

Cash and cash equivalents at beginning of year
5,283,966
1,597,331

Cash and cash equivalents at the end of year
1,152,095
5,283,966


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,152,095
5,283,966

1,152,095
5,283,966


The notes on pages 14 to 32 form part of these financial statements.

Page 12

 
MACROCOM (1030) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

5,283,966

(4,131,871)

1,152,095


5,283,966
(4,131,871)
1,152,095

The notes on pages 14 to 32 form part of these financial statements.

Page 13

 
MACROCOM (1030) LIMITED
 

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

1.


General information

Macrocom (1030) Limited is a private company limited by shares, registered in Scotland. The Company’s
registered office address is 1 Mill Road, Kilbirnie, Ayrshire, Scotland, KA25 7DZ. The Company’s
registered number is SC459844.
The principal activity of the company for the year under review was that of a holding company.
The principal activity of the group for the year under review was that of the sale, service, manufacture and design of fish farm cage nets and sports and camouflage netting.
The financial statements have been prepared in pounds sterling, rounded to the nearest pound, as this is
the currency of the primary economic environment in which the Group and Company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.

Page 14

 
MACROCOM (1030) LIMITED
 

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

2.Accounting policies (continued)

  
2.3

Going Concern

In preparing these financial statements, the directors of the company have given careful consideration to current and anticipated future solvency requirements of the company and its ability to continue as a going concern for the foreseeable future. The directors have prepared the financial statements on a going concern basis. The directors have prepared group cash flow forecasts for a period beyond 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downturns, the company will have sufficient funds, through its operating cash flows and cash reserves to meet its liabilities as they fall due for that period. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Sale of goods under bill and hold arrangements
Revenue from the sale of goods sold under bill and hold arrangements are recognised when the following conditions are satisfied;
• It is probable that delivery will be made;
• The item is on hand, identified and ready for delivery to the buyer at the time the sale is recognised;
• The buyer specifically acknowledges the deferred delivery instructions; &
• The usual payment terms apply.

 
2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Page 15

 
MACROCOM (1030) LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 16

 
MACROCOM (1030) LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
10%
on cost

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost
Plant and machinery
-
20%
on cost
Fixtures and fittings
-
20%
on cost
Assets under construction
-
n/a

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation is charged on assets under construction.

Page 17

 
MACROCOM (1030) LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 18

 
MACROCOM (1030) LIMITED
 

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

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Page 19

 
MACROCOM (1030) LIMITED
 

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Classification of property, plant and equipment
Within property, plant and equipment exists property with mixed use. Management have used judgement in determining that the property is classified as property, plant and equipment on the basis of the following:
The portions of the building could not be sold separately and the portion held for use in the production or supply of goods or services and administration purposes is not an insignificant proportion. 
 

Page 20

 
MACROCOM (1030) LIMITED
 

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover
13,013,492
8,845,339

13,013,492
8,845,339


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
12,893,500
7,411,952

Rest of the world
119,992
1,433,387

13,013,492
8,845,339





5.


Other operating income

2023
2022
£
£

Net rents receivable
86,200
94,964

Profit on disposal of tangible assets
28,806
-

115,006
94,964



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
63,352
47,441

Page 21

 
MACROCOM (1030) LIMITED
 

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

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
2,500
2,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,850,342
1,704,065
-
-

Social security costs
137,627
169,159
-
-

Cost of defined contribution scheme
40,246
64,909
-
-

2,028,215
1,938,133
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
59
65

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

9.


Directors' remuneration

The aggregate amount of remuneration paid to directors by the Company during the year amounted to £NIL (2022 - £NIL). 
The aggregate amount of remuneration paid to Group directors during the year amounted to £295,154 (2022 - £276,858). 
The aggregate amount of contributions paid to the directors pension scheme by the Company during the year amounted to £NIL (2022 - £NIL).
The aggregate amount of contributions paid to Group directors pension scheme during the year amounted to £6,638 (2022 - £5,198). 
The highest paid director received remuneration of £103,239 (2022-£94,169).





Page 22

 
MACROCOM (1030) LIMITED
 

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

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
(9,510)
(3,013)

(9,510)
(3,013)


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
326,184
1,371

Adjustments in respect of previous periods
2,061
-


328,245
1,371


Total current tax
328,245
1,371

Deferred tax


Origination and reversal of timing differences
(4,356)
17,965

Total deferred tax
(4,356)
17,965


Tax on profit
323,889
19,336
Page 23

 
MACROCOM (1030) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
943,525
101,146


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
221,910
19,218

Effects of:


Non-tax deductible amortisation of goodwill and impairment
45,551
49,056

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
919
1,471

Fixed asset differences
2,342
(11,235)

Adjustments to tax charge in respect of prior periods
2,061
-

Remeasurement of deferred tax for changes in tax rates
(3,488)
(39,174)

Movement in deferred tax not recognised
54,594
-

Total tax charge for the year
323,889
19,336

Page 24

 
MACROCOM (1030) LIMITED
 

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

12.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2023
2,581,880



At 31 December 2023

2,581,880



Amortisation


At 1 January 2023
2,388,239


Charge for the year on owned assets
193,641



At 31 December 2023

2,581,880



Net book value



At 31 December 2023
-



At 31 December 2022
193,641



Page 25

 
MACROCOM (1030) LIMITED
 

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

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
997,442
2,063,488
214,233
3,275,163


Additions
-
107,239
-
107,239


Disposals
-
(160,398)
-
(160,398)



At 31 December 2023

997,442
2,010,329
214,233
3,222,004



Depreciation


At 1 January 2023
207,965
1,135,670
192,015
1,535,650


Charge for the year on owned assets
11,480
267,794
7,838
287,112


Disposals
-
(133,254)
-
(133,254)



At 31 December 2023

219,445
1,270,210
199,853
1,689,508



Net book value



At 31 December 2023
777,997
740,119
14,380
1,532,496



At 31 December 2022
789,477
927,818
22,218
1,739,513

At 31 December 2023, there was £423,440 (2022 - £423,440) worth of freehold land included within freehold property which was not depreciated.


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4,954,685



At 31 December 2023
4,954,685




Page 26

 
MACROCOM (1030) LIMITED
 

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

W & J Knox Limited
Mill Road, Kilbirnie, Ayrshire, KA25 7DZ
Ordinary
100%
East & West Mills Limited
Mill Road, Kilbirnie, Ayrshire, KA25 7DZ
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

W & J Knox Limited
2,984,442
814,973

East & West Mills Limited
2
-


15.


Stocks

Group
Group
2023
2022
£
£

Work in progress (goods to be sold)
55,194
75,811

Finished goods and goods for resale
924,768
499,853

979,962
575,664




Page 27

 
MACROCOM (1030) LIMITED
 

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

16.


Debtors

Group
Group
2023
2022
£
£


Trade debtors
1,338,101
876,961

Other debtors
30,602
178,239

Prepayments and accrued income
68,976
58,248

1,437,679
1,113,448



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,152,095
5,283,966
901
901

1,152,095
5,283,966
901
901



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
409,350
260,335
-
-

Amounts owed to group undertakings
-
6,487
901
901

Corporation tax
325,523
710
-
-

Other taxation and social security
144,077
659,494
-
-

Other creditors
50,831
57,715
-
-

Accruals and deferred income
1,012,958
3,682,952
-
-

1,942,739
4,667,693
901
901


Page 28

 
MACROCOM (1030) LIMITED
 

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

19.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,152,095
5,283,966
901
901

Financial assets that are debt instruments measured at amortised cost
1,368,703
1,055,201
-
-

2,520,798
6,339,167
901
901


Financial liabilities

Financial liabilities measured at amortised cost
(1,363,027)
(1,916,348)
-
-


Financial assets measured at fair value through profit or loss comprise of bank and cash


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and sundry debtors, and accrued income.


Financial liabilities measured at amortised cost comprise comprise of loans, trade creditors, other creditors and accruals.


20.


Deferred taxation


Group



2023


£






At beginning of year
(181,103)


Charged to profit or loss
4,356



At end of year
(176,747)

Page 29

 
MACROCOM (1030) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
20.Deferred taxation (continued)

Company


2023






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(177,717)
(181,103)

Short term timing differences
970
-

(176,747)
(181,103)

Page 30

 
MACROCOM (1030) LIMITED
 

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

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,049 (2022 - 2,049) Ordinary shares of £1.00 each
2,049
2,049



22.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued, less transactions costs.

Profit and loss account

The profit and loss account comprises of accumulated profits and losses of the company.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £44,673 (2022 - £106,565). 
Contributions totalling £3,882 (2022 - £10,847) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
55,682
68,524

Later than 1 year and not later than 5 years
110,386
104,723

166,068
173,247

25.


Commitments due as a lessor

Group
Group
2023
2022
£
£


Not later than 1 year
64,025
84,950

64,025
84,950

Page 31

 
MACROCOM (1030) LIMITED
 

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

26.


Related party transactions

The group made purchases of £78,513 (2022: £14,000) from the ultimate controlling party.
As at 31 December 2023 the group owed the ultimate controlling party £Nil (2022: £6,487).


27.


Ultimate controlling party

The ultimate parent company is Selstad Holdings AS which is incorporated in Norway. At the balance
sheet date the ultimate controlling party was Hans-Petter Selstad. The largest group in which the company are consolidated are that headed by Selstad Holdings AS. Copies of the financial statements can be obtained from Øyna 39, 6700 Måløy.

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