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REGISTERED NUMBER: SC246803 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Martin and White Limited

Martin and White Limited (Registered number: SC246803)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Martin and White Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mr R B Martin
Mr G Martin





SECRETARY: Mr G Martin





REGISTERED OFFICE: Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB





REGISTERED NUMBER: SC246803 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Martin and White Limited (Registered number: SC246803)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 159,803 66,570

CURRENT ASSETS
Debtors 5 762,588 448,713
Cash at bank and in hand 182,494 960,476
945,082 1,409,189
CREDITORS
Amounts falling due within one year 6 940,245 1,154,696
NET CURRENT ASSETS 4,837 254,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

164,640

321,063

CREDITORS
Amounts falling due after more than one
year

7

(112,159

)

(31,956

)

PROVISIONS FOR LIABILITIES (37,239 ) (13,758 )
NET ASSETS 15,242 275,349

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 14,242 274,349
SHAREHOLDERS' FUNDS 15,242 275,349

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Martin and White Limited (Registered number: SC246803)

Balance Sheet - continued
31 August 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





Mr G Martin - Director


Martin and White Limited (Registered number: SC246803)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Martin and White Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The Director's assess the company's requirements over the next year or so to ensure that the company has sufficient working capital requirements to meet obligations as they fall due. This includes a detailed review of existing work and resultant income receipts. Having carried out this review and taking account of existing cash resources, the Directors' are of the opinion that the accounts can be prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company Martin Holdings (Ayrshire) Ltd, registered number SC620765.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Amounts recoverable on contracts
Work in progress is stated at the lower of cost and net realisable value. Costs include all direct expenditure and an appropriate proportion of fixed and variable overheads.

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements, but excluding vat.

For incomplete contracts, an assessment is made to the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms.

Retention monies are included in amounts recoverable on contracts.

Martin and White Limited (Registered number: SC246803)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Martin and White Limited (Registered number: SC246803)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 25 ) .

Martin and White Limited (Registered number: SC246803)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 2,776 105,708 3,647 112,131
Additions - 158,237 - 158,237
Disposals - (72,470 ) - (72,470 )
At 31 August 2024 2,776 191,475 3,647 197,898
DEPRECIATION
At 1 September 2023 2,610 39,785 3,166 45,561
Charge for year 25 19,931 120 20,076
Eliminated on disposal - (27,542 ) - (27,542 )
At 31 August 2024 2,635 32,174 3,286 38,095
NET BOOK VALUE
At 31 August 2024 141 159,301 361 159,803
At 31 August 2023 166 65,923 481 66,570

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 90,503
Additions 158,237
Disposals (72,470 )
At 31 August 2024 176,270
DEPRECIATION
At 1 September 2023 29,792
Charge for year 18,628
Eliminated on disposal (27,542 )
At 31 August 2024 20,878
NET BOOK VALUE
At 31 August 2024 155,392
At 31 August 2023 60,711

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 488,172 191,440
Amounts recoverable on contracts 238,968 241,186
Other debtors 35,448 16,087
762,588 448,713

Martin and White Limited (Registered number: SC246803)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 19,250 13,205
Trade creditors 104,990 10,466
Amounts owed to group undertakings 674,328 833,600
Taxation and social security 46,605 126,997
Other creditors 95,072 170,428
940,245 1,154,696

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 112,159 31,956

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 131,409 45,161

The hire purchase liabilities are secured over the assets being financed and interest paid at a commercial rate.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Balances due to directors are interest free and repayable on demand.

10. CONTROLLING PARTIES

By virtue of their ownership of the entire share capital of Martin Holdings (Ayrshire) Ltd, the directors are in control of the company.