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Company No: SC596041 (Scotland)

MACKIE RAMSAY TAYLOR LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

MACKIE RAMSAY TAYLOR LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

MACKIE RAMSAY TAYLOR LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025
MACKIE RAMSAY TAYLOR LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 212,134 279,123
Tangible assets 4 453,749 369,358
665,883 648,481
Current assets
Stocks 88,069 148,396
Debtors 5 283,851 198,662
Cash at bank and in hand 250,494 150,303
622,414 497,361
Creditors: amounts falling due within one year 6 ( 434,442) ( 317,427)
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 ( 631,304) ( 641,523)
Provision for liabilities 8 ( 33,891) ( 10,602)
Net assets 188,660 176,290
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 188,560 176,190
Total shareholders' funds 188,660 176,290

For the financial year ending 31 March 2025 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 Mackie Ramsay Taylor Limited (registered number: SC596041) were approved and authorised for issue by the Board of Directors on 28 May 2025. They were signed on its behalf by:

Bruce Crawford Ballance
Director
Andrew Hugo Thompson
Director
MACKIE RAMSAY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
MACKIE RAMSAY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
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

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 £.

Going concern

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

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.

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.

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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 20 % 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 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.

Impairment of assets

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).

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.

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 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 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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2024 669,893 669,893
At 31 March 2025 669,893 669,893
Accumulated amortisation
At 01 April 2024 390,770 390,770
Charge for the financial year 66,989 66,989
At 31 March 2025 457,759 457,759
Net book value
At 31 March 2025 212,134 212,134
At 31 March 2024 279,123 279,123

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2024 341,312 82,463 423,775
Additions 0 109,375 109,375
Disposals 0 ( 14,400) ( 14,400)
At 31 March 2025 341,312 177,438 518,750
Accumulated depreciation
At 01 April 2024 21,011 33,406 54,417
Charge for the financial year 6,826 10,863 17,689
Disposals 0 ( 7,105) ( 7,105)
At 31 March 2025 27,837 37,164 65,001
Net book value
At 31 March 2025 313,475 140,274 453,749
At 31 March 2024 320,301 49,057 369,358

5. Debtors

2025 2024
£ £
Trade debtors 264,211 189,611
Other debtors 19,640 9,051
283,851 198,662

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 65,481 56,932
Trade creditors 38,742 4,954
Taxation and social security 139,541 119,150
Obligations under finance leases and hire purchase contracts 16,630 4,137
Other creditors 174,048 132,254
434,442 317,427

Bank borrowings are secured over the assets of the company by means of a floating charge.

Obligations under finance leases and hire purchase contracts are secured over the related assets.

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

2025 2024
£ £
Bank loans 267,205 340,115
Obligations under finance leases and hire purchase contracts 78,467 7,727
Other creditors 285,632 293,681
631,304 641,523

Bank borrowings are secured over the assets of the company by means of a floating charge.

Obligations under finance leases and hire purchase contracts are secured over the related assets.

8. Provision for liabilities

2025 2024
£ £
Deferred tax 33,891 10,602

9. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
60 A ordinary shares of £ 1.00 each (2024: nil shares) 60 0
40 B ordinary shares of £ 1.00 each (2024: nil shares) 40 0
Nil Ordinary shares (2024: 100 shares of £ 1.00 each) 0 100
100 100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2025 2024
£ £
within one year 784 784
between one and five years 981 1,765
1,765 2,549

At the reporting end date the limited company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.