Silverfin false false 31/03/2025 01/04/2024 31/03/2025 Glynn Stuart Mcgregor 03/11/2015 Kyle Duncan Mcgregor 03/11/2015 01 September 2025 The principal activity of the Company during the financial year was developing products and providing engineering services for the oil and gas sector. SC519378 2025-03-31 SC519378 bus:Director1 2025-03-31 SC519378 bus:Director2 2025-03-31 SC519378 2024-03-31 SC519378 core:CurrentFinancialInstruments 2025-03-31 SC519378 core:CurrentFinancialInstruments 2024-03-31 SC519378 core:ShareCapital 2025-03-31 SC519378 core:ShareCapital 2024-03-31 SC519378 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC519378 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC519378 core:OtherPropertyPlantEquipment 2024-03-31 SC519378 core:OtherPropertyPlantEquipment 2025-03-31 SC519378 bus:OrdinaryShareClass1 2025-03-31 SC519378 2024-04-01 2025-03-31 SC519378 bus:FilletedAccounts 2024-04-01 2025-03-31 SC519378 bus:SmallEntities 2024-04-01 2025-03-31 SC519378 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 SC519378 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC519378 bus:Director1 2024-04-01 2025-03-31 SC519378 bus:Director2 2024-04-01 2025-03-31 SC519378 core:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 SC519378 2023-04-01 2024-03-31 SC519378 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 SC519378 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC519378 (Scotland)

MCGREGOR TECH UK LIMITED

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

MCGREGOR TECH UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

MCGREGOR TECH UK LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025
MCGREGOR TECH UK LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 79,868 88,170
79,868 88,170
Current assets
Stocks 4 147,000 147,000
Debtors 5 133,617 230,480
Cash at bank and in hand 875 7,665
281,492 385,145
Creditors: amounts falling due within one year 6 ( 3,441,844) ( 3,476,594)
Net current liabilities (3,160,352) (3,091,449)
Total assets less current liabilities (3,080,484) (3,003,279)
Net liabilities ( 3,080,484) ( 3,003,279)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 3,080,485 ) ( 3,003,280 )
Total shareholder's deficit ( 3,080,484) ( 3,003,279)

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 McGregor Tech UK Limited (registered number: SC519378) were approved and authorised for issue by the Board of Directors on 01 September 2025. They were signed on its behalf by:

Glynn Stuart Mcgregor
Director
MCGREGOR TECH UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
MCGREGOR TECH UK 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

McGregor Tech UK 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, Bishops Court, 29 Albyn Place, Aberdeen, AB10 1YL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.

Going concern

At the year end, the company had net current liabilities of £3,160,352. This includes £3,401,746 due to the parent company and £14,260 due to the directors. The parent company has agreed to defer repayment of this balance until such funds are available and the directors have agreed to defer repayment of their loans. The directors have agreed to support the company to ensure that all liabilities are met as they fall due. On that basis, the directors believe it to be appropriate that these financial statements are prepared on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the provision of engineering services to the oil and gas sector and is shown net of VAT and other sales related work.

Turnover is recognised based on hours worked.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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.

Tangible fixed assets

Tangible fixed assets are stated at cost, 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, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

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
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Profit and Loss Account as described below.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 6

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2024 113,097 113,097
Additions 9,764 9,764
At 31 March 2025 122,861 122,861
Accumulated depreciation
At 01 April 2024 24,927 24,927
Charge for the financial year 18,066 18,066
At 31 March 2025 42,993 42,993
Net book value
At 31 March 2025 79,868 79,868
At 31 March 2024 88,170 88,170

4. Stocks

2025 2024
£ £
Stocks 147,000 147,000

5. Debtors

2025 2024
£ £
Other debtors 133,617 230,480

6. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 17,186 26,128
Amounts owed to Group undertakings 3,401,746 3,427,603
Other taxation and social security 7 0
Other creditors 22,905 22,863
3,441,844 3,476,594

7. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with the entity's directors

2025 2024
£ £
Key Management Personnel 14,260 14,003

The above amounts due to key personnel are interest free and have no fixed terms of repayment.

Other related party transactions

2025 2024
£ £
Amounts Owed To Related Parties 3,401,746 3,427,603

The above amounts owed to related parties is interest free and has no fixed terms of repayment.

9. Ultimate controlling party

Parent Company:

McGregor Tech Holdings Limited
Bishops Court, 29 Albyn Place, Aberdeen, United Kingdom, AB10 1YL