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REGISTERED NUMBER: SC148670 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

MCGREGOR YOUNG LIMITED

MCGREGOR YOUNG LIMITED (REGISTERED NUMBER: SC148670)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

MCGREGOR YOUNG LIMITED

Company Information
for the Year Ended 31 January 2024







DIRECTORS: M G James
D Watt
S McGleish





REGISTERED OFFICE: Unit 7c
North Caldeen Road
Coatbridge
ML5 4EF





REGISTERED NUMBER: SC148670 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

MCGREGOR YOUNG LIMITED (REGISTERED NUMBER: SC148670)

Balance Sheet
31 January 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,748 302,617
Investments 7 30,920 30,920
32,668 333,537

CURRENT ASSETS
Stocks 480,421 532,078
Debtors 8 715,316 682,129
Cash in hand 388 138
1,196,125 1,214,345
CREDITORS
Amounts falling due within one year 9 974,702 970,520
NET CURRENT ASSETS 221,423 243,825
TOTAL ASSETS LESS CURRENT
LIABILITIES

254,091

577,362

CREDITORS
Amounts falling due after more than one year 10 - (53,060 )

PROVISIONS FOR LIABILITIES (437 ) (644 )
NET ASSETS 253,654 523,658

MCGREGOR YOUNG LIMITED (REGISTERED NUMBER: SC148670)

Balance Sheet - continued
31 January 2024

2024 2023
as restated
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11,808 39,354
Share premium 1 1
Capital redemption reserve 68,180 40,634
Retained earnings 173,665 443,669
SHAREHOLDERS' FUNDS 253,654 523,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





D Watt - Director


MCGREGOR YOUNG LIMITED (REGISTERED NUMBER: SC148670)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

McGregor Young Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about McGregor Young Limited 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.

Turnover
Turnover is derived from goods and services supplied by the company.

Turnover is measured at the fair value of goods and services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Intangible assets
Patents and trademarks are included at cost and amortised over their useful economic lives from the date of registration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - Over the period of lease
Plant and machinery - 33% on cost and 25% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

MCGREGOR YOUNG LIMITED (REGISTERED NUMBER: SC148670)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives.

Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis.

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.

MCGREGOR YOUNG LIMITED (REGISTERED NUMBER: SC148670)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Factor advances
Factor advances received against trade debtors are presented separately under current liabilities as the company bears any losses arising from the irrecoverability of these debts.

Fixed asset investments
Investments held as fixed assets are valued at cost. The directors do not expect a permanent diminution in value.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 47 ) .

5. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 February 2023
and 31 January 2024 11,195
AMORTISATION
At 1 February 2023
and 31 January 2024 11,195
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

6. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery Totals
£    £    £    £   
COST
At 1 February 2023 369,416 28,692 701,542 1,099,650
Disposals (369,416 ) - - (369,416 )
At 31 January 2024 - 28,692 701,542 730,234
DEPRECIATION
At 1 February 2023 70,189 28,692 698,152 797,033
Charge for year - - 1,642 1,642
Eliminated on disposal (70,189 ) - - (70,189 )
At 31 January 2024 - 28,692 699,794 728,486
NET BOOK VALUE
At 31 January 2024 - - 1,748 1,748
At 31 January 2023 299,227 - 3,390 302,617

MCGREGOR YOUNG LIMITED (REGISTERED NUMBER: SC148670)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2023
and 31 January 2024 30,920
NET BOOK VALUE
At 31 January 2024 30,920
At 31 January 2023 30,920

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 698,177 639,102
Other debtors 17,139 43,027
715,316 682,129

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank facilities 155,663 81,375
Hire purchase contracts 1,404 1,549
Trade creditors 345,573 539,098
Amounts owed to group undertakings 110,785 138,066
Taxation and social security 234,150 98,682
Other creditors 127,127 111,750
974,702 970,520

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Bank loans - 51,333
Hire purchase contracts - 1,727
- 53,060

MCGREGOR YOUNG LIMITED (REGISTERED NUMBER: SC148670)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank overdrafts 155,663 34,137
Bank loans - 98,571
Hire purchase contracts 1,404 3,276
157,067 135,984

The bank facilities (including an invoice discounting facility) are secured by a bond and floating charge over the whole of the company's assets together with a cross corporate guarantee between McGregor Young Ltd and its subsidiary.

The finance lease is secured over the asset concerned.

12. CONTINGENT LIABILITIES

The company has guaranteed the bank borrowings of its subsidiary under a group banking facility. The contingent liability at 31st January 2024 was £NIL (2023 - £14,984).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
McGregor Young Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of McGregor Young Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of McGregor Young Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of McGregor Young Limited and state those matters that we have agreed to state to the Board of Directors of McGregor Young Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that McGregor Young Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of McGregor Young Limited. You consider that McGregor Young Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of McGregor Young Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


8 October 2024