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REGISTERED NUMBER: SC093698 (Scotland)















McCormicks (Commercial) Limited

Financial Statements For The Year Ended 31 March 2025






McCormicks (Commercial) Limited (Registered number: SC093698)






Contents of the Financial Statements
For The Year Ended 31 March 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McCormicks (Commercial) Limited

Company Information
For The Year Ended 31 March 2025







DIRECTORS: Mr I McCormick
A McCormick



SECRETARY: Mr I McCormick



REGISTERED OFFICE: 2 Marischal Square
Broad Street
Aberdeen
AB10 1DQ



REGISTERED NUMBER: SC093698 (Scotland)



ACCOUNTANTS: The Long Partnership
4 North Guildry Street
Elgin
Moray
IV30 1JR



BANKERS: Virgin Money
1 Queens Cross
Aberdeen
AB15 4XU

McCormicks (Commercial) Limited (Registered number: SC093698)

Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 4,788 6,421
Investments 5 954,185 954,185
Investment property 6 450,000 700,000
1,408,973 1,660,606

CURRENT ASSETS
Debtors 7 3,291 3,291
Cash at bank 317,937 265,039
321,228 268,330
CREDITORS
Amounts falling due within one year 8 34,707 46,822
NET CURRENT ASSETS 286,521 221,508
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,695,494

1,882,114

PROVISIONS FOR LIABILITIES 10 1,053 1,335
NET ASSETS 1,694,441 1,880,779

CAPITAL AND RESERVES
Called up share capital 11 160,880 160,880
Retained earnings 12 1,533,561 1,719,899
SHAREHOLDERS' FUNDS 1,694,441 1,880,779

McCormicks (Commercial) Limited (Registered number: SC093698)

Balance Sheet - continued
31 March 2025


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2025 and were signed on its behalf by:





Mr I McCormick - Director


McCormicks (Commercial) Limited (Registered number: SC093698)

Notes to the Financial Statements
For The Year Ended 31 March 2025

1. STATUTORY INFORMATION

McCormicks (Commercial) 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about McCormicks (Commercial) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 33% on cost, 25% on reducing balance and 10% on cost

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.

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.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

McCormicks (Commercial) Limited (Registered number: SC093698)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Investments
Unlisted investments are stated at cost which is considered to equate to market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
Equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2024 6,725 24,648 1,497 32,870
Disposals (1,017 ) - - (1,017 )
At 31 March 2025 5,708 24,648 1,497 31,853
DEPRECIATION
At 1 April 2024 6,193 18,759 1,497 26,449
Charge for year 162 1,471 - 1,633
Eliminated on disposal (1,017 ) - - (1,017 )
At 31 March 2025 5,338 20,230 1,497 27,065
NET BOOK VALUE
At 31 March 2025 370 4,418 - 4,788
At 31 March 2024 532 5,889 - 6,421

5. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST
At 1 April 2024
and 31 March 2025 954,185
NET BOOK VALUE
At 31 March 2025 954,185
At 31 March 2024 954,185

The company's investments at the Balance Sheet date in the share capital of companies include the following:

WAC (Aberdeen) Limited
Registered office: 4 North Guildry Street, Elgin, Moray, IV30 1JR
Nature of business: Property rental
%
Class of shares: holding
Ordinary shares 51.00

McCormicks (Commercial) Limited (Registered number: SC093698)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2025

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2024 700,000
Revaluations (250,000 )
At 31 March 2025 450,000
NET BOOK VALUE
At 31 March 2025 450,000
At 31 March 2024 700,000

The investment property is subject to annual valuation based on the market values of the properties of a similar nature and location. The valuations are carried out annually by the director and periodically by a firm of independent chartered surveyors.

The investment property is held for use in operating leases.

Fair value at 31 March 2025 is represented by:
£   
Valuation in 2022 700,000
Valuation in 2025 (250,000 )
450,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Other debtors 3,291 3,291

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Taxation and social security 23,544 20,552
Other creditors 11,163 26,270
34,707 46,822

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.25 31.3.24
£    £   
Within one year 16,494 16,494
In more than five years 115,458 131,952
131,952 148,446

McCormicks (Commercial) Limited (Registered number: SC093698)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2025

10. PROVISIONS FOR LIABILITIES
31.3.25 31.3.24
£    £   
Deferred tax 1,053 1,335

Deferred
tax
£   
Balance at 1 April 2024 1,335
Provided during year (282 )
Balance at 31 March 2025 1,053

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.25 31.3.24
value: £    £   
54,880 Ordinary A 1 54,880 54,880
106,000 Ordinary B 1 106,000 106,000
160,880 160,880

12. RESERVES
Retained
earnings
£   

At 1 April 2024 1,719,899
Deficit for the year (186,338 )
At 31 March 2025 1,533,561

13. RELATED PARTY DISCLOSURES

The company is connected to McCormicks (Commercial) Limited Retirement Benefits Scheme, being the directors' pension fund. At 31 March 2024 and 31 March 2025 McCormicks (Commercial) Limited Retirement Benefits Scheme owed the company £3,291. During the year the company paid rental to McCormicks (Commercial) Limited Retirement Benefit Scheme amounting to £17,436 (2024 - £16,494).

At 31 March 2024 the company owed the director £1,266. During the year the company repaid the director £1,266 and the director met expenses on behalf of the company totalling £322. At 31 March 2025 the company owed the director £322. This loan is interest free and repayable on demand.

During the year WAC (Aberdeen) Limited a company under common control received services totalling £12,431 (2024 - £7,433) to the company. As at 31 March the company was due WAC (Aberdeen) Limited £Nil.