Company registration number SC158283 (Scotland)
D MCLAUGHLIN & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
D MCLAUGHLIN & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
D MCLAUGHLIN & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
174,494
130,643
Investment properties
6
110,000
110,000
Investments
7
4,000,000
2,000,000
4,284,494
2,240,643
Current assets
Stocks
6,250,919
6,250,919
Debtors
8
3,301,873
3,151,437
Cash at bank and in hand
4,255,706
5,322,986
13,808,498
14,725,342
Creditors: amounts falling due within one year
9
(2,568,898)
(2,082,127)
Net current assets
11,239,600
12,643,215
Total assets less current liabilities
15,524,094
14,883,858
Provisions for liabilities
(22,878)
(7,751)
Net assets
15,501,216
14,876,107
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
15,501,116
14,876,007
Total equity
15,501,216
14,876,107
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D MCLAUGHLIN & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
P D McLaughlin
S D McLaughlin
Director
Director
Company Registration No. SC158283
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
D McLaughlin & Sons Limited is a private company limited by shares incorporated in Scotland. The registered office is 13 Ailsa Road, Kyle Estate, Irvine, Ayrshire, KA12 8LR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents the amounts invoiced during the year in respect of construction and development work carried out, exclusive of Value Added Tax, plus amounts recoverable on contracts. All turnover arose within the United Kingdom.
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.
1.3
Intangible fixed assets - goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated life.
Amortisation is provided at the following rates:
Goodwill 5% Straight Line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2% Straight Line
Plant and machinery
10% Reducing Balance
Fixtures, fittings & equipment
25% Reducing Balance
Computer equipment
33.33% Straight Line
Motor vehicles
25% Reducing Balance
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.
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates are expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
22
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
250,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
250,000
Carrying amount
At 31 March 2023
At 31 March 2022
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
143,420
153,418
296,838
Additions
68,579
68,579
Disposals
(21,031)
(21,031)
At 31 March 2023
143,420
200,966
344,386
Depreciation and impairment
At 1 April 2022
58,321
107,874
166,195
Depreciation charged in the year
2,868
20,676
23,544
Eliminated in respect of disposals
(19,847)
(19,847)
At 31 March 2023
61,189
108,703
169,892
Carrying amount
At 31 March 2023
82,231
92,263
174,494
At 31 March 2022
85,099
45,544
130,643
6
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
110,000
The directors consider that the amount of £110,000 fairly reflects the market value of the investment property at 31st March 2023.
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
4,000,000
2,000,000
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
2,000,000
Additions
2,000,000
At 31 March 2023
4,000,000
Carrying amount
At 31 March 2023
4,000,000
At 31 March 2022
2,000,000
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
502,103
255,094
Corporation tax recoverable
19,653
14,393
Other debtors
20,091
24,342
Prepayments and accrued income
203,714
306,796
745,561
600,625
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
2,556,312
2,550,812
Total debtors
3,301,873
3,151,437
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
195,719
512,115
Corporation tax
166,048
130,347
Other taxation and social security
196,624
24,863
Other creditors
2,010,507
1,414,802
2,568,898
2,082,127
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
2,556,312
2,550,812
No interest is charged on these balances and there are no fixed repayment terms.
2023-03-312022-04-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityP D McLaughlinS D McLaughlinP D McLaughlinfalseSC1582832022-04-012023-03-31SC1582832023-03-31SC1582832022-03-31SC158283core:LandBuildings2023-03-31SC158283core:OtherPropertyPlantEquipment2023-03-31SC158283core:LandBuildings2022-03-31SC158283core:OtherPropertyPlantEquipment2022-03-31SC158283core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC158283core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC158283core:CurrentFinancialInstruments2023-03-31SC158283core:CurrentFinancialInstruments2022-03-31SC158283core:ShareCapital2023-03-31SC158283core:ShareCapital2022-03-31SC158283core:RetainedEarningsAccumulatedLosses2023-03-31SC158283core:RetainedEarningsAccumulatedLosses2022-03-31SC158283bus:CompanySecretaryDirector12022-04-012023-03-31SC158283bus:Director12022-04-012023-03-31SC158283core:Goodwill2022-04-012023-03-31SC158283core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-31SC158283core:PlantMachinery2022-04-012023-03-31SC158283core:FurnitureFittings2022-04-012023-03-31SC158283core:ComputerEquipment2022-04-012023-03-31SC158283core:MotorVehicles2022-04-012023-03-31SC1582832021-04-012022-03-31SC158283core:NetGoodwill2022-03-31SC158283core:NetGoodwill2023-03-31SC158283core:NetGoodwill2022-03-31SC158283core:LandBuildings2022-03-31SC158283core:OtherPropertyPlantEquipment2022-03-31SC1582832022-03-31SC158283core:LandBuildings2022-04-012023-03-31SC158283core:OtherPropertyPlantEquipment2022-04-012023-03-31SC158283core:Non-currentFinancialInstruments2023-03-31SC158283core:Non-currentFinancialInstruments2022-03-31SC158283bus:PrivateLimitedCompanyLtd2022-04-012023-03-31SC158283bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC158283bus:FRS1022022-04-012023-03-31SC158283bus:AuditExemptWithAccountantsReport2022-04-012023-03-31SC158283bus:Director22022-04-012023-03-31SC158283bus:CompanySecretary12022-04-012023-03-31SC158283bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP