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COMPANY REGISTRATION NUMBER: SC053853

Millar & McGowan Limited

Filleted Unaudited Financial Statements

31 October 2025

Millar & McGowan Limited

Financial Statements

Year ended 31 October 2025

Contents | Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements | 1

Statement of financial position | 2

Notes to the financial statements | 4

Millar & McGowan Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Millar & McGowan Limited

Year ended 31 October 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Millar & McGowan Limited for the year ended 31 October 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Millar & McGowan Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Millar & McGowan Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Millar & McGowan Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Millar & McGowan Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Millar & McGowan Limited. You consider that Millar & McGowan 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 financial statements of Millar & McGowan 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 financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
27 March 2026

Millar & McGowan Limited

Statement of Financial Position

31 October 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 6 | 148,958 | 151,337

Current assets

Stocks | 54,216 | 41,250
Debtors | 7 | 371,620 | 302,896
Cash at bank and in hand | 161,244 | 108,519
| --------- | ---------
| 587,080 | 452,665

Creditors: amounts falling due within one year | 8 | 289,691 | 225,896
| --------- | ---------
Net current assets | 297,389 | 226,769
| --------- | ---------
Total assets less current liabilities | 446,347 | 378,106

Provisions

Taxation including deferred tax | 25,587 | 26,418
| --------- | ---------
Net assets | 420,760 | 351,688
| --------- | ---------

Capital and reserves

Called up share capital | 1,000 | 1,000
Revaluation reserve | 118,045 | 118,876
Profit and loss account | 301,715 | 231,812
| --------- | ---------
Shareholders funds | 420,760 | 351,688
| --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Millar & McGowan Limited

Statement of Financial Position (continued)

31 October 2025
These financial statements were approved by the board of directors and authorised for issue on 27 March 2026 , and are signed on behalf of the board by:

Mr S McDermott | Mr D Leonard
Director | Director

Company registration number: SC053853

Millar & McGowan Limited

Notes to the Financial Statements

Year ended 31 October 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 71-73 Abbeygreen, Lesmahagow, Lanark, ML11 0EF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 of value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 100% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold property | - | 2% straight line
| Fixtures and fittings | - | 15% reducing balance
| Equipment | - | 20% straight line

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2024: 10 ).
5. Intangible assets

| Goodwill
| £
Cost |
At 1 November 2024 and 31 October 2025 | 3,015
| -------
Amortisation |
At 1 November 2024 and 31 October 2025 | 3,015
| -------
Carrying amount |
At 31 October 2025 | –
| -------
At 31 October 2024 | –
| -------

6. Tangible assets

| Land and buildings | Fixtures and fittings | Equipment | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 November 2024 and 31 October 2025 | 150,000 | 34,145 | 7,020 | 191,165
| --------- | -------- | ------- | ---------
Depreciation |  |  |  |
At 1 November 2024 | 1,425 | 32,445 | 5,958 | 39,828
Charge for the year | 1,900 | 255 | 224 | 2,379
| --------- | -------- | ------- | ---------
At 31 October 2025 | 3,325 | 32,700 | 6,182 | 42,207
| --------- | -------- | ------- | ---------
Carrying amount |  |  |  |
At 31 October 2025 | 146,675 | 1,445 | 838 | 148,958
| --------- | -------- | ------- | ---------
At 31 October 2024 | 148,575 | 1,700 | 1,062 | 151,337
| --------- | -------- | ------- | ---------

Had the properties not been revalued in 2023, the net book value of the freehold property would have been £4,056. The directors have agreed that there is no change in the value of the investment property at year end.
7. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 167,289 | 113,710
Amounts owed by group undertakings | 182,930 | 173,980
Prepayments and accrued income | 881 | 786
Other debtors | 20,520 | 14,420
| --------- | ---------
| 371,620 | 302,896
| --------- | ---------

8. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 175,483 | 126,352
Amounts owed to group undertakings | 15,000 | 65,000
Accruals and deferred income | 23,826 | 22,455
Corporation tax | 70,204 | 7,895
Social security and other taxes | 4,151 | 3,248
Other creditors | 1,027 | 946
| --------- | ---------
| 289,691 | 225,896
| --------- | ---------

9. Related party transactions
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.
10. Controlling party
The company is a wholly owned subsidiary of G & S Investments (Glasgow) Ltd , Mr. Stephen McDermott has a controlling interest in the holding company.