Company registration number SC054745 (Scotland)
MACSCOTT BOND LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MACSCOTT BOND LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MACSCOTT BOND LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
442,395
448,383
Investments
4
866
11,866
443,261
460,249
Current assets
Stocks
5
1,336,463
1,141,645
Debtors
6
575,348
762,301
Cash at bank and in hand
615,161
306,328
2,526,972
2,210,274
Creditors: amounts falling due within one year
7
(500,088)
(552,549)
Net current assets
2,026,884
1,657,725
Total assets less current liabilities
2,470,145
2,117,974
Deferred taxation
(95,144)
(77,407)
Net assets
2,375,001
2,040,567
Capital and reserves
Called up share capital
8
151,000
151,000
Profit and loss reserves
2,224,001
1,889,567
Total equity
2,375,001
2,040,567
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
R G S Prenter
Director
Company Registration No. SC054745
MACSCOTT BOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
MacScott Bond Limited is a private company limited by shares incorporated in Scotland. The registered office is Hunter Avenue, Loanhead, Midlothian, EH20 9SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The ultimate parent company is MacTaggart Scott (Holdings) Limited, a company registered in Scotland.
MacTaggart Scott (Holdings) Limited prepares group financial statements and copies can be obtained from Hunter Avenue, Loanhead, Midlothian, EH20 9SP.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Nil or 25% straight line
Leasehold improvements
Over term of lease
Plant and machinery, including items for hire
10% straight line
Fixtures, fittings & equipment
20% or 25% straight line
Motor vehicles
25% straight line
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.
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.5
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
MACSCOTT BOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stock and work in progress
Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock and work in progress to their present location and condition.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate or receivable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MACSCOTT BOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company does not operate its own staff pension scheme but eligible employees were permitted to join the defined benefit pension scheme operated by MacTaggart Scott & Company Limited, a fellow subsidiary. This ceased to be available to new employees from June 2000 when the scheme was made fully paid up. Because the assets and liabilities relating to the employees of MacScott Bond Limited cannot be separately identified, MacScott Bond Limited accounts for the scheme as if it was a defined contribution scheme, in accordance with FRS 102 paragraph 28.11.
From 1 July 2000, new eligible employees are permitted to join MacTaggart Scott & Company Limited's defined contribution scheme. Contributions payable are charged to the profit and loss account in the year they become payable.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
MACSCOTT BOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
10
3
Tangible fixed assets
Freehold buildings
Leasehold improvements
Plant and machinery, including items for hire
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
52,726
32,223
2,618,464
48,050
16,996
2,768,459
Additions
55,900
590
56,561
113,051
Disposals
(65,616)
(631)
(66,247)
At 30 April 2024
52,726
32,223
2,608,748
48,009
73,557
2,815,263
Depreciation and impairment
At 1 May 2023
47,604
9,931
2,203,968
41,577
16,996
2,320,076
Depreciation charged in the year
2,195
3,580
103,031
1,963
2,355
113,124
Eliminated in respect of disposals
(60,148)
(184)
(60,332)
At 30 April 2024
49,799
13,511
2,246,851
43,356
19,351
2,372,868
Carrying amount
At 30 April 2024
2,927
18,712
361,897
4,653
54,206
442,395
At 30 April 2023
5,122
22,292
414,496
6,473
448,383
MACSCOTT BOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Investments
866
11,866
Movements in fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 May 2023
61,000
Disposals
(11,000)
At 30 April 2024
50,000
Impairment
At 1 May 2023 & 30 April 2024
49,134
At 30 April 2024
49,134
Carrying amount
At 30 April 2024
866
At 30 April 2023
11,866
5
Stock and work in progress
2024
2023
£
£
Work in progress
1,264
2,489
Finished goods and goods for resale
1,335,199
1,139,156
1,336,463
1,141,645
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
507,962
695,651
Amounts owed by group undertakings
2
2
Other debtors
67,384
66,648
575,348
762,301
MACSCOTT BOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
225,275
316,592
Amounts owed to group undertakings
132,931
74,862
Taxation and social security
20,921
57,415
Other creditors
120,961
103,680
500,088
552,549
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150,000
150,000
150,000
150,000
Ordinary 'A' shares of £1 each
1,000
1,000
1,000
1,000
151,000
151,000
151,000
151,000
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £294,000 (2023: £350,000).
10
Related party transactions
The directors are of the opinion that related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Iain Binnie
Statutory Auditor:
MHA
Date of audit report:
27 November 2024