Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
|
|
|
| Tangible assets | 4 |
|
|
|
| 665,883 | 648,481 | |||
| Current assets | ||||
| Stocks |
|
|
||
| Debtors | 5 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 622,414 | 497,361 | |||
| Creditors: amounts falling due within one year | 6 | (
|
(
|
|
| Net current assets | 187,972 | 179,934 | ||
| Total assets less current liabilities | 853,855 | 828,415 | ||
| Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
| Provision for liabilities | 8 | (
|
(
|
|
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital | 9 |
|
|
|
| Profit and loss account |
|
|
||
| Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Mackie Ramsay Taylor Limited (registered number:
|
Bruce Crawford Ballance
Director |
Andrew Hugo Thompson
Director |
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.
Mackie Ramsay Taylor 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 21-23 Waverley Place, Aberdeen, AB10 1XH, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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.
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.
| Goodwill |
|
| Land and buildings |
|
| Plant and machinery etc. |
|
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.
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 Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
At each balance sheet date, the company reviews its tangible and intangible 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).
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.
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 and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
|
|
| Goodwill | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 April 2024 |
|
|
|
| At 31 March 2025 |
|
|
|
| Accumulated amortisation | |||
| At 01 April 2024 |
|
|
|
| Charge for the financial year |
|
|
|
| At 31 March 2025 |
|
|
|
| Net book value | |||
| At 31 March 2025 |
|
|
|
| At 31 March 2024 |
|
|
| Land and buildings | Plant and machinery etc. | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 April 2024 |
|
|
|
||
| Additions |
|
|
|
||
| Disposals |
|
(
|
(
|
||
| At 31 March 2025 |
|
|
|
||
| Accumulated depreciation | |||||
| At 01 April 2024 |
|
|
|
||
| Charge for the financial year |
|
|
|
||
| Disposals |
|
(
|
(
|
||
| At 31 March 2025 |
|
|
|
||
| Net book value | |||||
| At 31 March 2025 |
|
|
|
||
| At 31 March 2024 |
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Trade creditors |
|
|
|
| Taxation and social security |
|
|
|
| Obligations under finance leases and hire purchase contracts |
|
|
|
| Other creditors |
|
|
|
|
|
|
Obligations under finance leases and hire purchase contracts are secured over the related assets.
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Obligations under finance leases and hire purchase contracts |
|
|
|
| Other creditors |
|
|
|
|
|
|
Obligations under finance leases and hire purchase contracts are secured over the related assets.
| 2025 | 2024 | ||
| £ | £ | ||
| Deferred tax |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
| Nil
|
|
|
|
| 100 | 100 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| within one year |
|
|
|
| between one and five years |
|
|
|
|
|
|
At the reporting end date the limited company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.