Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Angus Johnson 01/05/1999 Catherine Johnson 01/05/1977 Catriona Johnson 01/05/1999 Donald Johnson 01/05/1977 Eilidh Johnson 01/05/1999 Raghnall Maciain 01/05/1999 28 October 2024 The principal activity of the Company during the financial year continued to be that of quarrying and civil engineering. SC061711 2023-10-31 SC061711 bus:Director1 2023-10-31 SC061711 bus:Director2 2023-10-31 SC061711 bus:Director3 2023-10-31 SC061711 bus:Director4 2023-10-31 SC061711 bus:Director5 2023-10-31 SC061711 bus:Director6 2023-10-31 SC061711 2022-10-31 SC061711 core:CurrentFinancialInstruments 2023-10-31 SC061711 core:CurrentFinancialInstruments 2022-10-31 SC061711 core:Non-currentFinancialInstruments 2023-10-31 SC061711 core:Non-currentFinancialInstruments 2022-10-31 SC061711 core:ShareCapital 2023-10-31 SC061711 core:ShareCapital 2022-10-31 SC061711 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC061711 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC061711 core:PlantMachinery 2022-10-31 SC061711 core:Vehicles 2022-10-31 SC061711 core:FurnitureFittings 2022-10-31 SC061711 core:OtherPropertyPlantEquipment 2022-10-31 SC061711 core:PlantMachinery 2023-10-31 SC061711 core:Vehicles 2023-10-31 SC061711 core:FurnitureFittings 2023-10-31 SC061711 core:OtherPropertyPlantEquipment 2023-10-31 SC061711 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-10-31 SC061711 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-10-31 SC061711 bus:OrdinaryShareClass1 2023-10-31 SC061711 bus:PreferenceShareClass1 bus:CumulativeNon-redeemableShares 2023-10-31 SC061711 2022-11-01 2023-10-31 SC061711 bus:FilletedAccounts 2022-11-01 2023-10-31 SC061711 bus:SmallEntities 2022-11-01 2023-10-31 SC061711 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC061711 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC061711 bus:Director1 2022-11-01 2023-10-31 SC061711 bus:Director2 2022-11-01 2023-10-31 SC061711 bus:Director3 2022-11-01 2023-10-31 SC061711 bus:Director4 2022-11-01 2023-10-31 SC061711 bus:Director5 2022-11-01 2023-10-31 SC061711 bus:Director6 2022-11-01 2023-10-31 SC061711 core:PlantMachinery 2022-11-01 2023-10-31 SC061711 core:Vehicles 2022-11-01 2023-10-31 SC061711 core:FurnitureFittings 2022-11-01 2023-10-31 SC061711 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 SC061711 2021-11-01 2022-10-31 SC061711 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 SC061711 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 SC061711 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 SC061711 bus:PreferenceShareClass1 bus:CumulativeNon-redeemableShares 2022-11-01 2023-10-31 SC061711 bus:PreferenceShareClass1 bus:CumulativeNon-redeemableShares 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC061711 (Scotland)

MACIAIN LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH THE REGISTRAR

MACIAIN LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

MACIAIN LTD.

BALANCE SHEET

AS AT 31 OCTOBER 2023
MACIAIN LTD.

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 29,388 34,930
29,388 34,930
Current assets
Stocks 500 500
Debtors 85,626 85,626
Cash at bank and in hand 764 3,081
86,890 89,207
Creditors: amounts falling due within one year 4 ( 2,140,398) ( 2,112,792)
Net current liabilities (2,053,508) (2,023,585)
Total assets less current liabilities (2,024,120) (1,988,655)
Creditors: amounts falling due after more than one year 5 ( 16,314) ( 33,011)
Net liabilities ( 2,040,434) ( 2,021,666)
Capital and reserves
Called-up share capital 6 57,450 57,450
Profit and loss account ( 2,097,884 ) ( 2,079,116 )
Total shareholders' deficit ( 2,040,434) ( 2,021,666)

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Maciain Ltd. (registered number: SC061711) were approved and authorised for issue by the Board of Directors on 28 October 2024. They were signed on its behalf by:

Raghnall Maciain
Director
MACIAIN LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
MACIAIN LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
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

Maciain Ltd. (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 Cnoc-An-Locha, Middle Quarter, Sollas, HS6 5BU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £2,040,434. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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, other than investment property and freehold land, 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 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Other property, plant and equipment 15 % 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.

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 Profit and Loss Account as described below.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 November 2022 129,086 200,000 1,430 1,293 331,809
At 31 October 2023 129,086 200,000 1,430 1,293 331,809
Accumulated depreciation
At 01 November 2022 94,966 199,951 937 1,025 296,879
Charge for the financial year 5,416 12 74 40 5,542
At 31 October 2023 100,382 199,963 1,011 1,065 302,421
Net book value
At 31 October 2023 28,704 37 419 228 29,388
At 31 October 2022 34,120 49 493 268 34,930

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 1,575
Amounts owed to related parties 570,930 561,309
Amounts owed to directors 1,519,020 1,500,375
Accruals 7,928 3,414
Other taxation and social security ( 691) 3,260
Obligations under finance leases and hire purchase contracts 16,697 15,550
Other creditors 26,514 27,309
2,140,398 2,112,792

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 16,314 33,011

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
42,450 Ordinary shares of £ 1.00 each 42,450 42,450
15,000 10.00% Preference cumulative non-redeemable shares of £ 1.00 each 15,000 15,000
57,450 57,450

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to key management personnel 1,519,020 1,550,375

Other related party transactions

2023 2022
£ £
Amounts due to MacIain Partnership 570,930 561,309