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REGISTERED NUMBER: SC200725 (Scotland)















MILLAR CALLAGHAN ENGINEERING
SERVICES LTD.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024






MILLAR CALLAGHAN ENGINEERING
SERVICES LTD. (REGISTERED NUMBER: SC200725)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILLAR CALLAGHAN ENGINEERING
SERVICES LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH MARCH 2024







DIRECTORS: R Callaghan
D Millar
M Archibald





SECRETARY: R Callaghan





REGISTERED OFFICE: 10 Arkwright Way
North Newmoor Industrial Estate
Irvine
Ayrshire
KA11 4JU





REGISTERED NUMBER: SC200725 (Scotland)





ACCOUNTANTS: JRD Partnership Ltd
Chartered Accountants
11 Portland Road
Kilmarnock
Ayrshire
KA1 2BT

MILLAR CALLAGHAN ENGINEERING
SERVICES LTD. (REGISTERED NUMBER: SC200725)

BALANCE SHEET
30TH MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 157,865 166,789
Investment property 5 - 365,000
157,865 531,789

CURRENT ASSETS
Stocks 610,096 97,250
Debtors 6 913,256 1,206,251
Cash at bank and in hand 254,418 671,676
1,777,770 1,975,177
CREDITORS
Amounts falling due within one year 7 802,027 1,369,396
NET CURRENT ASSETS 975,743 605,781
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,133,608

1,137,570

PROVISIONS FOR LIABILITIES 350,237 -
NET ASSETS 783,371 1,137,570

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Revaluation reserve - 87,884
Retained earnings 773,371 1,039,686
SHAREHOLDERS' FUNDS 783,371 1,137,570

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th March 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.

MILLAR CALLAGHAN ENGINEERING
SERVICES LTD. (REGISTERED NUMBER: SC200725)

BALANCE SHEET - continued
30TH MARCH 2024



The financial statements were approved by the Board of Directors and authorised for issue on 20th December 2024 and were signed on its behalf by:




D Millar - Director



R Callaghan - Director


MILLAR CALLAGHAN ENGINEERING
SERVICES LTD. (REGISTERED NUMBER: SC200725)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH MARCH 2024


1. STATUTORY INFORMATION

Millar Callaghan Engineering Services Ltd. 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents amounts recognised as income on contracts. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

MILLAR CALLAGHAN ENGINEERING
SERVICES LTD. (REGISTERED NUMBER: SC200725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH MARCH 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 42 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 31st March 2023 740,058
Additions 23,250
At 30th March 2024 763,308
DEPRECIATION
At 31st March 2023 573,269
Charge for year 32,174
At 30th March 2024 605,443
NET BOOK VALUE
At 30th March 2024 157,865
At 30th March 2023 166,789

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 31st March 2023 365,000
Disposals (365,000 )
At 30th March 2024 -
NET BOOK VALUE
At 30th March 2024 -
At 30th March 2023 365,000

MILLAR CALLAGHAN ENGINEERING
SERVICES LTD. (REGISTERED NUMBER: SC200725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 451,890 885,402
Amounts owed by group undertakings 261,163 161,152
Other debtors 200,203 159,697
913,256 1,206,251

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 393,514 808,361
Amounts owed to group undertakings 150,145 -
Taxation and social security 112,574 377,759
Other creditors 145,794 183,276
802,027 1,369,396

8. RELATED PARTY DISCLOSURES

The company was charged rent of £60,000 during the year in respect of properties owned by MC Property Management Services Limited, a company in which Roy Callaghan and David Millar are directors and shareholders. At the balance sheet date this company was owed £194,000.

At the balance sheet date, the company owed £150,145 to MC Holdings (Scotland) Ltd, the intermediate holding company.

At the balance sheet date, the company was owed £261,163 by MASR Fabrications Ltd, the ultimate holding company.

During the year, a Share Incentive Plan was established for the benefit of all employees of the company (The MASR Fabrications Ltd Share Incentive Plan). This entity acquired 15% of the shares in the group parent company at a cost of £1,720,284. HMRC advance clearance was obtained in respect of this transaction. The share purchase was funded by the company with full provision being made in these financial statements. At the balance sheet date £350,237 was unpaid.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Roy Callaghan and David Millar, directors.