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Company No: SC061522 (Scotland)

W.A. MCGARRIE & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

W.A. MCGARRIE & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

W.A. MCGARRIE & SON LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
W.A. MCGARRIE & SON LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 197,059 212,990
Investments 4 50 50
197,109 213,040
Current assets
Stocks 5 133,315 203,094
Debtors 6 2,360,242 2,277,004
Cash at bank and in hand 7 114,168 147,668
2,607,725 2,627,766
Creditors: amounts falling due within one year 8 ( 300,136) ( 337,217)
Net current assets 2,307,589 2,290,549
Total assets less current liabilities 2,504,698 2,503,589
Creditors: amounts falling due after more than one year 9 ( 13,950) ( 24,111)
Provision for liabilities 10, 11 ( 46,290) ( 50,259)
Net assets 2,444,458 2,429,219
Capital and reserves
Called-up share capital 12 5,000 5,000
Profit and loss account 2,439,458 2,424,219
Total shareholder's funds 2,444,458 2,429,219

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of W.a. Mcgarrie & Son Limited (registered number: SC061522) were approved and authorised for issue by the Director on 20 September 2024. They were signed on its behalf by:

C A Herd
Director
W.A. MCGARRIE & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
W.A. MCGARRIE & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W.a. Mcgarrie & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Lower Harbour, Perth, PH2 8BB, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and trade discounts.

Revenue is recognised on the accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 33 30

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 452,575 452,575
Additions 38,638 38,638
Disposals ( 46,712) ( 46,712)
At 31 March 2024 444,501 444,501
Accumulated depreciation
At 01 April 2023 239,585 239,585
Charge for the financial year 51,841 51,841
Disposals ( 43,984) ( 43,984)
At 31 March 2024 247,442 247,442
Net book value
At 31 March 2024 197,059 197,059
At 31 March 2023 212,990 212,990

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 50 50
At 31 March 2024 50 50
Carrying value at 31 March 2024 50 50
Carrying value at 31 March 2023 50 50

5. Stocks

2024 2023
£ £
Stocks 17,500 19,688
Work in progress 115,815 183,406
133,315 203,094

6. Debtors

2024 2023
£ £
Trade debtors 515,300 443,978
Amounts owed by Parent undertakings 1,727,648 1,675,109
Other debtors 117,294 157,917
2,360,242 2,277,004

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 114,168 147,668

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,162 9,911
Trade creditors 98,228 205,722
Corporation tax 124,801 61,774
Other taxation and social security 28,873 22,300
Other creditors 38,072 37,510
300,136 337,217

Bank borrowings relate to the bounce back loan scheme and are fully covered by a government backed guarantee.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,950 24,111

Bank borrowings relate to the bounce back loan scheme and are fully covered by a government backed guarantee.

10. Provision for liabilities

2024 2023
£ £
Deferred tax 46,290 50,259

11. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 50,259) ( 30,903)
Credited/(charged) to the Statement of Income and Retained Earnings 3,969 ( 19,356)
At the end of financial year ( 46,290) ( 50,259)

12. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5,000 Ordinary shares of £ 1.00 each 5,000 5,000

13. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 1,480 979
between one and five years 4,440 489
5,920 1,468

14. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts due from parent company 1,727,648 1,675,109

The loan is unsecured, interest free and repayable on demand.

Borrowings of the parent company totalling £590,366 (2023 - £790,366) are secured by a bond and floating charge over the property of the company.