REGISTERED NUMBER: SC093698 (Scotland)

McCormicks (Commercial) Limited

Financial Statements For The Year Ended 31 March 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I McCormick

Mr A McCormick

SECRETARY:

Mr I McCormick

REGISTERED OFFICE:

2 Marischal Square

Broad Street

Aberdeen

AB10 1DQ

REGISTERED NUMBER:

SC093698 (Scotland)

ACCOUNTANTS:

The Long Partnership

4 North Guildry Street

Elgin

Moray

IV30 1JR

BANKERS:

Virgin Money

1 Queens Cross

Aberdeen

AB15 4XU

FIXED ASSETS

Tangible assets

4

51,160

4,788

Investments

5

954,185

954,185

Investment property

6

385,000

450,000

1,390,345

1,408,973

CURRENT ASSETS

Debtors

7

31,486

3,291

Cash at bank

185,346

317,937

216,832

321,228

CREDITORS

Amounts falling due within one year

8

21,802

34,707

NET CURRENT ASSETS

195,030

286,521

TOTAL ASSETS LESS CURRENT LIABILITIES

1,585,375

1,695,494

PROVISIONS FOR LIABILITIES

10

5,430

1,053

NET ASSETS

1,579,945

1,694,441

CAPITAL AND RESERVES

Called up share capital

11

160,880

160,880

Retained earnings

12

1,419,065

1,533,561

SHAREHOLDERS' FUNDS

1,579,945

1,694,441

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 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 5 May 2026 and were signed on its behalf by:

Mr I McCormick - Director

1.	STATUTORY INFORMATION

McCormicks (Commercial) Limited 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about McCormicks (Commercial) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

33% on cost, 25% on reducing balance and 10% on cost

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.

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.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Investments

Unlisted investments are stated at cost which is considered to equate to market value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2025 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

Equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2025

5,708

24,648

1,497

31,853

Additions

-

51,987

-

51,987

Disposals

-

(24,648

)

-

(24,648

)

At 31 March 2026

5,708

51,987

1,497

59,192

DEPRECIATION

At 1 April 2025

5,338

20,230

1,497

27,065

Charge for year

93

2,115

-

2,208

Eliminated on disposal

-

(21,241

)

-

(21,241

)

At 31 March 2026

5,431

1,104

1,497

8,032

NET BOOK VALUE

At 31 March 2026

277

50,883

-

51,160

At 31 March 2025

370

4,418

-

4,788

5.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST

At 1 April 2025

and 31 March 2026

954,185

NET BOOK VALUE

At 31 March 2026

954,185

At 31 March 2025

954,185

The company's investments at the Balance Sheet date in the share capital of companies include the following:

WAC (Aberdeen) Limited

Registered office: 4 North Guildry Street, Elgin, Moray, IV30 1JR

Nature of business: Property rental

%

Class of shares:

holding

Ordinary shares

51.00

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

450,000

Revaluations

(65,000

)

At 31 March 2026

385,000

NET BOOK VALUE

At 31 March 2026

385,000

At 31 March 2025

450,000

The investment property is subject to annual valuation based on the market values of the properties of a similar nature and location. The valuations are carried out annually by the director and periodically by a firm of independent chartered surveyors.

The investment property is held for use in operating leases.

Fair value at 31 March 2026 is represented by:

£

Valuation in 2022

700,000

Valuation in 2025

(250,000

)

Valuation in 2026

(65,000

)

385,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Other debtors

31,486

3,291

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Taxation and social security

477

23,544

Other creditors

21,325

11,163

21,802

34,707

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.26

31.3.25

£

£

Within one year

16,494

16,494

In more than five years

98,964

115,458

115,458

131,952

10.	PROVISIONS FOR LIABILITIES

31.3.26

31.3.25

£

£

Deferred tax

5,430

1,053

Deferred

tax

£

Balance at 1 April 2025

1,053

Provided during year

4,377

Balance at 31 March 2026

5,430

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.26

31.3.25

value:

£

£

54,880

Ordinary A

1

54,880

54,880

106,000

Ordinary B

1

106,000

106,000

160,880

160,880

12.

RESERVES

Retained

earnings

£

At 1 April 2025

1,533,561

Deficit for the year

(114,496

)

At 31 March 2026

1,419,065

13.	RELATED PARTY DISCLOSURES

The company is connected to McCormicks (Commercial) Limited Retirement Benefits Scheme, being the directors' pension fund. At 31 March 2025 McCormicks (Commercial) Limited Retirement Benefits Scheme owed the company £3,291. During the year the company met expenses on behalf of McCormicks (Commercial) Limited Retirement Benefits Scheme totalling £72. At 31 March 2026 McCormicks (Commercial) Limited Retirement Benefits Scheme owed the company £3,363. During the year the company paid rental to McCormicks (Commercial) Limited Retirement Benefit Scheme amounting to £16,494 (2025 - £16,494).

At 31 March 2025 the company owed the director £322. During the year the director met expenses on behalf of the company totalling £628. At 31 March 2026 the company owed the director £950. This loan is interest free and repayable on demand.

During the year WAC (Aberdeen) Limited a company under common control received services totalling £18,646 (2025 - £12,431) to the company. As at 31 March 2026 the company was due WAC (Aberdeen) Limited £Nil.