Company registration number SC017246 (Scotland)
MACEWEN FALCONER & COMPANY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MACEWEN FALCONER & COMPANY
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MACEWEN FALCONER & COMPANY
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
465,355
523,552
Investment properties
5
260,000
260,000
Investments
6
105,110
105,110
830,465
888,662
Current assets
Stocks
101,444
770,487
Debtors
7
4,594,249
2,131,198
Cash at bank and in hand
5,027,217
7,015,198
9,722,910
9,916,883
Creditors: amounts falling due within one year
8
(557,933)
(566,927)
Net current assets
9,164,977
9,349,956
Total assets less current liabilities
9,995,442
10,238,618
Provisions for liabilities
(56,359)
(69,996)
Net assets
9,939,083
10,168,622
Capital and reserves
Called up share capital
9
2,400
2,400
Capital redemption reserve
1,600
1,600
Profit and loss reserves
9,935,083
10,164,622
Total equity
9,939,083
10,168,622

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MACEWEN FALCONER & COMPANY
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
A E M Sloan
Director
Company Registration No. SC017246
MACEWEN FALCONER & COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

MacEwen Falconer & Company is a private company limited by shares incorporated in Scotland. The registered office is 3 Park Gardens, Glasgow, G3 7YE. The principal activity is that of canned food imports and distribution.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
10% - 33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided, Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

MACEWEN FALCONER & COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.

 

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.

1.8
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.

1.9
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 debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Retirement 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 payment obligations.

 

The contributions are recognised as an expense in the profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MACEWEN FALCONER & COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
405,000
673,396
1,078,396
Depreciation and impairment
At 1 January 2023
78,300
476,544
554,844
Depreciation charged in the year
8,100
50,097
58,197
At 31 December 2023
86,400
526,641
613,041
Carrying amount
At 31 December 2023
318,600
146,755
465,355
At 31 December 2022
326,700
196,852
523,552
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
260,000

The fair value of the investment property has been considered by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

MACEWEN FALCONER & COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
105,110
105,110
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
229,734
840,006
Other debtors
4,364,515
1,291,192
4,594,249
2,131,198
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
70,256
89,209
Taxation and social security
101,865
129,736
Other creditors
385,812
347,982
557,933
566,927
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
60
60
60
60
B Ordinary shares of £1 each
2,340
2,340
2,340
2,340
2,400
2,400
2,400
2,400

A and B Ordinary shares rank equally in all respects except that B Ordinary shares carry no entitlement to vote at general meetings of the Company other than when it relates to a proposal to sell the undertaking or a substantial proportion thereof.

10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan
2.25
-
3,301,402
3,199
3,304,601
-
3,301,402
3,199
3,304,601
MACEWEN FALCONER & COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Directors' transactions
(Continued)
- 7 -
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