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REGISTERED NUMBER: SC476361 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

CORMAC ENGINEERING LTD

CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORMAC ENGINEERING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: S Corbett
S W Corbett





REGISTERED OFFICE: 274-278 Whitehill Street
Glasgow
G31 3EL





REGISTERED NUMBER: SC476361 (Scotland)





ACCOUNTANTS: McDaid & Partners
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 463,316 409,991
Investment property 6 184,000 338,000
647,316 747,991

CURRENT ASSETS
Stocks 877,227 974,199
Debtors 7 4,758,820 2,398,884
Cash at bank 820,033 353,764
6,456,080 3,726,847
CREDITORS
Amounts falling due within one year 8 4,229,377 3,077,397
NET CURRENT ASSETS 2,226,703 649,450
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,874,019

1,397,441

CREDITORS
Amounts falling due after more than one
year

9

-

(83,333

)

PROVISIONS FOR LIABILITIES (81,327 ) (60,573 )
NET ASSETS 2,792,692 1,253,535

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 12 33,576 30,056
Retained earnings 2,759,016 1,223,379
SHAREHOLDERS' FUNDS 2,792,692 1,253,535

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

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

CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)

BALANCE SHEET - continued
30 JUNE 2024


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.

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and were signed on its behalf by:





S Corbett - Director


CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Cormac Engineering 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 as modified by the revaluation of certain assets.

Turnover
Turnover is stated net of VAT. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where the contract is only partially completed at the balance sheet date turnover represents the value of work provided to date based on a proportion of the contract value. Where payments are received in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

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 by reference to the value of work performed to date as a proportion of the total contract value.

Intellectual property
Intellectual property acquired in 2014 has been written off over 5 years straight line.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - 10% on reducing balance
Plant & machinery - 15% on reducing balance
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 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.

CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade debtors
Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Cash
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 32 (2023 - 34 ) .

CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)

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

4. INTANGIBLE FIXED ASSETS
Intellectual
Property
£   
COST
At 1 July 2023
and 30 June 2024 5,000
AMORTISATION
At 1 July 2023
and 30 June 2024 5,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Property Plant & Fixtures
improvements machinery & fittings
£    £    £   
COST
At 1 July 2023 146,783 472,145 7,173
Additions - 37,553 -
Disposals - (8,280 ) -
At 30 June 2024 146,783 501,418 7,173
DEPRECIATION
At 1 July 2023 66,555 250,300 5,378
Charge for year 8,023 37,401 270
Eliminated on disposal - (3,026 ) -
At 30 June 2024 74,578 284,675 5,648
NET BOOK VALUE
At 30 June 2024 72,205 216,743 1,525
At 30 June 2023 80,228 221,845 1,795

CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)

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

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 189,686 30,069 845,856
Additions 131,660 - 169,213
Disposals (66,868 ) - (75,148 )
At 30 June 2024 254,478 30,069 939,921
DEPRECIATION
At 1 July 2023 98,779 14,853 435,865
Charge for year 37,901 2,283 85,878
Eliminated on disposal (42,112 ) - (45,138 )
At 30 June 2024 94,568 17,136 476,605
NET BOOK VALUE
At 30 June 2024 159,910 12,933 463,316
At 30 June 2023 90,907 15,216 409,991

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 338,000
Disposals (160,000 )
Revaluations 6,000
At 30 June 2024 184,000
NET BOOK VALUE
At 30 June 2024 184,000
At 30 June 2023 338,000

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2021 15,576
Valuation in 2022 12,000
Valuation in 2024 6,000
Cost 150,424
184,000

The Investment Property was valued on the fair value basis on 30 June 2024 by the directors .

CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 3,836,555 1,630,551
Other debtors 922,265 768,333
4,758,820 2,398,884

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts - 40,000
Trade creditors 345,540 1,023,542
Taxation and social security 1,405,763 790,980
Other creditors 2,478,074 1,222,875
4,229,377 3,077,397

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 83,333

10. LEASING AGREEMENTS
At the year end the company had total commitments under operating leases of £122,500.

11. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Together Commercial Finance - 112,425

12. RESERVES
Fair
value
reserve
£   
At 1 July 2023 30,056
Fair value of Investment Property 3,520

At 30 June 2024 33,576

CORMAC ENGINEERING LTD (REGISTERED NUMBER: SC476361)

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

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
S Corbett
Balance outstanding at start of year 393,053 320,799
Amounts advanced 66,210 105,000
Amounts repaid (150,130 ) (32,746 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 309,133 393,053

Loans from the directors are interest free and repayable on demand.

14. RELATED PARTY DISCLOSURES

Included within other debtors is a balance of £907,311 (2023 £755,208) due from Envirocair Global Services Ltd, a connected company by virtue of director S Corbett having a controlling interest in the company.