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REGISTERED NUMBER: SC058460















MACLAY (CIVIL ENGINEERING) LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 FEBRUARY 2024






MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024




Page

Strategic Report 1

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

STRATEGIC REPORT
FOR THE YEAR ENDED 27 FEBRUARY 2024

The directors present their strategic report for the year ended 27 February 2024.

REVIEW OF BUSINESS
Our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. They are turnover, gross margin, operating profit and net assets.

Turnover increased from £9.96 million last year to £13.05 million in the current period. Gross margin has increased from 1.8% last year to 9.5% this period. The company has generated an operating profit this year of £452k in comparison to an operating loss last year of £567k. Net assets have increased from £2.92 million as at 27 February 2023 to £3.27 million as at 27 February 2024.

The significant improvement in results is due mainly to the following matters. The prior year accounts cover the period of the first year of the war in Ukraine. Prior to the start of the conflict, several large contracts had been priced based on material costs at that time. However, due to the conflict, material costs (for all aggregate products and in particular, bituminous materials) increased by approximately 30%. As we were contractually obliged to deliver the works at our tendered price, there was no scope for passing these increased costs on to our customers and consequently, these contracts were loss-making. The price of petrol and fuel also increased significantly last year and as a result of the cost of living crisis, this resulted in the need to implement wage increases of approximately 20% across all areas of the business in order to retain the workforce. These factors were considered in the current year when pricing contracts.

There are still many challenges in the current economic climate but we are working with our customers to ensure any price fluctuations are factored into future tenders and cost benefits are obtained where possible.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks and uncertainties facing the company are as follows:

- The impact of Brexit and how this will affect local authority budgets and the construction industry in general. The impact of Brexit continues to be monitored closely and any change required to the business model will be implemented expeditiously. The company strategy will be to continue concentrating on local authority clients, with further focus on increasing competitiveness and margins, promoting greater business efficiencies and a drive to reduce overheads.

- The impact of conflicts and inflation on material and wage costs. The company's strategy is to control margins and staff costs through careful planning and budgeting and continuing ongoing review to ensure efficiency. We will also monitor the cost of materials to ensure that any increases are built into our tender documents.

We continue to reinvest to strengthen the company and have sufficient resources in place to cope with any normal fluctuations in activity.


MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

STRATEGIC REPORT
FOR THE YEAR ENDED 27 FEBRUARY 2024

FUTURE DEVELOPMENTS
The company continues to focus on its core activities in the construction industry. The company recognises that the current economic situation is making it a very challenging and competitive time in the sector but the company has a solid client base and a strong and committed workforce. Margins and staff costs are controlled by careful planning and budgeting and continuing ongoing review to ensure efficiency. Our overheads are held to a minimum to maximise the value offering to our customers and to maintain our strong customer base. The directors will continue to monitor costs and performance, seeking further efficiency gains wherever possible.

FINANCIAL INSTRUMENTS
- The company has adopted the disclosure and presentational requirements of FRS 102. When a financial asset or liability is disclosed initially, it is measured at its fair value plus or minus transaction costs. The company regularly monitors its exposure to risks including pricing, credit, liquidity and cash flow.
- The company is satisfied with the level of cash flow being maintained after taking into consideration the timing aspect of payments to trade creditors and business expenses.
- The company's deposits are all in place with major UK financial institutions which are regulated by the Financial Conduct Authority.
- All business is conducted in £ Sterling.

ON BEHALF OF THE BOARD:





C M McLaughlan - Director


27 February 2025

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 27 FEBRUARY 2024

The directors present their report with the financial statements of the company for the year ended 27 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of road maintenance and civil engineering.

DIVIDENDS
No dividends will be distributed for the year ended 27 February 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 28 February 2023 to the date of this report.

C McLaughlan
A C McLaughlan
F S McIntyre
C M McLaughlan

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of financial instruments and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable laws and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the company and of the profit and loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 27 FEBRUARY 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





C M McLaughlan - Director


27 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACLAY (CIVIL ENGINEERING) LIMITED

Opinion
We have audited the financial statements of Maclay (Civil Engineering) Limited (the 'company') for the year ended 27 February 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 27 February 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACLAY (CIVIL ENGINEERING) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management and from our knowledge of the civil engineering sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, FRS102 and taxation legislation. We also considered those laws and regulations having an indirect but nonetheless significant impact, including GDPR, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MACLAY (CIVIL ENGINEERING) LIMITED

Auditors' responsibilities for the audit of the financial statements - continued
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions and reviewed transactions processed outwith normal business hours.

To address the risks associated with income recognition we:
- reviewed post period end valuations and sales invoices in conjunction with detailed contract activity reports for
evidence of completeness of income; and
- reviewed invoices around the period end to obtain cut-off assurance.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Colette Callaghan FCCA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd
Statutory Auditor
Chartered Accountants
Caledonia House
89 Seaward Street
Glasgow
G41 1HJ

27 February 2025

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 27 FEBRUARY 2024

PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
Notes £    £   

TURNOVER 2 13,049,786 9,955,905

Cost of sales (11,806,185 ) (9,775,643 )
GROSS PROFIT 1,243,601 180,262

Administrative expenses (791,613 ) (747,207 )
OPERATING PROFIT/(LOSS) 4 451,988 (566,945 )

Interest receivable and similar income 106 592
452,094 (566,353 )

Interest payable and similar expenses 5 (13,356 ) (7,970 )
PROFIT/(LOSS) BEFORE TAXATION 438,738 (574,323 )

Tax on profit/(loss) 6 (239,684 ) 144,373
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

199,054

(429,950

)

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 27 FEBRUARY 2024

PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 199,054 (429,950 )


OTHER COMPREHENSIVE INCOME
Revaluation of heritable property 150,000 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


150,000


-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

349,054

(429,950

)

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

BALANCE SHEET
27 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 2,147,351 1,712,175

CURRENT ASSETS
Stocks 8 33,610 68,445
Debtors 9 4,444,280 3,529,812
Cash at bank 78,953 139,461
4,556,843 3,737,718
CREDITORS
Amounts falling due within one year 10 2,828,939 2,309,359
NET CURRENT ASSETS 1,727,904 1,428,359
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,875,255

3,140,534

CREDITORS
Amounts falling due after more than one
year

11

(240,032

)

(94,049

)

PROVISIONS FOR LIABILITIES 14 (364,385 ) (124,701 )
NET ASSETS 3,270,838 2,921,784

CAPITAL AND RESERVES
Called up share capital 15 10,000 10,000
Revaluation reserve 16 401,572 334,519
Retained earnings 16 2,859,266 2,577,265
SHAREHOLDERS' FUNDS 3,270,838 2,921,784

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

BALANCE SHEET - continued
27 FEBRUARY 2024


The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





C M McLaughlan - Director


MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 27 FEBRUARY 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 10,000 3,007,215 334,519 3,351,734

Changes in equity
Total comprehensive income - (429,950 ) - (429,950 )
Balance at 27 February 2023 10,000 2,577,265 334,519 2,921,784

Changes in equity
Total comprehensive income - 282,001 67,053 349,054
Balance at 27 February 2024 10,000 2,859,266 401,572 3,270,838

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 27 FEBRUARY 2024

PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 353,198 (363,957 )
Interest paid 2,052 (1,825 )
Interest element of hire purchase payments
paid

(15,408

)

(6,145

)
Tax paid 101,295 (22,269 )
Net cash from operating activities 441,137 (394,196 )

Cash flows from investing activities
Purchase of tangible fixed assets (290,211 ) (304,345 )
Sale of tangible fixed assets 61,000 89,300
Interest received 106 592
Net cash from investing activities (229,105 ) (214,453 )

Cash flows from financing activities
Capital repayments in period (231,637 ) (114,993 )
Amounts introduced by directors 250,000 250,000
Amount withdrawn by directors (290,903 ) (18,832 )
Net cash from financing activities (272,540 ) 116,175

Decrease in cash and cash equivalents (60,508 ) (492,474 )
Cash and cash equivalents at beginning of
year

2

139,461

631,935

Cash and cash equivalents at end of year 2 78,953 139,461

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 27 FEBRUARY 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
£    £   
Profit/(loss) before taxation 438,738 (574,323 )
Depreciation charges 500,156 407,872
Profit on disposal of fixed assets (53,077 ) (39,757 )
Finance costs 13,356 7,970
Finance income (106 ) (592 )
899,067 (198,830 )
Decrease/(increase) in stocks 34,835 (34,835 )
Increase in trade and other debtors (1,015,763 ) (515,294 )
Increase in trade and other creditors 435,059 385,002
Cash generated from operations 353,198 (363,957 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 27 February 2024
27/2/24 28/2/23
£    £   
Cash and cash equivalents 78,953 139,461
Period ended 27 February 2023
27/2/23 1/3/22
£    £   
Cash and cash equivalents 139,461 631,935


MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 27 FEBRUARY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 28/2/23 Cash flow changes At 27/2/24
£    £    £    £   
Net cash
Cash at bank 139,461 (60,508 ) 78,953
139,461 (60,508 ) 78,953
Debt
Finance leases (226,424 ) 231,637 (503,044 ) (497,831 )
(226,424 ) 231,637 (503,044 ) (497,831 )
Total (86,963 ) 171,129 (503,044 ) (418,878 )

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
Maclay (Civil Engineering) Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is Stirling Road, Airdrie, Lanarkshire, ML6 7JA.

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in Sterling (£).

Going concern
The financial statements have been prepared on a going concern basis. After reviewing the company's financial position and forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. Should the company encounter short-term cash flow demands, the directors confirm that sums are advanced by directors' loans.

Critical accounting judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. In preparing these financial statements, the directors have made the following judgements:-

- Determination of the stage of completion of contracts at the balance sheet date and the expected outcome of each of these contracts to assess either the appropriate level of profit to be recognised or if a contract is assessed as being loss-making, the amount of the loss to be provided for. In making its judgement, management consider the agreed contract valuations of work done and forecasts assessing the anticipated contract outcome.

- Determination of whether leases entered into by the company as a lessee are operating leases or hire purchase agreements. These decisions depend on the assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors consider the key sources of estimation uncertainty to be as follows:-

- Tangible fixed assets (note 7) are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as usage and maintenance programmes are taken into account. The directors assessed that no changes were required to the estimated useful lives of the tangible fixed assets and therefore, determined that the stated depreciation policies applied in prior years remain appropriate.


MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024
Key sources of estimation uncertainty (continued)
- At the balance sheet date, the directors consider whether there are any indicators that the balances relating to amounts recoverable on contracts of £1.75 million (2023: £1.64 million) and retentions receivable of £618k (2023: £597k) (note 9) will not be recoverable, to ensure an adequate provision is made for any potentially irrecoverable amounts. Based on their knowledge of the customers concerned, the directors consider that no provision is required against these balances.

Turnover
Turnover comprises the value of goods and services supplied by the company, net of value added tax. Turnover on contracts is recognised according to the stage reached in the contract by reference to the value of work done. Where turnover on a contract exceeds the amounts invoiced, the difference is included in debtors as amounts recoverable on contracts.

Contract activity
Profit on contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the period-end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the period in which they are first foreseen.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Heritable property - 2% on cost or valuation
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses with the exception of heritable property.

The heritable property has been included at fair value less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations will be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

If an asset's carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity. However, the increase shall be recognised in profit and loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit and loss.

The decrease of an asset's carrying amount as a result of a revaluation shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. If the revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Tangible fixed assets are only capitalised if their value is above £1,000.

Impairment of tangible fixed assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

1. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation for the period takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 on behalf of the employees. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. The assets of the scheme are held separately from those of the company in administered funds.

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

1. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from financial institutions and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of future payments and subsequently, amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured initially, and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the profit and loss account.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Provisions
Provisions are recognised where the company has a legal or constructive obligation at the reporting date resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.

2. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

All turnover arose within the United Kingdom.

3. EMPLOYEES AND DIRECTORS
PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
£    £   
Wages and salaries 3,521,290 2,932,150
Social security costs 404,510 326,955
Other pension costs 78,123 41,314
4,003,923 3,300,419

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23

Operatives 89 74
Administration and management 11 10
100 84

The key management personnel of the company comprises of the directors.

PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
£    £   
Directors' remuneration 330,894 355,103
Directors' pension contributions to money purchase schemes 5,284 5,284

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
£    £   
Emoluments etc 90,000 90,000
Pension contributions to money purchase schemes 1,321 1,321

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
£    £   
Plant hire costs 560,836 462,871
Depreciation - owned assets 264,002 299,060
Depreciation - assets on hire purchase contracts 236,154 108,812
Profit on disposal of fixed assets (53,077 ) (39,757 )
Auditors' remuneration 15,650 14,450

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
£    £   
Interest on corporation tax (2,052 ) 1,825
Hire purchase 15,408 6,145
13,356 7,970

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
£    £   
Current tax:
UK corporation tax - (101,295 )
(Over)/under provision of corporation tax in prior
year

-

(205

)
Total current tax - (101,500 )

Deferred tax 239,684 (42,873 )
Tax on profit/(loss) 239,684 (144,373 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

PERIOD
1/3/22
YEAR ENDED TO
27/2/24 27/2/23
£    £   
Profit/(loss) before tax 438,738 (574,323 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

109,685

(109,121

)

Effects of:
Expenses not deductible for tax purposes 5,190 935
Capital allowances in excess of depreciation (98,975 ) (56,289 )
Utilisation of tax losses (15,900 ) 63,180
Adjustments to tax charge in respect of previous periods - (205 )
Deferred tax movement 239,684 (42,873 )
Total tax charge/(credit) 239,684 (144,373 )

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of heritable property 150,000 - 150,000

As at 27 February 2024, there were tax losses available for carry forward amounting to £229,499 (2023: £291,864).

7. TANGIBLE FIXED ASSETS
Heritable Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 28 February 2023 500,000 2,911,445 609,062 26,726 4,047,233
Additions - 793,255 - - 793,255
Disposals - (59,500 ) - - (59,500 )
Revaluations 150,000 - - - 150,000
At 27 February 2024 650,000 3,645,200 609,062 26,726 4,930,988
DEPRECIATION
At 28 February 2023 - 1,970,454 339,954 24,650 2,335,058
Charge for year - 431,576 67,275 1,305 500,156
Eliminated on disposal - (51,577 ) - - (51,577 )
At 27 February 2024 - 2,350,453 407,229 25,955 2,783,637
NET BOOK VALUE
At 27 February 2024 650,000 1,294,747 201,833 771 2,147,351
At 27 February 2023 500,000 940,991 269,108 2,076 1,712,175

Cost or valuation at 27 February 2024 is represented by:

Heritable Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2013 326,378 - - - 326,378
Valuation in 2018 50,000 - - - 50,000
Valuation in 2024 150,000 - - - 150,000
Cost 123,622 3,645,200 609,062 26,726 4,404,610
650,000 3,645,200 609,062 26,726 4,930,988

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

7. TANGIBLE FIXED ASSETS - continued

If heritable property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 123,622 123,622

Heritable property was valued on an open market basis on 15 January 2025 by DM Hall Chartered Surveyors. The directors consider that the valuation as at 15 January 2025 reflects the fair value of the property at the balance sheet date.

Included in fixed assets above are assets held under hire purchase agreements or finance leases with a net book value of £708,463 (2023: £326,437). The depreciation charge for the year in respect of these assets amounted to £236,154 (2023: £108,812).

8. STOCKS
2024 2023
£    £   
Raw materials 33,610 68,445

9. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,037,469 1,157,431
Amounts recoverable on contracts 1,752,264 1,643,294
Other debtors 287,247 384,253
Corporation tax recoverable - 101,295
Prepayments and accrued income 30,209 30,576
4,107,189 3,316,849

Amounts falling due after more than one year:
Other debtors 337,091 212,963

Aggregate amounts 4,444,280 3,529,812

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 12) 257,799 132,375
Trade creditors 1,861,844 1,336,773
Corporation tax - 101,295
Social security and other taxes 70,536 152,704
VAT 362,683 266,439
Other creditors 50,529 51,082
Director's current account 151,561 192,464
Accruals and deferred income 73,987 76,227
2,828,939 2,309,359

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 12) 240,032 94,049

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 277,201 139,454
Between one and five years 261,561 99,577
538,762 239,031

Finance charges repayable:
Within one year 19,402 7,079
Between one and five years 21,529 5,528
40,931 12,607

Net obligations repayable:
Within one year 257,799 132,375
Between one and five years 240,032 94,049
497,831 226,424

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

12. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 4,159 4,159
Between one and five years - 4,159
4,159 8,318

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 497,831 226,424

Hire purchase obligations are secured over the assets to which the agreements relate.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 364,385 124,701

Deferred
tax
£   
Balance at 28 February 2023 124,701
Accelerated capital allowances 89,120
Tax losses utilised 25,758
Chargeable gain on revaluation 124,806
of property
Balance at 27 February 2024 364,385

The provision for deferred taxation consists of the tax effect of fixed asset timing differences and deferred tax arising on the revaluation of heritable property offset by the availability of tax losses carried forward.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

Ordinary shares have equal rights with regards to voting, participation and dividends.

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

16. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 28 February 2023 2,577,265 334,519 2,911,784
Profit for the year 199,054 199,054
Revaluation in year - 150,000 150,000
Deferred tax on revaluation 82,947 (82,947 ) -
At 27 February 2024 2,859,266 401,572 3,260,838

The revaluation reserve is a non-distributable reserve and relates to the unrealised gain arising on the revaluation of the company's heritable property (note 7).

17. PENSION COMMITMENTS

The company operates a defined contribution scheme, the assets of which are held separately from those of the company in an independently administered fund. Contributions made by the company to the scheme amount to £78,123 (2023: £41,314). At the balance sheet date, £8,887 (2023: £1,940) was due to be paid to the scheme.

18. CAPITAL COMMITMENTS

As at 27 February 2024, the company had no capital commitments (2023: £nil).

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 27 February 2024 and the period ended 27 February 2023:

2024 2023
£    £   
C McLaughlan
Balance outstanding at start of year (192,464 ) 38,704
Amounts advanced 290,903 18,832
Amounts repaid (250,000 ) (250,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (151,561 ) (192,464 )

In the prior year, interest of £574 was charged on the overdrawn loan account until it was repaid. In the current year, no interest has been charged by the director on the loan provided to the company. The loan is repayable on demand.

In the event of the director being owed a balance by the company, the amount due is secured by a bond and floating charge over the company's property and undertakings.

MACLAY (CIVIL ENGINEERING) LIMITED (REGISTERED NUMBER: SC058460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 FEBRUARY 2024

20. RELATED PARTY DISCLOSURES

The company is controlled by C McLaughlan, director.

During the period, the company paid expenses on behalf of Bothwell Transport Ltd of £553 (2023: £450)), a company in which C McLaughlan and A C McLaughlan are directors. During the period, Bothwell Transport Ltd paid £nil (2023: £370,000) to the company. Included in creditors is a balance of £50,529 (2023: £51,082) due to Bothwell Transport Ltd. The loan is interest free, unsecured and is repayable on demand.

Amounts owed to directors are disclosed in note 19.