Registration number: SC233066

P & M Sinclair Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 10

P & M Sinclair Limited

Company Information

Directors

Mr C D Sinclair Mr D Sinclair Mrs Lorraine Catherine Sinclair

Company secretary

Mr D Sinclair

Registered office

4b Thornton Road Rosewell Midlothian EH24 9DP

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors27 North Bridge Street Hawick Scottish Borders TD9 9BD

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P & M Sinclair Limited for the Year Ended 30 April 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P & M Sinclair Limited for the year ended 30 April 2025 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of P & M Sinclair Limited, as a body, in accordance with the terms of our engagement letter dated 17 March 2008. Our work has been undertaken solely to prepare for your approval the accounts of P & M Sinclair Limited and state those matters that we have agreed to state to the Board of Directors of P & M Sinclair Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P & M Sinclair Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P & M Sinclair Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P & M Sinclair Limited. You consider that P & M Sinclair Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of P & M Sinclair Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

25 September 2025

P & M Sinclair Limited

(Registration number: SC233066)
Balance Sheet as at 30 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	601,149	540,172
Current assets
Stocks	6	106,920	107,200
Debtors	7	2,426,277	2,849,753
Cash at bank and in hand		2,484,396	1,853,767
		5,017,593	4,810,720
Creditors: Amounts falling due within one year	8	(866,408)	(805,031)
Net current assets		4,151,185	4,005,689
Total assets less current liabilities		4,752,334	4,545,861
Creditors: Amounts falling due after more than one year	8	(103,570)	(388,654)
Provisions for liabilities		(145,133)	(98,142)
Net assets		4,503,631	4,059,065
Capital and reserves
Called up share capital	9	1,000	1,000
Retained earnings		4,502,631	4,058,065
Shareholders' funds		4,503,631	4,059,065

For the financial year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2025 and signed on its behalf by:
 

......................................... Mr D Sinclair Company secretary and director

P & M Sinclair Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
4b Thornton Road
Rosewell
Midlothian
EH24 9DP
Scotland

The principal place of business is:
4b Thornton Road
Rosewell
Midlothian
EH24 9DP
Scotland

These financial statements were authorised for issue by the Board on 25 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales value added tax, returns, rebates and discounts.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

P & M Sinclair Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property Improvements	nil
Plant and equipment	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	8 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

P & M Sinclair Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals that are payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease.

Assets held under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

P & M Sinclair Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 Recognition and measurement
Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 86 (2024 - 78).

P & M Sinclair Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2024	100,000	100,000
At 30 April 2025	100,000	100,000
Amortisation
At 1 May 2024	100,000	100,000
At 30 April 2025	100,000	100,000
Carrying amount
At 30 April 2025	-	-

5	Tangible assets

	Land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2024	1,830	350,467	60,217	1,445,650	1,858,164
Additions	-	24,592	-	193,727	218,319
Disposals	-	-	-	(26,400)	(26,400)
At 30 April 2025	1,830	375,059	60,217	1,612,977	2,050,083
Depreciation
At 1 May 2024	-	247,131	48,057	1,022,804	1,317,992
Charge for the year	-	28,736	3,054	117,025	148,815
Eliminated on disposal	-	-	-	(17,873)	(17,873)
At 30 April 2025	-	275,867	51,111	1,121,956	1,448,934
Carrying amount
At 30 April 2025	1,830	99,192	9,106	491,021	601,149
At 30 April 2024	1,830	103,336	12,160	422,846	540,172

Included within the net book value of land and buildings above is £1,830 (2024 - £1,830) in respect of freehold land and buildings.
 

6

Stocks

	2025 £	2024 £
Other inventories	106,920	107,200

7

Debtors

P & M Sinclair Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

Current	2025 £	2024 £
Trade debtors	866,980	925,505
Prepayments	207	3,214
Other debtors	1,559,090	1,921,034
	2,426,277	2,849,753

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	10	-	62,701
Trade creditors		519,361	370,829
Taxation and social security		211,858	365,038
Accruals and deferred income		32,863	6,463
Other creditors		102,326	-
		866,408	805,031

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	103,570	388,654

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	91,667
Other borrowings	103,570	296,987
	103,570	388,654

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	33,333
Hire purchase contracts	-	29,368
	-	62,701

P & M Sinclair Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

11	Related party transactions

Transactions with directors

2025	At 1 May 2024 £	Advances to director £	Repayments by director £	At 30 April 2025 £
Mr D Sinclair
Loans are undated and unsecured. Interest is charged at 2.25% per annum on outstanding balances.	-	13,240	-	13,240
Mr C D Sinclair
Loans are undated and unsecured. Interest is charged at 2.25% per annum on outstanding balances.	213,677	53,777	(146,314)	121,140
Mrs Lorraine Catherine Sinclair
Loans are undated and unsecured. Interest is charged at 2.25% per annum on outstanding balances.	-	13,241	-	13,241

2024	At 1 May 2023 £	Repayments by director £	At 30 April 2024 £
Mr D Sinclair
Loans are undated and unsecured. Interest is charged at 2.25% per annum on outstanding balances.	135,820	(135,820)	-
Mr C D Sinclair
Loans are undated and unsecured. Interest is charged at 2.25% per annum on outstanding balances.	219,088	(5,411)	213,677
Mrs Lorraine Catherine Sinclair
Loans are undated and unsecured. Interest is charged at 2.25% per annum on outstanding balances.	13,042	(13,042)	-