IRIS Accounts Production v24.2.0.383 SC225765 Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 true false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2257652022-12-31SC2257652023-12-31SC2257652023-01-012023-12-31SC2257652021-12-31SC2257652022-01-012022-12-31SC2257652022-12-31SC225765ns14:PoundSterling2023-01-012023-12-31SC225765ns10:Director12023-01-012023-12-31SC225765ns10:Director22023-01-012023-12-31SC225765ns10:Director32023-01-012023-12-31SC225765ns10:Director42023-01-012023-12-31SC225765ns10:Director52023-01-012023-12-31SC225765ns10:Director62023-01-012023-12-31SC225765ns10:Director72023-01-012023-12-31SC225765ns10:Director82023-01-012023-12-31SC225765ns10:Director92023-01-012023-12-31SC225765ns10:Director102023-01-012023-12-31SC225765ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC225765ns10:SmallEntities2023-01-012023-12-31SC225765ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC225765ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC225765ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC225765ns10:FullAccounts2023-01-012023-12-31SC22576512023-01-012023-12-31SC225765ns5:CurrentFinancialInstruments2023-12-31SC225765ns5:CurrentFinancialInstruments2022-12-31SC225765ns5:Non-currentFinancialInstruments2023-12-31SC225765ns5:Non-currentFinancialInstruments2022-12-31SC225765ns5:ShareCapital2023-12-31SC225765ns5:ShareCapital2022-12-31SC225765ns5:RetainedEarningsAccumulatedLosses2023-12-31SC225765ns5:RetainedEarningsAccumulatedLosses2022-12-31SC225765ns5:NetGoodwill2023-01-012023-12-31SC225765ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC225765ns5:LandBuildings2023-01-012023-12-31SC225765ns5:PlantMachinery2023-01-012023-12-31SC225765ns5:NetGoodwill2022-12-31SC225765ns5:NetGoodwill2023-12-31SC225765ns5:NetGoodwill2022-12-31SC225765ns5:LandBuildings2022-12-31SC225765ns5:PlantMachinery2022-12-31SC225765ns5:LandBuildings2023-12-31SC225765ns5:PlantMachinery2023-12-31SC225765ns5:LandBuildings2022-12-31SC225765ns5:PlantMachinery2022-12-31SC225765ns5:CostValuation2022-12-31SC225765ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC225765ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC225765ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC225765ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC225765ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-31SC225765ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-31SC225765ns5:HirePurchaseContracts2023-12-31SC225765ns5:HirePurchaseContracts2022-12-31SC225765ns5:WithinOneYear2023-12-31SC225765ns5:WithinOneYear2022-12-31SC225765ns5:BetweenOneFiveYears2023-12-31SC225765ns5:BetweenOneFiveYears2022-12-31SC225765ns5:AllPeriods2023-12-31SC225765ns5:AllPeriods2022-12-31SC225765ns5:Secured2023-12-31SC225765ns5:Secured2022-12-31
REGISTERED NUMBER: SC225765















MARTIN AITKEN & CO LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 808,110 911,303
Tangible assets 5 1,222,086 1,265,212
Investments 6 633,615 633,615
2,663,811 2,810,130

CURRENT ASSETS
Stocks 638,925 328,754
Debtors 7 1,147,109 1,329,861
Cash at bank and in hand 195,213 365,773
1,981,247 2,024,388
CREDITORS
Amounts falling due within one year 8 (1,301,272 ) (1,717,222 )
NET CURRENT ASSETS 679,975 307,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,343,786

3,117,296

CREDITORS
Amounts falling due after more than one year 9 (1,116,074 ) (954,183 )

PROVISIONS FOR LIABILITIES (20,144 ) (20,325 )
NET ASSETS 2,207,568 2,142,788

CAPITAL AND RESERVES
Called up share capital 1,208 1,208
Retained earnings 2,206,360 2,141,580
SHAREHOLDERS' FUNDS 2,207,568 2,142,788

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.

MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

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 25 September 2024 and were signed on its behalf by:




E F C Dyer - Director J F Clifford - Director




M L Tenby - Director E M Dyer - Director




P Halliday - Director J R McInroy - Director




M McRae - Director D P MacCaig - Director




G J Curr - Director R G Andrews - Director


MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Martin Aitken & Co Ltd is a private company, limited by shares, registered 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 this standard. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Martin Aitken & Co Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 net invoiced sales of services, excluding value added tax and is recognised with reference to the stage of completion of the services provided to clients.

Revenue recognised that has not been billed to clients is included in debtors and amounts billed in excess of revenue recognised is included in creditors.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various businesses, is being amortised evenly over the estimated useful life between ten and twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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 - 2% on cost
Plant and machinery etc - 33.3% on cost, 25% on cost and 25% on reducing balance

Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less any subsequent depreciation and impairment losses. Land included within heritable property has not been depreciated. Revaluations are performed by professionally qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit or loss, in which case the increase is credited to the profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the revaluation reserve in equity. Decreases exceeding the balance in the revaluation reserve relating to an asset are recognised in the profit and loss. At each reporting date the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from the revaluation reserve to retained earnings.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill, plant 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.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less impairment.

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 loans to/from related parties.

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. Debt instruments like loans and other accounts receivable and payable are wholly measured at present value of future payments and subsequently at amortised cost using the effective interest method.

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.


MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

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.

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.

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 contracts 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.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 65 (2022 - 53 ) .

MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,531,933
AMORTISATION
At 1 January 2023 620,630
Charge for year 103,193
At 31 December 2023 723,823
NET BOOK VALUE
At 31 December 2023 808,110
At 31 December 2022 911,303

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 1,200,000 220,884 1,420,884
Additions - 1,205 1,205
At 31 December 2023 1,200,000 222,089 1,422,089
DEPRECIATION
At 1 January 2023 47,818 107,854 155,672
Charge for year 15,939 28,392 44,331
At 31 December 2023 63,757 136,246 200,003
NET BOOK VALUE
At 31 December 2023 1,136,243 85,843 1,222,086
At 31 December 2022 1,152,182 113,030 1,265,212

Included in the cost of Land and buildings is land of £500,000 (2022 - £500,000) which is not depreciated.

A formal valuation of Land and buildings was carried out in November 2019 by JLL, Chartered Surveyors. The directors are off the opinion that the valuation at the year end would be broadly in line with the professional valuation after taking into account similar properties in its location and takes into account the current state of the property market in the area where the property is situated.
With reference to these valuations, the company directors, who are not professionally qualified valuers, revalued the property as at 31 December, 2019 at £1,200,000.

MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 633,615
NET BOOK VALUE
At 31 December 2023 633,615
At 31 December 2022 633,615

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 973,665 947,173
Amounts owed by associates - 259,942
Other debtors 173,444 122,746
1,147,109 1,329,861

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 59,873 33,324
Hire purchase contracts (see note 10) 16,074 16,074
Trade creditors 175,577 172,196
Amounts owed to group undertakings 83,917 685,981
Amounts owed to associates 112,631 -
Taxation and social security 538,022 443,901
Other creditors 315,178 365,746
1,301,272 1,717,222

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 538,350 363,819
Hire purchase contracts (see note 10) 90,907 106,980
Other creditors 486,817 483,384
1,116,074 954,183

MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 years
by instalments 274,400 194,315
274,400 194,315

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 16,074 16,074
Between one and five years 90,907 106,980
106,981 123,054

Non-cancellable operating leases
2023 2022
£    £   
Within one year 28,877 37,196
Between one and five years 8,376 43,496
37,253 80,692

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 598,223 397,143
Hire purchase contracts 106,981 123,054
705,204 520,197

The bank loans are secured by a bond and floating charge over company assets. The hire purchase liability is secured over the related assets.

MARTIN AITKEN & CO LTD (REGISTERED NUMBER: SC225765)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

12. RELATED PARTY DISCLOSURES

Included in creditors at the balance sheet date is £650,685 (2022 - £709,737) due to the directors.
Of the balance outstanding £486,817 (2022 - £483,384) is due outwith one year. The loans are interest free, unsecured and no repayment terms are in place.