Company No: SC596041 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	145,145		212,134
Tangible assets	4	414,973		453,749
		560,118		665,883
Current assets
Stocks		95,000		88,069
Debtors	5	237,907		283,851
Cash at bank and in hand		434,348		250,494
		767,255		622,414
Creditors: amounts falling due within one year	6	( 570,541)		( 434,442)
Net current assets		196,714		187,972
Total assets less current liabilities		756,832		853,855
Creditors: amounts falling due after more than one year	7	( 539,749)		( 631,304)
Provision for liabilities	8	( 25,975)		( 33,891)
Net assets		191,108		188,660
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		191,008		188,560
Total shareholders' funds		191,108		188,660

For the financial year ending 31 March 2026 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Mackie Ramsay Taylor Limited (registered number: SC596041) were approved and authorised for issue by the Board of Directors on 27 August 2026. They were signed on its behalf by:

Bruce Crawford Ballance Director

Andrew Hugo Thompson Director

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

Mackie Ramsay Taylor 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 21-23 Waverley Place, Aberdeen, AB10 1XH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

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

Land and buildings	50 years straight line
Plant and machinery etc.	20 - 25 % 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
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 Statement of Income and Retained Earnings 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.

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.

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.

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

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		12

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2025	669,893		669,893
At 31 March 2026	669,893		669,893
Accumulated amortisation
At 01 April 2025	457,759		457,759
Charge for the financial year	66,989		66,989
At 31 March 2026	524,748		524,748
Net book value
At 31 March 2026	145,145		145,145
At 31 March 2025	212,134		212,134

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2025	341,312		177,438		518,750
Additions	0		117		117
At 31 March 2026	341,312		177,555		518,867
Accumulated depreciation
At 01 April 2025	27,837		37,164		65,001
Charge for the financial year	6,826		32,067		38,893
At 31 March 2026	34,663		69,231		103,894
Net book value
At 31 March 2026	306,649		108,324		414,973
At 31 March 2025	313,475		140,274		453,749

5. Debtors

	2026		2025
	£		£
Trade debtors	223,621		264,211
Other debtors	14,286		19,640
	237,907		283,851

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	73,841		65,481
Trade creditors	55,281		38,742
Taxation and social security	174,762		139,541
Obligations under finance leases and hire purchase contracts	17,512		16,630
Other creditors	249,145		174,048
	570,541		434,442

Bank borrowings are secured over the assets of the company by means of a floating charge.

Obligations under finance leases and hire purchase contracts are secured over the related assets.

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	187,424		267,205
Obligations under finance leases and hire purchase contracts	60,955		78,467
Other creditors	291,370		285,632
	539,749		631,304

Bank borrowings are secured over the assets of the company by means of a floating charge.

Obligations under finance leases and hire purchase contracts are secured over the related assets.

8. Provision for liabilities

	2026		2025
	£		£
Deferred tax	25,975		33,891

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
60 A ordinary shares of £ 1.00 each	60		60
40 B ordinary shares of £ 1.00 each	40		40
	100		100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	8,040		784
Between one and five years	40,280		981
	48,320		1,765

At the reporting end date the limited company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.