REGISTERED NUMBER: |
MILLAR CALLAGHAN ENGINEERING |
SERVICES LTD. |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 31st March 2023 |
Additions |
At 30th March 2024 |
DEPRECIATION |
At 31st March 2023 |
Charge for year |
At 30th March 2024 |
NET BOOK VALUE |
At 30th March 2024 |
At 30th March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31st March 2023 |
Disposals | ( |
) |
At 30th March 2024 |
NET BOOK VALUE |
At 30th March 2024 |
At 30th March 2023 |
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 |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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. |