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REGISTERED NUMBER: SC587349 (Scotland)
















Financial Statements for the Year Ended 30 September 2024

for

Malin Newbuild Ltd

Malin Newbuild Ltd (Registered number: SC587349)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Malin Newbuild Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTORS: J.A. MacSween
L McDougall
S R Thornley





REGISTERED OFFICE: South Rotunda
100 Govan Road
Glasgow
G51 1AY





REGISTERED NUMBER: SC587349 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

Malin Newbuild Ltd (Registered number: SC587349)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 267,889 514,358
267,889 514,358

CURRENT ASSETS
Stocks (9,902 ) 11,153
Debtors 6 402,838 981,136
Cash at bank 21,202 182,213
414,138 1,174,502
CREDITORS
Amounts falling due within one year 7 (505,227 ) (1,614,242 )
NET CURRENT LIABILITIES (91,089 ) (439,740 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

176,800

74,618

CREDITORS
Amounts falling due after more than one
year

8

-

(86,667

)
NET ASSETS/(LIABILITIES) 176,800 (12,049 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 176,799 (12,050 )
SHAREHOLDERS' FUNDS 176,800 (12,049 )

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





J.A. MacSween - Director


Malin Newbuild Ltd (Registered number: SC587349)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Malin Newbuild Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts have been prepared on a going concern basis due to continued support from the parent and group companies.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and estimates
The preparation of these financial statements required the directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure, judgements and estimates are continually evaluated and are based on historical experiences of future events that are believed to be reasonable under the circumstances.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on cost, 15% on cost and 10% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Work in progress
Work in progress is stated at the lower of cost and net realisable value.

Malin Newbuild Ltd (Registered number: SC587349)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and held at bank.

Debtors
Trade and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts where there is objective evidence the asset is impaired.

Creditors
Trade and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 52 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 2,500
AMORTISATION
At 1 October 2023
and 30 September 2024 2,500
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Malin Newbuild Ltd (Registered number: SC587349)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 1,400,358
Additions 12,750
Disposals (189,929 )
At 30 September 2024 1,223,179
DEPRECIATION
At 1 October 2023 886,000
Charge for year 139,289
Eliminated on disposal (69,999 )
At 30 September 2024 955,290
NET BOOK VALUE
At 30 September 2024 267,889
At 30 September 2023 514,358

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 273,813 735,934
Other debtors 129,025 245,202
402,838 981,136

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 286,410 301,430
Amounts owed to group undertakings 159,592 711,890
Taxation and social security 8,854 99,538
Other creditors 50,371 501,384
505,227 1,614,242

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Other creditors - 86,667

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Fiona Russell (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

Malin Newbuild Ltd (Registered number: SC587349)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Malin Group Limited, a company incorporated in Scotland due to their 100% holding of the company's ordinary share capital.

The ultimate controlling party is J. A. MacSween due to his 55% holding of the ordinary share capital in the ultimate parent company Malin Group Limited.

Malin Group Limited is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements may be obtained from the registered office:

South Rotunda
100 Govan Road
Glasgow
G51 1AY