REGISTERED NUMBER: SC200725 (Scotland)

MILLAR CALLAGHAN ENGINEERING

SERVICES LTD.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Callaghan

D Millar

M Archibald

SECRETARY:

R Callaghan

REGISTERED OFFICE:

10 Arkwright Way

North Newmoor Industrial Estate

Irvine

Ayrshire

KA11 4JU

REGISTERED NUMBER:

SC200725 (Scotland)

ACCOUNTANTS:

JRD Partnership Ltd

Chartered Accountants

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

FIXED ASSETS

Tangible assets

4

288,470

157,865

CURRENT ASSETS

Stocks

43,500

610,096

Debtors

5

3,430,095

913,256

Cash at bank and in hand

258,018

254,418

3,731,613

1,777,770

CREDITORS

Amounts falling due within one year

6

1,698,935

802,027

NET CURRENT ASSETS

2,032,678

975,743

TOTAL ASSETS LESS CURRENT LIABILITIES

2,321,148

1,133,608

PROVISIONS FOR LIABILITIES

280,189

350,237

NET ASSETS

2,040,959

783,371

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

2,030,959

773,371

SHAREHOLDERS' FUNDS

2,040,959

783,371

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th December 2025 and were signed on its behalf by:

D Millar - Director

R Callaghan - Director

1.	STATUTORY INFORMATION

Millar Callaghan Engineering Services 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.

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.

Turnover

Turnover represents amounts recognised as income on contracts. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

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, 25% on reducing balance and 15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

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

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 48 (2024 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 31st March 2024

763,308

Additions

221,245

Disposals

(121,368

)

At 30th March 2025

863,185

DEPRECIATION

At 31st March 2024

605,443

Charge for year

79,141

Eliminated on disposal

(109,869

)

At 30th March 2025

574,715

NET BOOK VALUE

At 30th March 2025

288,470

At 30th March 2024

157,865

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,088,917

451,890

Amounts owed by group undertakings

1,146,904

261,163

Other debtors

194,274

200,203

3,430,095

913,256

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,031,420

393,514

Amounts owed to group undertakings

-

150,145

Taxation and social security

518,959

112,574

Other creditors

148,556

145,794

1,698,935

802,027

7.	RELATED PARTY DISCLOSURES

The company was charged rent of £60,000 during the year in respect of properties owned by MC Property Management Services Limited, a company in which Roy Callaghan and David Millar are directors and shareholders. At the balance sheet date this company was owed £94,000.

At the balance sheet date, the company was owed £349,300 by MC Holdings (Scotland) Ltd, the intermediate holding company.

At the balance sheet date, the company was owed £797,604 by MASR Fabrications Ltd, the ultimate holding company.

During the year, a Share Incentive Plan was established for the benefit of all employees of the company (The MASR Fabrications Ltd Share Incentive Plan). This entity acquired 15% of the shares in the group parent company at a cost of £1,720,284. HMRC advance clearance was obtained in respect of this transaction. The share purchase was funded by the company with full provision being made in the 2024 financial statements. At the balance sheet date £280,189 was unpaid.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Roy Callaghan and David Millar, directors.