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Company No: SC084197 (Scotland)

MACMIN LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

MACMIN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

MACMIN LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
MACMIN LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 17,137 8,290
17,137 8,290
Current assets
Stocks 4 19,472 19,252
Debtors 5 284,607 286,778
304,079 306,030
Creditors: amounts falling due within one year 6 ( 180,495) ( 170,485)
Net current assets 123,584 135,545
Total assets less current liabilities 140,721 143,835
Creditors: amounts falling due after more than one year 7 ( 5,624) 0
Net assets 135,097 143,835
Capital and reserves
Called-up share capital 8 75,000 75,000
Profit and loss account 60,097 68,835
Total shareholder's funds 135,097 143,835

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Macmin Limited (registered number: SC084197) were approved and authorised for issue by the Board of Directors on 27 May 2025. They were signed on its behalf by:

Mr J C Nevett
Director
Mr T J Nevett
Director
MACMIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
MACMIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Macmin Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration receivable for the trading of animal minerals and concentrates in the agricultural sector net of VAT. The fair value of consideration takes into account trade discounts.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 23,570 23,570
Additions 22,850 22,850
Disposals ( 19,650) ( 19,650)
At 30 September 2024 26,770 26,770
Accumulated depreciation
At 01 October 2023 15,280 15,280
Charge for the financial year 5,713 5,713
Disposals ( 11,360) ( 11,360)
At 30 September 2024 9,633 9,633
Net book value
At 30 September 2024 17,137 17,137
At 30 September 2023 8,290 8,290

4. Stocks

2024 2023
£ £
Stocks 19,472 19,252

5. Debtors

2024 2023
£ £
Trade debtors 89,565 93,570
Amounts owed by Parent undertakings 175,600 182,100
Other debtors 19,442 11,108
284,607 286,778

The amounts of factored debts included in trade debtors is £89,565 (2023 - £93,570).

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 18,404 7,587
Trade creditors 49,403 42,436
Corporation tax 14,525 16,969
Other taxation and social security 2,186 1,838
Obligations under finance leases and hire purchase contracts 5,192 373
Other creditors 90,785 101,282
180,495 170,485

Included in bank overdrafts are amounts relating to a bank overdraft which is secured by a floating charge over the property and assets of the company.

Obligations under hire purchase contracts are secured over the assets in which they relate.

Included in other creditors is an amount of £54,711 (2023 - £61,008) which is due to the invoice discounting agent. The company has assigned the value of trade debtors against the balance due to the invoice discounting agent.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 5,624 0

Obligations under hire purchase contracts are secured over the assets in which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
75,000 Ordinary shares of £ 1.00 each 75,000 75,000

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed by entities with control, joint control or significant influence over the company 175,600 182,100

Starlyne Feeds Limited is the parent company of Macmin Limited and its registered office is 3 Irthlingborough Road, Finedon, Wellingborough, Northamptonshire, NN9 5EH.

Other related party transactions

2024 2023
£ £
Amounts owed by related parties 17,757 9,259

The above loans are interest free, unsecured and have no fixed terms of repayment.