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Registered number: SC064957
















MOLSON SCOTLAND LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024








img0024.png


MOLSON SCOTLAND LIMITED

 
COMPANY INFORMATION


DIRECTORS
J Powles 
R Powell 




COMPANY SECRETARY
J Powles



REGISTERED NUMBER
SC064957



REGISTERED OFFICE
Ashley Drive

Bothwell

Glasgow

G71 8BS




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

Minerva House

Lower Bristol Road

Bath

BA2 9ER




BANKERS
HSBC Plc
30 High Street

Weston-Super-Mare

BS23 1JE






MOLSON SCOTLAND LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 22



MOLSON SCOTLAND LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

INTRODUCTION
 
The directors present this strategic report for the year ended 30 September 2024.

BUSINESS REVIEW
 
The directors are satisfied with the company’s performance in the current financial year. The market and economic conditions faced by the company in the year were challenging.  The prolonged period of elevated interest rates coupled with uncertainty over the timing of any cuts in those rates and the absence of positive economic news throughout the year stifled demand, especially amongst housebuilders. Volumes in our core excavator market declined 50% year on year but we were able to increase our market share.  Despite these challenges, the company increased turnover in the current year to £24.9m (2023: £22.8m), a testament to the staff within the business and the strength of the brands we represent.
Notwithstanding keen price competition the company maintained gross margin at 9.6% (2023: 8.9%) and recorded a profit before tax for the year of £265,699 (2023: loss £273). 
At the year end, the company had net assets of £1.4m (2023: £1.2m).  During the current financial year trading has remained profitable and, as such, the directors believe the company's position to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors have reviewed and agreed policies for managing the financial risks, and these are summarised below:
Market risk
As with most businesses, market risk encompasses three types of risk, being price risk, interest rate risk and currency risk:
Price risk
The company continues to compete effectively by continually monitoring its product range and responding to activities in the market. Since the COVID pandemic, the company has seen significant impacts to pricing caused by factors external to its market.  Immediately following the COVID pandemic, supply chain issues and the Ukraine war resulted in significant increases in the cost of raw materials that drove up the price of steel and latterly weak economic growth has caused the market to reduce and drive greater price competition.  In each case, the company has worked closely with its manufacturer partners to ensure the key products the company sells remains competitive and the company has been able to grow market share in these key product lines.  The impact of the US government’s new approach to tariffs has yet to be felt but the company remains confident that it again will be able to navigate any market disruption through close collaboration with our partners.
 



















 
Page 1


MOLSON SCOTLAND LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Interest rate risk
Company borrowings incur interest at market rates. The company mitigates its exposures through the ongoing monitoring of the rates being applied.  Additionally, demand for the group’s products is impacted by interest rates because customers finance a significant proportion of the product that they purchase from us and, as a result, interest costs are a significant component of a customer’s total cost of ownership.  In order to mitigate the impact of interest rates on our business, we adopt a variety of strategies including in depth customer engagement to understand customer perception and plans, analysis of data to identify trends and close cooperation with our manufacturer partners to adjust pricing and order intake.
Currency risk
The currency risk for the company is managed by its parent company.
Credit risk
Credit risk is tightly controlled as machines are not usually released to the customer until paid for and most are financed by an external funder, net of any deposit paid by the customer. Customer credit risk is addressed through a mixture of credit worthiness checks and a proactive approach to cash collection.  

Liquidity risk
The company ensures sufficient liquidity is available to meet foreseeable needs through regular cash flow forecasting and negotiation of appropriate financing arrangements.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The company uses a number of key performance indicators to monitor its performance:
img511a.png


This report was approved by the board on 31 March 2025 and signed on its behalf.



J Powles
Director

Page 2


MOLSON SCOTLAND LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is the sale of new construction, aggregate processing and waste handling equipment supplied by a number of large international manufacturing companies, the purchase and sale of used equipment, and the sale of related parts and services.  During the year being reported on we have also launched fleetCMD,  a digital platform that enables our customers to utilise data to manage their fleets more efficiently and effectively, and storeCMD, an e-commerce portal.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £214,370 (2023: loss £55,439).

DIRECTORS

The directors who served during the year were:

J Powles 
R Powell 

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report
to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of
strategic importance, these have been included in the Strategic report rather than the Directors' report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






J Powles
Director

Date: 31 March 2025

Ashley Drive
Bothwell
Glasgow
G71 8BS

Page 3


MOLSON SCOTLAND LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4


MOLSON SCOTLAND LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON SCOTLAND LIMITED
OPINION


We have audited the financial statements of Molson Scotland Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5


MOLSON SCOTLAND LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON SCOTLAND LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Page 6


MOLSON SCOTLAND LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON SCOTLAND LIMITED (CONTINUED)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
The specific procedures for this engagement and the extent to which these are capable of detecting
irregularities, including fraud is detailed below:
We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management, including the Chief Operating Officer about their own identification and assessment of the risk of irregularities.
For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue and was identified as the greatest potential area for fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included:
Health and safety; and
Employment legislation.

Audit response to risks identified

We identified recognition of revenue as a key audit matter related to the potential risk of fraud, our procedures to respond to risks identified included the following:
Performing various substantive tests of detail related to the recognition of revenue.
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Page 7


MOLSON SCOTLAND LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLSON SCOTLAND LIMITED (CONTINUED)


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
Minerva House
Lower Bristol Road
Bath
BA2 9ER

31 March 2025
Page 8


MOLSON SCOTLAND LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,882,836
22,837,096

Cost of sales
  
(22,485,199)
(20,814,513)

GROSS PROFIT
  
2,397,637
2,022,583

Administrative expenses
  
(2,058,576)
(2,020,961)

OPERATING PROFIT
 5 
339,061
1,622

Interest payable and similar expenses
  
(73,362)
(1,895)

PROFIT/(LOSS) BEFORE TAX
  
265,699
(273)

Tax on profit/(loss)
 7 
(51,329)
(55,166)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR
  
214,370
(55,439)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 22 form part of these financial statements.

Page 9


MOLSON SCOTLAND LIMITED
REGISTERED NUMBER:SC064957

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 8 
43,069
57,428

  
43,069
57,428

CURRENT ASSETS
  

Stocks
 9 
5,434,963
4,606,118

Debtors: amounts falling due within one year
 10 
21,261,961
14,548,574

Cash at bank and in hand
  
95
82,541

  
26,697,019
19,237,233

Creditors: amounts falling due within one year
 11 
(25,292,294)
(18,061,237)

NET CURRENT ASSETS
  
 
 
1,404,725
 
 
1,175,996

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,447,794
1,233,424

  

NET ASSETS
  
1,447,794
1,233,424


CAPITAL AND RESERVES
  

Called up share capital 
 12 
3,600
3,600

Capital redemption reserve
  
400
400

Profit and loss account
  
1,443,794
1,229,424

  
1,447,794
1,233,424


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J Powles
Director

Date: 31 March 2025

The notes on pages 12 to 22 form part of these financial statements.

Page 10


MOLSON SCOTLAND LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
3,600
400
1,284,863
1,288,863


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
-
(55,439)
(55,439)



At 1 October 2023
3,600
400
1,229,424
1,233,424


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
214,370
214,370


AT 30 SEPTEMBER 2024
3,600
400
1,443,794
1,447,794


The notes on pages 12 to 22 form part of these financial statements.

Page 11


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

Molson Scotland Limited is a private company limited by shares incorporated in Scotland. The registered office is Lochill Industrial Estate, Doune, Stirlingshire, FK16 6AU.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Molson Group Limited as at 30 September 2024 and these financial statements may be obtained from Unit 4, Smoke Lane Industrial Estate, Avonmouth, Bristol, BS11 0YA.

 
2.3

GOING CONCERN

The directors are satisfied with the performance of the company in the current financial year given the challenging economic environment and the reduction in infrastructure spending in Scotland. The company saw an increase in turnover to £24.9m (2023: £22.8m) and net profit before tax of £0.3m (2023: £Nil). The company did improve gross profit margin to 9.6% (2023: 8.9%), reflecting the growing acceptance of the Kobelco and Sennebogen brands in the Scottish marketplace.
At the year-end, the company had net assets of £1.4m (2023: £1.2m) and trading during the first half of the current financial year has been solid and order intake continues to remain strong. 
Molson Scotland Limited is a wholly owned subsidiary of Molson Group Limited, the ultimate parent company. At the year end, the group had net assets of £16.3m (2023: £27.8m).
The directors have prepared forecasts that show the group and company is able to realise its assets and settle its liabilities as they fall due in the normal course of business for a period of at least 12 months from the date of approval of these financial statements. Therefore these financial statements are prepared on a going concern basis.

Page 12


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

TURNOVER

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
the Company has received payment for the goods in full; or, if agreed in writing that the goods can transfer to the purchaser before full payment has been received, it is probable that the Company will receive payment due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 13


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.7

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 14


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
on cost
Plant and machinery
-
25%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.12

STOCK

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

  
2.16

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. 

 
2.17

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Critical judgments
 
Lease commitments
The company determines whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Depreciation rates
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
 
Page 16


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.JUDGEMENTS IN APPLYING ACCOUNTING POLICIES (CONTINUED)

Sources of estimation uncertainty
Impairment of fixed assets
The company determines whether there are indicators of impairment of tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Valuation of stock provision
The company determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year end sales, auction prices, and market demand.


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of construction equipment
20,152,172
18,589,204

Servicing of construction equipment
4,071,087
3,759,518

Hire of equipment
659,577
488,374

24,882,836
22,837,096


All turnover arose within the United Kingdom.


5.


OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
17,150
50,125

Exchange differences
(2,155)
(683)

Other operating lease rentals
286,999
152,440

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
26,131
18,665

Page 17


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


EMPLOYEES

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
950,042
1,282,113

Social security costs
186,627
192,978

Cost of defined contribution scheme
31,566
35,273

1,168,235
1,510,364


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales, Sales Support, and Servicing
36
39



Administrative
2
10

38
49


7.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
51,329
6,424


51,329
6,424


TOTAL CURRENT TAX
51,329
6,424

DEFERRED TAX


Origination and reversal of timing differences
-
48,742

TOTAL DEFERRED TAX
-
48,742


TAX ON PROFIT/(LOSS)
51,329
55,166
Page 18


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
7.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 22%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
265,699
(273)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 22%)
66,425
(60)

EFFECTS OF:


Fixed asset differences
411
1,157

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,917
12,403

Remeasurement of deferred tax for changes in tax rates
-
(105)

Movement in deferred tax not recognised
608
-

Other differences leading to an increase (decrease) in the tax charge
50,128
41,771

Group relief
(77,160)
-

TOTAL TAX CHARGE FOR THE YEAR
51,329
55,166


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors expected to materially affect future tax charges.

Page 19


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



COST


At 1 October 2023
9,000
142,833
312,994
78,680
543,507


Additions
3,451
4,887
-
-
8,338


Disposals
-
-
(64,830)
-
(64,830)



At 30 September 2024

12,451
147,720
248,164
78,680
487,015



DEPRECIATION


At 1 October 2023
426
115,127
293,849
76,677
486,079


Charge for the year
2,137
2,622
11,608
783
17,150


Disposals
-
-
(59,283)
-
(59,283)



At 30 September 2024

2,563
117,749
246,174
77,460
443,946



NET BOOK VALUE



At 30 September 2024
9,888
29,971
1,990
1,220
43,069



At 30 September 2023
8,574
27,706
19,145
2,003
57,428

Page 20


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


STOCKS

2024
2023
£
£

Parts stock
1,431,640
1,830,873

Work in progress
121,745
124,694

Finished goods and goods for resale
3,881,578
2,650,551

5,434,963
4,606,118



10.


DEBTORS

2024
2023
£
£


Trade debtors
1,839,828
1,877,881

Amounts owed by group undertakings
18,342,100
12,217,076

Other debtors
139,034
9,511

Prepayments and accrued income
940,999
444,106

21,261,961
14,548,574


Amounts owed by group undertakings are unsecured and repayable on demand.


11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
31,964
-

Other loans
2,273,778
-

Trade creditors
3,368,712
2,069,607

Amounts owed to group undertakings
19,083,536
15,433,131

Corporation tax
85,674
-

Other taxation and social security
43,752
100,343

Other creditors
7,836
7,509

Accruals and deferred income
397,042
450,647

25,292,294
18,061,237


Amounts owed to group undertakings are unsecured and repayable on demand.

Page 21


MOLSON SCOTLAND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



3,600 (2023: 3,600) Ordinary shares of £1.00 each
3,600
3,600



13.


PENSION COMMITMENTS

The Company participates in a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,566 (2023: £35,273).


14.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
148,000
148,000

Later than 1 year and not later than 5 years
592,000
592,000

Later than 5 years
568,000
716,000

1,308,000
1,456,000


15.


RELATED PARTY TRANSACTIONS

All related party transactions are on normal commercial rates and normal commercial terms.
The Company is consolidated within Molson Group Limited accounts and has therefore taken advantage of the exemption available under the requirements of section 33 Related Party Disclosures paragraph 33.1A, in not provided details of any transactions which have been eliminated on consolidation.
Key management personnel are considered to be the directors, who are remunerated through another group company.


16.


CONTROLLING PARTY

Molson Scotland Limited is a wholly owned subsidiary of Molson Group Limited, a Company incorporated in the United Kingdom. There is no ultimate controlling party. 
 
Page 22