2023-04-012024-03-312024-03-31falseSC271631DONALD C. MCROBERT & SON 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DONALD C. MCROBERT & SON LIMITED

Registered Number
SC271631
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

DONALD C. MCROBERT & SON LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

MCROBERT, Craig
MCROBERT, Walter

Company Secretary

MCROBERT, Shirley Anne

Registered Address

51 Rae Street
Dumfries
DG1 1JD

Registered Number

SC271631 (Scotland)
DONALD C. MCROBERT & SON LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets384,45072,019
84,45072,019
Current assets
Stocks437,60535,420
Debtors542,71539,524
Cash at bank and on hand78,62176,870
158,941151,814
Creditors amounts falling due within one year6(119,069)(134,895)
Net current assets (liabilities)39,87216,919
Total assets less current liabilities124,32288,938
Creditors amounts falling due after one year7(29,675)(35,006)
Provisions for liabilities9(13,200)(3,100)
Net assets81,44750,832
Capital and reserves
Called up share capital1212
Profit and loss account81,43550,820
Shareholders' funds81,44750,832
The financial statements were approved and authorised for issue by the Board of Directors on 9 September 2024, and are signed on its behalf by:
MCROBERT, Craig
Director
Registered Company No. SC271631
DONALD C. MCROBERT & SON LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-25
Plant and machinery25-
Fixtures and fittings25-
Vehicles25-
Office Equipment25-
Finance leases and hire purchase contracts
Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, 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 the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year66
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 April 2334,54019,31681,48321,1837,230163,752
Additions-9,30721,3751,214-31,896
Disposals--(4,697)--(4,697)
At 31 March 2434,54028,62398,16122,3977,230190,951
Depreciation and impairment
At 01 April 2311,38814,38241,00219,1905,77191,733
Charge for year1,3821,66814,93670136519,052
On disposals--(4,284)--(4,284)
At 31 March 2412,77016,05051,65419,8916,136106,501
Net book value
At 31 March 2421,77012,57346,5072,5061,09484,450
At 31 March 2323,1524,93440,4811,9931,45972,019
4.Stocks

2024

2023

££
Raw materials and consumables12,22513,750
Work in progress25,38021,670
Total37,60535,420
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables42,71539,524
Total42,71539,524
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables36,64617,882
Bank borrowings and overdrafts5,7435,677
Taxation and social security18,23825,880
Other creditors55,45582,511
Accrued liabilities and deferred income2,9872,945
Total119,069134,895
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts29,67535,006
Total29,67535,006
8.Creditors: amounts due after 5 years
Bank borrowings and overdrafts incudes a bank loan with instalments repayable after more than five years amounting to £6,700 (2023 - £12,299).
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)13,2003,100
Total13,2003,100