Company registration number SC059942
BRIAN MACGREGOR & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
PAGES FOR FILING WITH REGISTRAR
BRIAN MACGREGOR & SONS LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BRIAN MACGREGOR & SONS LIMITED
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
456,486
454,038
Investment properties
4
364,488
364,488
820,974
818,526
Current assets
Stocks
20,000
15,000
Debtors
5
455,034
421,221
Cash at bank and in hand
174,303
99,673
649,337
535,894
Creditors: amounts falling due within one year
6
(132,549)
(93,903)
Net current assets
516,788
441,991
Total assets less current liabilities
1,337,762
1,260,517
Creditors: amounts falling due after more than one year
7
(46,548)
(58,929)
Provisions for liabilities
9
(65,295)
(64,256)
Net assets
1,225,919
1,137,332
Capital and reserves
Allotted, called up and fully paid share capital
30,000
30,000
Profit and loss reserves
11
1,195,919
1,107,332
Total equity
1,225,919
1,137,332
BRIAN MACGREGOR & SONS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
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 May 2022 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.
T
he 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.
The financial statements were approved by the board of directors and authorised for issue on 28 February 2023 and are signed on its behalf by:
Mr Brian MacGregor
Director
Company Registration No. SC059942
BRIAN MACGREGOR & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
1
Accounting policies
Company information
Brian MacGregor & Sons Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Bogbain of Inshes, Inverness, IV2 5BD.
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 a
mounts
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
Turnover represents the invoiced sales of peat, excluding Value Added Tax. Sales are recognised when the company has delivered peat to the customer, the customer has accepted the goods, the amount of revenue can be reliably measured and collectability of the receivable amount is fairly assured.
1.3
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:
Freehold land and buildings
- 2% on cost
Plant and equipment
- 15% on reducing balance
Computers
- cost over 3 years
Motor vehicles
- 25% on 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
.
1.4
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
BRIAN MACGREGOR & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies (Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost represents goods for resale, consumables and livestock.
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.
1.7
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.
1.8
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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
BRIAN MACGREGOR & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies (Continued)
- 5 -
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
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
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BRIAN MACGREGOR & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies (Continued)
- 6 -
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
5
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2021
253,479
568,648
916
82,350
905,393
Additions
38,043
13,635
51,678
At 31 May 2022
253,479
606,691
916
95,985
957,071
Depreciation and impairment
At 1 June 2021
26,692
359,168
458
65,037
451,355
Depreciation charged in the year
4,250
37,128
115
7,737
49,230
At 31 May 2022
30,942
396,296
573
72,774
500,585
Carrying amount
At 31 May 2022
222,537
210,395
343
23,211
456,486
At 31 May 2021
226,787
209,480
458
17,313
454,038
BRIAN MACGREGOR & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 7 -
4
Investment property
2022
£
Fair value
At 1 June 2021 and 31 May 2022
364,488
The directors consider the valuation to represent an accurate valuation of the investment property at 31 March 2021.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
118,272
111,523
Other debtors
336,762
309,698
455,034
421,221
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
13,266
13,260
Trade creditors
51,332
13,874
Taxation and social security
60,215
52,281
Other creditors
7,736
14,488
132,549
93,903
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
46,548
58,929
8
Loans and overdrafts
2022
2021
£
£
Bank loans
59,814
72,189
Payable within one year
13,266
13,260
Payable after one year
46,548
58,929
BRIAN MACGREGOR & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
8
Loans and overdrafts (Continued)
- 8 -
The long-term loans are secured over properties at 109 and 113 Academy Street, Inverness. The bank also hold a floating charge over all the company assets.
9
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
10
65,295
64,256
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
65,295
64,256
2022
Movements in the year:
£
Liability at 1 June 2021
64,256
Charge to profit or loss
1,039
Liability at 31 May 2022
65,295
11
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
1,107,332
1,067,427
Profit for the year
126,587
77,905
Dividends declared and paid in the year
(38,000)
(38,000)
At the end of the year
1,195,919
1,107,332
BRIAN MACGREGOR & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
11
Profit and loss reserves (Continued)
- 9 -
Included within profit and loss reserves are non-distributable profits, as set out below:
2022
2021
£
£
Non-distributable profits included above
At the beginning of the year
213,069
212,056
Non distributable profits in the year
-
1,013
At the end of the year
213,069
213,069
Distributable profits
982,850
894,263
12
Directors' transactions
A loan has been granted by the company to its directors as follows
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr Bruce MacGregor -
-
11,855
-
-
-
11,855
Mr Brian MacGregor -
3.50
233,465
52,408
8,586
(40,568)
253,891
245,320
52,408
8,586
(40,568)
265,746
The above loans are unsecured and have no fixed terms of repayment.
2022-05-31
2021-06-01
false
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
Mr B MacGregor
Mr Bruce MacGregor
Mr Neil MacGregor
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