Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Rhona Gomez 22/03/2024 08/07/2022 Miguel Andrew Vazquez Gomez 20/07/2007 13 November 2024 The principal activity of the Company during the financial year continued to be that of electrical and plumbing engineering and contracting. SC109767 2024-06-30 SC109767 bus:Director1 2024-06-30 SC109767 bus:Director2 2024-06-30 SC109767 2023-06-30 SC109767 core:CurrentFinancialInstruments 2024-06-30 SC109767 core:CurrentFinancialInstruments 2023-06-30 SC109767 core:ShareCapital 2024-06-30 SC109767 core:ShareCapital 2023-06-30 SC109767 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC109767 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC109767 core:LeaseholdImprovements 2023-06-30 SC109767 core:PlantMachinery 2023-06-30 SC109767 core:Vehicles 2023-06-30 SC109767 core:OfficeEquipment 2023-06-30 SC109767 core:LeaseholdImprovements 2024-06-30 SC109767 core:PlantMachinery 2024-06-30 SC109767 core:Vehicles 2024-06-30 SC109767 core:OfficeEquipment 2024-06-30 SC109767 bus:OrdinaryShareClass1 2024-06-30 SC109767 core:WithinOneYear 2024-06-30 SC109767 core:WithinOneYear 2023-06-30 SC109767 core:BetweenOneFiveYears 2024-06-30 SC109767 core:BetweenOneFiveYears 2023-06-30 SC109767 core:MoreThanFiveYears 2024-06-30 SC109767 core:MoreThanFiveYears 2023-06-30 SC109767 2023-07-01 2024-06-30 SC109767 bus:FilletedAccounts 2023-07-01 2024-06-30 SC109767 bus:SmallEntities 2023-07-01 2024-06-30 SC109767 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC109767 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC109767 bus:Director1 2023-07-01 2024-06-30 SC109767 bus:Director2 2023-07-01 2024-06-30 SC109767 core:PlantMachinery 2023-07-01 2024-06-30 SC109767 core:Vehicles 2023-07-01 2024-06-30 SC109767 core:OfficeEquipment 2023-07-01 2024-06-30 SC109767 2022-07-01 2023-06-30 SC109767 core:LeaseholdImprovements 2023-07-01 2024-06-30 SC109767 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC109767 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC109767 (Scotland)

MCDONALD & MUNRO LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

MCDONALD & MUNRO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

MCDONALD & MUNRO LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
MCDONALD & MUNRO LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 297,407 350,302
297,407 350,302
Current assets
Stocks 149,872 136,014
Debtors 4 361,916 423,342
Cash at bank and in hand 336,096 403,803
847,884 963,159
Creditors: amounts falling due within one year 5 ( 638,442) ( 1,037,874)
Net current assets/(liabilities) 209,442 (74,715)
Total assets less current liabilities 506,849 275,587
Provision for liabilities ( 67,568) ( 81,431)
Net assets 439,281 194,156
Capital and reserves
Called-up share capital 6 2,466 2,466
Profit and loss account 436,815 191,690
Total shareholders' funds 439,281 194,156

For the financial year ending 30 June 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 Mcdonald & Munro Limited (registered number: SC109767) were approved and authorised for issue by the Director on 13 November 2024. They were signed on its behalf by:

Miguel Andrew Vazquez Gomez
Director
MCDONALD & MUNRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
MCDONALD & MUNRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

Mcdonald & Munro 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 4 Moycroft Industrial Estate, Elgin, IV30 1XZ, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover represent amounts receivable for electrical engineering and contract work, net of VAT.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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, 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, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office 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.

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 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 37 35

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 July 2023 71,810 71,832 675,924 52,756 872,322
Additions 0 578 23,895 2,726 27,199
Disposals 0 ( 3,400) ( 223,262) ( 2,578) ( 229,240)
At 30 June 2024 71,810 69,010 476,557 52,904 670,281
Accumulated depreciation
At 01 July 2023 0 54,921 435,831 31,268 522,020
Charge for the financial year 0 2,599 60,023 3,472 66,094
Disposals 0 ( 3,252) ( 211,055) ( 933) ( 215,240)
At 30 June 2024 0 54,268 284,799 33,807 372,874
Net book value
At 30 June 2024 71,810 14,742 191,758 19,097 297,407
At 30 June 2023 71,810 16,911 240,093 21,488 350,302

4. Debtors

2024 2023
£ £
Trade debtors 304,401 384,882
Other debtors 57,515 38,460
361,916 423,342

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 114,133 203,181
Taxation and social security 195,642 63,369
Other creditors 328,667 771,324
638,442 1,037,874

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,466 Ordinary Share shares of £ 1.00 each 2,466 2,466

7. Financial commitments

Commitments

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

2024 2023
£ £
within one year 33,150 33,150
between one and five years 132,600 132,600
after five years 1,723,800 1,756,950
1,889,550 1,922,700

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due to Key Management Personnel 0 595,944

The above balance was interest free and had no fixed terms of repayment. No security was provided on the loan.

Advances

Advances of £21,240 were made to the Company's Directors in the year. Interest has been charged at 2.25%, with no amounts being repaid, written off or waived on this loan and there are no fixed terms of repayment.