Company registration number SC429460 (Scotland)
MCDOWELL MACHINE TOOLS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
MCDOWELL MACHINE TOOLS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MCDOWELL MACHINE TOOLS LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MCDOWELL MACHINE TOOLS LTD
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of McDowell Machine Tools Ltd for the year ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the b oard of d irectors of McDowell Machine Tools Ltd, as a body, in accordance with the terms of our engagement letter dated 22 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of McDowell Machine Tools Ltd and state those matters that we have agreed to state to the b oard of d irectors of McDowell Machine Tools Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McDowell Machine Tools Ltd and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that McDowell Machine Tools Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of McDowell Machine Tools Ltd. You consider that McDowell Machine Tools Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of McDowell Machine Tools Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Findlays
Chartered Accountants
11 Dudhope Terrace
Dundee
DD3 6TS
23 May 2025
MCDOWELL MACHINE TOOLS LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
37,948
68,445
Current assets
Debtors
5
303,898
377,441
Cash at bank and in hand
1,448,675
1,017,042
1,752,573
1,394,483
Creditors: amounts falling due within one year
6
(367,032)
(474,056)
Net current assets
1,385,541
920,427
Total assets less current liabilities
1,423,489
988,872
Creditors: amounts falling due after more than one year
7
(38,230)
(52,318)
Provisions for liabilities
(24,735)
(17,111)
Net assets
1,360,524
919,443
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,360,424
919,343
Total equity
1,360,524
919,443
MCDOWELL MACHINE TOOLS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 May 2025
Stuart McDowell
Director
Company registration number SC429460 (Scotland)
MCDOWELL MACHINE TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information

McDowell Machine Tools Ltd is a private company limited by shares incorporated in Scotland. The registered office is 11 Dudhope Terrace, Dundee, Scotland, DD3 6TS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Motor vehicles
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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.

MCDOWELL MACHINE TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

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

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MCDOWELL MACHINE TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MCDOWELL MACHINE TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.

Fixed assets are also assessed as to whether there are indictors of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
22
20
MCDOWELL MACHINE TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
87,966
10,672
13,333
111,971
Disposals
-
0
-
0
(13,333)
(13,333)
At 31 August 2024
87,966
10,672
-
0
98,638
Depreciation and impairment
At 1 September 2023
28,902
7,958
6,666
43,526
Depreciation charged in the year
21,992
1,838
-
0
23,830
Eliminated in respect of disposals
-
0
-
0
(6,666)
(6,666)
At 31 August 2024
50,894
9,796
-
0
60,690
Carrying amount
At 31 August 2024
37,072
876
-
0
37,948
At 31 August 2023
59,064
2,714
6,667
68,445

Included within tangible fixed assets are assets held under hire purchase agreements. The net book value of these assets at the year end was £37,072 (2023 - £55,610). The related liabilities are secured on the assets.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
295,693
369,791
Other debtors
8,205
5,015
Prepayments and accrued income
-
0
2,635
303,898
377,441
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
14,088
14,088
Trade creditors
20,935
217,934
Corporation tax
291,212
176,165
Other taxation and social security
24,133
25,211
Other creditors
11,424
32,651
Accruals and deferred income
5,240
8,007
367,032
474,056
MCDOWELL MACHINE TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Creditors: amounts falling due within one year
(Continued)
- 9 -

Creditors include amounts payable under hire purchase agreements secured on the related fixed assets.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
38,230
52,318

Creditors include amounts payable under hire purchase agreements secured on the related fixed assets.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
103,051
20,493
2024-08-31 2023-09-01 false false false 23 May 2025 CCH Software CCH Accounts Production 2025.100 No description of principal activity Stuart McDowell Tina McDowell SC429460 2023-09-01 2024-08-31 SC429460 2024-08-31 SC429460 2023-08-31 SC429460 core:PlantMachinery 2024-08-31 SC429460 core:FurnitureFittings 2024-08-31 SC429460 core:MotorVehicles 2024-08-31 SC429460 core:PlantMachinery 2023-08-31 SC429460 core:FurnitureFittings 2023-08-31 SC429460 core:MotorVehicles 2023-08-31 SC429460 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 SC429460 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 SC429460 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 SC429460 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 SC429460 core:CurrentFinancialInstruments 2024-08-31 SC429460 core:CurrentFinancialInstruments 2023-08-31 SC429460 core:ShareCapital 2024-08-31 SC429460 core:ShareCapital 2023-08-31 SC429460 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC429460 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC429460 core:ShareCapitalOrdinaryShareClass1 2024-08-31 SC429460 core:ShareCapitalOrdinaryShareClass1 2023-08-31 SC429460 bus:Director1 2023-09-01 2024-08-31 SC429460 core:PlantMachinery 2023-09-01 2024-08-31 SC429460 core:FurnitureFittings 2023-09-01 2024-08-31 SC429460 core:MotorVehicles 2023-09-01 2024-08-31 SC429460 2022-09-01 2023-08-31 SC429460 core:PlantMachinery 2023-08-31 SC429460 core:FurnitureFittings 2023-08-31 SC429460 core:MotorVehicles 2023-08-31 SC429460 2023-08-31 SC429460 core:Non-currentFinancialInstruments 2024-08-31 SC429460 core:Non-currentFinancialInstruments 2023-08-31 SC429460 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 SC429460 bus:OrdinaryShareClass1 2024-08-31 SC429460 bus:OrdinaryShareClass1 2023-08-31 SC429460 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC429460 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC429460 bus:FRS102 2023-09-01 2024-08-31 SC429460 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC429460 bus:CompanySecretary1 2023-09-01 2024-08-31 SC429460 bus:FullAccounts 2023-09-01 2024-08-31 xbrli:pure xbrli:shares iso4217:GBP