Malcolm, Ogilvie & Company Limited - Limited company accounts 20.1
Malcolm, Ogilvie & Company Limited - Limited company accounts 20.1
| REGISTERED NUMBER: SC002626 (Scotland) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 October 2021 |
| for |
| Malcolm, Ogilvie & Company Limited |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 October 2021 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| Malcolm, Ogilvie & Company Limited |
| Company Information |
| for the Year Ended 31 October 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Chapelshade House |
| 78-84 Bell Street |
| Dundee |
| DD1 1RQ |
| SOLICITORS: |
| Whitehall House |
| 33 Yeaman Shore |
| Dundee |
| DD1 4BJ |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Group Strategic Report |
| for the Year Ended 31 October 2021 |
| The directors present their strategic report of the company and the group for the year ended 31 October 2021. |
| REVIEW OF BUSINESS |
| The Group`s principal activities during the year were the manufacturing of insulating glass units, glass processing, tempering, laminating and painting of glass, as well as the leasing of two commercial properties to third parties. |
| Group turnover saw an increase of some 30.83% relative to the previous year, to £17.39 million, accounted for primarily by having had the ability to revert to fuller trading following the suspending of all manufacturing activity throughout a significant portion of the previous period under review on account of the Coronavirus pandemic during 2020. Strong commercial and domestic glazing market sales were achieved following the reversion to routine trading. Coupled to The Company`s quest for greater operational efficiency and continuing endeavour to promote sales and develop further diversification in its product range within the construction industry sector, supplemented by the further development of operations within its second manufacturing site which is specifically geared towards supplying the commercial product market, progress was achieved following return to trading normality. The operating profit achieved, whilst very encouraging in itself, is derived from a combination of manufacturing as well as incorporating financial services derived income and is considered acceptable under all the circumstances. The Directors continue to remain confident in their future outlook for The Company and its prospects. |
| The profit was reached following close scrutiny of administrative expenses coupled to optimising of all margins, as well as by addressing managerial issues and contingencies. Rationalisation and reviews throughout the business on an ongoing basis see considerable adjustments being made to ongoing budgets, all of which contributed to the successful outcome for the year under review. |
| Commercial market glazing saw the customer base seeing continuing strengthening during the period and through the Company`s two processing factories product enhancement continued on an ongoing basis particularly within the commercial glazing market. Asset additions acquired previously in both plant & machinery saw The Board`s efforts rewarded well during the period under review. |
| The commercial properties continue to be perceived as well let. |
| The Company`s Accounts demonstrate activity mainly within the glass processing related field, and reflect a financial outcome which is considered acceptable under all the circumstances, given the trading constraints during the period. The Directors remain confident in their forward outlook and remain committed to growing and encouraging the staff and workforce through continuous development and focused training. |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Group Strategic Report |
| for the Year Ended 31 October 2021 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Financial key performance indicators (KPIs) |
| The directors rely upon a number of financial KPIs and for the year under review, consider all of these to be in line with expectations. |
| Non financial key performance indicators (KPIs) |
| The directors consider a number of non financial performance indicators on an ongoing basis, such as statistical information relating to staff turnover and absence, supplier and customer service levels and the monitoring of health and safety and security incident reports. |
| Financial risk management |
| Group retained profits finance on-going operating requirements and bank borrowings are only utilised to finance major capital expenditure. |
| Competitive risk assessment |
| The group operates within a highly competitive environment and acknowledges that whilst exercising due diligence and prudence as a matter of policy, it cannot always rely on the information used in assessing competitive risk to be wholly reliable. |
| Environmental risk assessment |
| The directors recognise the group's environmental responsibilities and the increasing legislation in this area. The group complies with relevant legislation and also strives to ensure that environmental best practices are adopted, particularly in fuel efficiency, pollution control and waste management. The group's operations address industry specific requirements, and the directors are satisfied that the group continues to improve its environmental contribution. |
| Uncertainties and prospects |
| The main uncertainties facing the group are the extent to which the national economic climate will affect product demand directly linked to the company`s area of expertise. Those particular uncertainties involve the building and construction industry opportunities in respect of which the directors take a continuing optimistic view for the foreseeable future. |
| It is to be hoped that advancement is not further impeded by any future constraints relating to the pandemic. |
| The directors remain confident that future growth opportunities exist for its glass products and they will advance to focus on that sector of opportunity for the foreseeable future. They believe that the group is well enough placed financially, and in terms of the strength of its management team, to maintain its underlying performance and build upon it. Accordingly the greater volume capability arising from the second factory continues to be perceived as paramount to the company`s ongoing prospects along with the contribution to be made from the original factory. |
| ON BEHALF OF THE BOARD: |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Report of the Directors |
| for the Year Ended 31 October 2021 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 October 2021. |
| PRINCIPAL ACTIVITY |
| The Group`s principal activities during the year were the manufacturing of insulating glass panels, glass processing, tempering, laminating and painting of glass, as well as the leasing of commercial property to third parties. |
| DIVIDENDS |
| The group profit for the year after taxation amounts to £720,545 (2020 - loss - £4,875): |
| No interim dividend was paid and the Directors recommend a final dividend for the period of 43p . (2020 - 12p) |
| FUTURE DEVELOPMENTS |
| Capital expenditure projects referred to within the Financial Statements are asset improvements aimed at expanding productive capacity for existing and new market outlets in the longer term. |
| It is anticipated that with continuing managerial monitoring of the operating practices introduced, particularly within the newer factory, activities will enable some controlled expansion where possible and consistent with market opportunities within their respective fields of operations. The Board has committed to replacing much of the older equipment with the original factory during the 2021-22 period with very significant additional borrowings provided for this project which is expected to be fully commissioned by the summer of 2022. |
| The Board will continue to consider further investment commitments in glass processing plant and undertake these on an ongoing basis to address both in-house product and processing improvements and to enable The Company to remain at the forefront of our markets. |
| Ongoing research and development will be undertaken consistent with any appropriate opportunities arising. |
| DIRECTORS |
| The directors during the year under review were: |
| N G Cunningham |
| H F Ogilvie |
| G B Dickson |
| The beneficial interests of the directors holding office at 31 October 2021 in the issued share capital of the company were as follows: |
| 2021 | 2020 |
| Ordinary shares | Number | Number |
| H F Ogilvie | 34,977 | 34,977 |
| N G Cunningham | 18,421 | 18,421 |
| Ordinary B shares | Number | Number |
| G B Dickson | 5,652 | 4,900 |
| Subsidiaries |
| The main board directors at 31st October, 2021 had no interest in the share capital of any subsidiary company during the year under review. |
| The Managing Directors are not subject to retirement by rotation. Mr Gordon Dickson will retire at the forthcoming Annual General Meeting and being eligible offers himself for re-election |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Report of the Directors |
| for the Year Ended 31 October 2021 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, MMG Archbold, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Malcolm, Ogilvie & Company Limited |
| Opinion |
| We have audited the financial statements of Malcolm, Ogilvie & Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2021 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Malcolm, Ogilvie & Company Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. |
| We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the misstatement of revenue. Our audit procedures to respond to these risks included: |
| - | Enquiries of management about their own identification and assessment of the risks of irregularities. |
| - | Testing of the appropriateness and correct authorisation of journal entries and any other significant transactions outside the ordinary course of business including those entered into with related parties. |
| - | Review of significant estimates to ensure there is no indication of management bias. |
| - | Testing of the completeness and correct allocation of revenue in the year. |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
| These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Malcolm, Ogilvie & Company Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor |
| Chapelshade House |
| 78-84 Bell Street |
| Dundee |
| DD1 1RQ |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 October 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 17,393,427 | 13,294,193 |
| Cost of sales | 13,252,695 | 10,793,195 |
| GROSS PROFIT | 4,140,732 | 2,500,998 |
| Administrative expenses | 3,886,906 | 3,338,337 |
| 253,826 | (837,339 | ) |
| Other operating income | 576,046 | 740,329 |
| OPERATING PROFIT/(LOSS) | 5 | 829,872 | (97,010 | ) |
| Income from fixed asset investments | 11,548 | 16,710 |
| Interest receivable and similar income | 4,480 | 1,602 |
| 16,028 | 18,312 |
| 845,900 | (78,698 | ) |
| Gain/loss on revaluation of investments | 20,111 | 30,470 |
| 866,011 | (48,228 | ) |
| Interest payable and similar expenses | 6 | 48,462 | 27,018 |
| PROFIT/(LOSS) BEFORE TAXATION | 817,549 | (75,246 | ) |
| Tax on profit/(loss) | 7 | 97,004 | (70,371 | ) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 720,545 | (4,875 | ) |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 October 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | 720,545 | (4,875 | ) |
| OTHER COMPREHENSIVE INCOME |
| Cash share issue | 8,889 | 8,889 |
| Revaluation of investments | 10,243 | 24,274 |
| Transfer to Fair Value Reserve | 22,003 | (23,556 | ) |
| Income tax relating to components of other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
41,135 |
9,607 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
761,680 |
4,732 |
| Total comprehensive income attributable to: |
| Owners of the parent | 761,680 | 4,732 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Consolidated Balance Sheet |
| 31 October 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 | 5,150,171 | 2,550,420 |
| Investments | 11 | 486,678 | 953,296 |
| Investment property | 12 | 1,962,758 | 2,011,278 |
| 7,599,607 | 5,514,994 |
| CURRENT ASSETS |
| Stocks | 13 | 1,580,369 | 1,350,728 |
| Debtors | 14 | 5,455,176 | 4,355,834 |
| Cash at bank and in hand | 1,648,789 | 2,012,747 |
| 8,684,334 | 7,719,309 |
| CREDITORS |
| Amounts falling due within one year | 15 | 3,516,349 | 2,337,535 |
| NET CURRENT ASSETS | 5,167,985 | 5,381,774 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
12,767,592 |
10,896,768 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(2,339,532 |
) |
(1,255,723 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (85,170 | ) | - |
| ACCRUALS AND DEFERRED INCOME | 21 | (95,000 | ) | (142,500 | ) |
| NET ASSETS | 10,247,890 | 9,498,545 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 111,424 | 110,388 |
| Revaluation reserve | 23 | 109,213 | 109,213 |
| Other reserves | 23 | 179,609 | 170,720 |
| Fair value reserve | 23 | (127,497 | ) | (149,500 | ) |
| Retained earnings | 23 | 9,975,141 | 9,257,724 |
| SHAREHOLDERS' FUNDS | 10,247,890 | 9,498,545 |
| The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2022 and were signed on its behalf by: |
| N G Cunningham - Director |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Company Balance Sheet |
| 31 October 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 20 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Revaluation reserve | 23 |
| Other reserves | 23 |
| Fair value reserve | 23 | ( |
) | ( |
) |
| Retained earnings | 23 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 182,719 | 36,598 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 October 2021 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 November 2019 | 109,352 | 9,264,818 | 109,213 |
| Changes in equity |
| Issue of share capital | 1,036 | - | - |
| Dividends | - | (26,493 | ) | - |
| Total comprehensive income | - | 19,399 | - |
| Balance at 31 October 2020 | 110,388 | 9,257,724 | 109,213 |
| Changes in equity |
| Issue of share capital | 1,036 | - | - |
| Dividends | - | (13,371 | ) | - |
| Total comprehensive income | - | 730,788 | - |
| Balance at 31 October 2021 | 111,424 | 9,975,141 | 109,213 |
| Fair |
| Other | value | Total |
| reserves | reserve | equity |
| £ | £ | £ |
| Balance at 1 November 2019 | 161,831 | (125,944 | ) | 9,519,270 |
| Changes in equity |
| Issue of share capital | - | - | 1,036 |
| Dividends | - | - | (26,493 | ) |
| Total comprehensive income | 8,889 | (23,556 | ) | 4,732 |
| Balance at 31 October 2020 | 170,720 | (149,500 | ) | 9,498,545 |
| Changes in equity |
| Issue of share capital | - | - | 1,036 |
| Dividends | - | - | (13,371 | ) |
| Total comprehensive income | 8,889 | 22,003 | 761,680 |
| Balance at 31 October 2021 | 179,609 | (127,497 | ) | 10,247,890 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 October 2021 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 November 2019 |
| Changes in equity |
| Issue of share capital | - | - |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - |
| Balance at 31 October 2020 |
| Changes in equity |
| Issue of share capital | - | - |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - |
| Balance at 31 October 2021 |
| Fair |
| Other | value | Total |
| reserves | reserve | equity |
| £ | £ | £ |
| Balance at 1 November 2019 | ( |
) |
| Changes in equity |
| Issue of share capital | - | - |
| Dividends | - | - | ( |
) |
| Total comprehensive income | ( |
) |
| Balance at 31 October 2020 | ( |
) |
| Changes in equity |
| Issue of share capital | - | - |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 31 October 2021 | ( |
) |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 October 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,059,898 | 850,953 |
| Interest paid | (25,558 | ) | (27,018 | ) |
| Interest element of hire purchase payments paid |
(22,904 |
) |
- |
| Tax paid | (3,378 | ) | - |
| Net cash from operating activities | 1,008,058 | 823,935 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (3,440,775 | ) | (481,483 | ) |
| Purchase of fixed asset investments | (131,468 | ) | (224,677 | ) |
| Sale of tangible fixed assets | 58,400 | 6,602 |
| Sale of fixed asset investments | 782,529 | 22,449 |
| Cost adjustment | - | 12 |
| Management charge | 8,489 | 10,048 |
| Interest received | 4,480 | 1,602 |
| Dividends received | 11,548 | 16,710 |
| Net cash from investing activities | (2,706,797 | ) | (648,737 | ) |
| Cash flows from financing activities |
| New loans in year | - | 360,000 |
| Loan repayments in year | (281,951 | ) | (220,224 | ) |
| Capital repayments in year | 1,620,179 | - |
| Share issue | 9,924 | 9,924 |
| Equity dividends paid | (13,371 | ) | (26,493 | ) |
| Net cash from financing activities | 1,334,781 | 123,207 |
| (Decrease)/increase in cash and cash equivalents | (363,958 | ) | 298,405 |
| Cash and cash equivalents at beginning of year |
2 |
2,012,747 |
1,714,342 |
| Cash and cash equivalents at end of year | 2 | 1,648,789 | 2,012,747 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 October 2021 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2021 | 2020 |
| £ | £ |
| Profit/(loss) before taxation | 817,549 | (75,246 | ) |
| Depreciation charges | 889,545 | 974,934 |
| (Profit)/loss on disposal of fixed assets | (198,975 | ) | 523 |
| Gain on revaluation of fixed assets | (20,111 | ) | (30,470 | ) |
| Government grants | (47,500 | ) | (58,572 | ) |
| Finance costs | 48,462 | 27,018 |
| Finance income | (16,028 | ) | (18,312 | ) |
| 1,472,942 | 819,875 |
| Increase in stocks | (229,641 | ) | (31,360 | ) |
| Increase in trade and other debtors | (1,088,829 | ) | (294,303 | ) |
| Increase in trade and other creditors | 905,426 | 356,741 |
| Cash generated from operations | 1,059,898 | 850,953 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 October 2021 |
| 31.10.21 | 1.11.20 |
| £ | £ |
| Cash and cash equivalents | 1,648,789 | 2,012,747 |
| Year ended 31 October 2020 |
| 31.10.20 | 1.11.19 |
| £ | £ |
| Cash and cash equivalents | 2,012,747 | 1,714,342 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| At 1.11.20 | Cash flow | At 31.10.21 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,012,747 | (363,958 | ) | 1,648,789 |
| 2,012,747 | (363,958 | ) | 1,648,789 |
| Debt |
| Finance leases | - | (1,620,179 | ) | (1,620,179 | ) |
| Debts falling due within 1 year | (281,508 | ) | (4,584 | ) | (286,092 | ) |
| Debts falling due after 1 year | (1,255,723 | ) | 286,535 | (969,188 | ) |
| (1,537,231 | ) | (1,338,228 | ) | (2,875,459 | ) |
| Total | 475,516 | (1,702,186 | ) | (1,226,670 | ) |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 October 2021 |
| 1. | STATUTORY INFORMATION |
| Malcolm, Ogilvie & Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The Group financial statements consolidate the financial statements of MALCOLM, OGILVIE & COMPANY LIMITED and its subsidiary undertakings drawn up to 31 October each year. |
| Subsidiary companies are consolidated on the basis of the fair value of the assets acquired. At date of acquisition the excess of consideration paid over the amount of the net tangible assets is dealt with by immediate write-off against reserves in the period of acquisition. Where the consideration falls short of the net tangible assets acquired negative goodwill is dealt with by an immediate credit to capital reserve. |
| In accordance with S408 of the Companies Act 2006, a separate profit and loss account for MALCOLM, OGILVIE & COMPANY LIMITED is not presented within the group accounts. |
| Critical accounting 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. |
| Key sources of estimation uncertainty |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the |
| carrying amount of assets and liabilities are as follows. |
| Impairment of debtors |
| The Company makes an estimate of the recoverable value of amounts owed by group undertakings and |
| other debtors. When assessing impairment of group and other debtors management considers factors |
| including the ageing profile of debtors and historical experience. See note 11 for the carrying amount of |
| debtors net of any associated impairment provision. |
| Useful economic lives of tangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful |
| economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on |
| technological advancement, future investments, economic utilisation and the physical condition of the |
| assets. See note 8, and note 1 for the useful economic lives for each class of asset. |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| All turnover relates to sale of goods. |
| The company and group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company and group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; and (d) it is probable that future economic benefits will flow to the entity. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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. |
| Stocks |
| Stocks are valued on bases consistent with those used in previous years at the lower of cost or net realisable value. |
| Work-in-progress and finished goods include the cost of direct materials and labour plus attributable overheads based on the normal level of activity. Net realisable value is based on estimated selling prices less further costs expected to be incurred to completion and disposal. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| Taxation |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution scheme with the regular pension costs charged to the profit and loss account in the year in which the contributions are payable. |
| Government grants |
| Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Revenue grants are released to profit over the life of the project to which they relate. |
| 3. | TURNOVER |
| The turnover and profit (2020 - loss) before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2021 | 2020 |
| £ | £ |
| Glass processing /manufacture | 17,393,427 | 13,294,193 |
| 17,393,427 | 13,294,193 |
| An analysis of turnover by geographical market is given below: |
| 2021 | 2020 |
| £ | £ |
| United Kingdom | 17,393,427 | 13,294,193 |
| 17,393,427 | 13,294,193 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2021 | 2020 |
| £ | £ |
| Wages and salaries | 4,944,095 | 4,354,748 |
| Social security costs | 427,334 | 371,501 |
| Other pension costs | 184,979 | 208,171 |
| 5,556,408 | 4,934,420 |
| The average number of employees during the year was as follows: |
| 2021 | 2020 |
| Administration | 8 | 8 |
| Glass processing & manufacture of units | 172 | 167 |
| 2021 | 2020 |
| £ | £ |
| Directors' remuneration | 609,390 | 491,545 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 4 | 2 |
| Information regarding the highest paid director is as follows: |
| 2021 | 2020 |
| £ | £ |
| Emoluments etc | 241,860 | 207,657 |
| 5. | OPERATING PROFIT/(LOSS) |
| The operating profit (2020 - operating loss) is stated after charging/(crediting): |
| 2021 | 2020 |
| £ | £ |
| Depreciation - owned assets | 889,544 | 974,933 |
| (Profit)/loss on disposal of fixed assets | (198,975 | ) | 523 |
| Auditors' remuneration | 9,200 | 10,021 |
| Auditors' remuneration - non audit services | - | 6,999 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2021 | 2020 |
| £ | £ |
| Loan | 25,558 | 27,018 |
| Hire purchase | 22,904 | - |
| 48,462 | 27,018 |
| 7. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 2021 | 2020 |
| £ | £ |
| Current tax: |
| UK corporation tax | (105,085 | ) | 3,378 |
| Deferred tax | 202,089 | (73,749 | ) |
| Tax on profit/(loss) | 97,004 | (70,371 | ) |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge/(credit) included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2021 | 2020 |
| £ | £ |
| Profit/(loss) before tax | 817,549 | (75,246 | ) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19 % (2020 - 19 %) |
155,334 |
(14,297 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 6,656 | 6,801 |
| Income not taxable for tax purposes | (9,025 | ) | (9,025 | ) |
| Utilisation of tax losses | (4,363 | ) | - |
| Adjustments to tax charge in respect of previous periods | - | (68,521 | ) |
| Depreciation on assets not attracting capital allowances | 8,595 | 8,595 |
| Change in rate of taxation | 39,549 | - |
| Refund from prior year R&D claim | (103,575 | ) | - |
| Deferred tax on unrealised gain on investment | 9,737 | 5,783 |
| Unutilised losses on sale of investments | - | 293 |
| Superdeduction | (5,904 | ) | - |
| Total tax charge/(credit) | 97,004 | (70,371 | ) |
| Tax effects relating to effects of other comprehensive income |
| 2021 |
| Gross | Tax | Net |
| £ | £ | £ |
| Cash share issue | 8,889 | - | 8,889 |
| Revaluation of investments | 10,243 | - | 10,243 |
| Transfer to Fair Value Reserve | 22,003 | - | 22,003 |
| 41,135 | - | 41,135 |
| 2020 |
| Gross | Tax | Net |
| £ | £ | £ |
| Cash share issue | 8,889 | - | 8,889 |
| Revaluation of investments | 24,274 | - | 24,274 |
| Transfer to Fair Value Reserve | (23,556 | ) | - | (23,556 | ) |
| 9,607 | - | 9,607 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 9. | DIVIDENDS |
| 2021 | 2020 |
| £ | £ |
| Ordinary shares of £1 each |
| Final | 13,371 | 26,493 |
| The directors recommend a final dividend for the period of 43p. (2020 - 12p) |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2020 | 1,793,840 | 10,072,103 | 279,043 | 990,672 | 13,135,658 |
| Additions | 299,896 | 3,037,579 | - | 103,300 | 3,440,775 |
| Disposals | - | (96,539 | ) | - | (130,668 | ) | (227,207 | ) |
| At 31 October 2021 | 2,093,736 | 13,013,143 | 279,043 | 963,304 | 16,349,226 |
| DEPRECIATION |
| At 1 November 2020 | 250,624 | 9,154,644 | 268,539 | 911,431 | 10,585,238 |
| Charge for year | 41,346 | 730,851 | 4,429 | 64,398 | 841,024 |
| Eliminated on disposal | - | (96,539 | ) | - | (130,668 | ) | (227,207 | ) |
| At 31 October 2021 | 291,970 | 9,788,956 | 272,968 | 845,161 | 11,199,055 |
| NET BOOK VALUE |
| At 31 October 2021 | 1,801,766 | 3,224,187 | 6,075 | 118,143 | 5,150,171 |
| At 31 October 2020 | 1,543,216 | 917,459 | 10,504 | 79,241 | 2,550,420 |
| Company |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 November 2020 |
| Additions |
| Disposals | ( |
) |
| At 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 11. | FIXED ASSET INVESTMENTS |
| Group |
| Listed |
| investments |
| £ |
| COST OR VALUATION |
| At 1 November 2020 | 953,296 |
| Additions | 131,468 |
| Disposals | (618,066 | ) |
| Revaluations | 19,980 |
| At 31 October 2021 | 486,678 |
| NET BOOK VALUE |
| At 31 October 2021 | 486,678 |
| At 31 October 2020 | 953,296 |
| Cost or valuation at 31 October 2021 is represented by: |
| Listed |
| investments |
| £ |
| Valuation in 2021 | 102,341 |
| Cost | 384,337 |
| 486,678 |
| Company |
| Listed | Unlisted |
| investments | investments | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2020 | 1,018,694 |
| Additions | 131,468 |
| Disposals | ( |
) | (618,066 | ) |
| Revaluations | 19,980 |
| At 31 October 2021 | 552,076 |
| NET BOOK VALUE |
| At 31 October 2021 | 552,076 |
| At 31 October 2020 | 1,018,694 |
| Cost or valuation at 31 October 2021 is represented by: |
| Listed | Unlisted |
| investments | investments | Totals |
| £ | £ | £ |
| Valuation in 2021 | 102,341 | - | 102,341 |
| Cost | 384,337 | 65,398 | 449,735 |
| 486,678 | 65,398 | 552,076 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Ravensby Glass Company Limited |
| Registered office: Within United Kingdom |
| Nature of business: Glass processors / manufacturer sealed units |
| % |
| Class of shares: | holding |
| Odinary | 100.00 |
| 12. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2020 |
| and 31 October 2021 | 2,993,758 |
| DEPRECIATION |
| At 1 November 2020 | 982,480 |
| Charge for year | 48,520 |
| At 31 October 2021 | 1,031,000 |
| NET BOOK VALUE |
| At 31 October 2021 | 1,962,758 |
| At 31 October 2020 | 2,011,278 |
| Fair value at 31 October 2021 is represented by: |
| £ |
| Cost | 2,993,758 |
| The directors consider that the value in the financial statements represents a reasonable approximation to fair value at the balance sheet date. |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 12. | INVESTMENT PROPERTY - continued |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2020 |
| and 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 | 982,480 |
| Charge for year | 48,520 |
| At 31 October 2021 | 1,031,000 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| The directors consider that the value in the financial statements represents a reasonable approximation to fair value at the balance sheet date. |
| 13. | STOCKS |
| Group |
| 2021 | 2020 |
| £ | £ |
| Stocks | 1,251,751 | 1,063,464 |
| Work-in-progress | 328,618 | 287,264 |
| 1,580,369 | 1,350,728 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Trade debtors | 3,726,275 | 3,379,953 |
| Tax | 127,432 | - |
| Deferred tax asset | - | 116,919 | - | - |
| Amounts due by subsidiaries | - | - |
| Prepayments | 1,601,469 | 858,962 |
| 5,455,176 | 4,355,834 |
| Deferred tax asset |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Deferred tax | - | 116,919 | - | - |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 286,092 | 281,508 |
| Hire purchase contracts (see note 18) | 249,835 | - |
| Trade creditors | 1,702,660 | 805,998 |
| Tax | 22,347 | 3,378 |
| Social security and other taxes | 480,816 | 643,534 |
| VAT | 75,809 | - | 75,809 | - |
| Trade creditors | 336 | 200 | 336 | 200 |
| Accrued expenses | 698,454 | 602,917 |
| 3,516,349 | 2,337,535 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2021 | 2020 |
| £ | £ |
| Bank loans (see note 17) | 969,188 | 1,255,723 |
| Hire purchase contracts (see note 18) | 1,370,344 | - |
| 2,339,532 | 1,255,723 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2021 | 2020 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 286,092 | 281,508 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 286,092 | 285,592 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 683,096 | 880,360 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 89,771 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 249,835 | - |
| Between one and five years | 1,370,344 | - |
| 1,620,179 | - |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2021 | 2020 |
| £ | £ |
| Bank loans | 1,255,280 | 1,537,231 |
| Hire purchase contracts | 1,620,179 | - |
| 2,875,459 | 1,537,231 |
| The Royal Bank of Scotland plc holds an unlimited inter-company guarantee granted by MALCOLM, OGILVIE & COMPANY LIMITED and Ravensby Glass Company Limited. In addition the bank holds bonds and floating charges granted by the aforementioned companies. MALCOLM, OGILVIE & COMPANY LIMITED and Ravensby Glass Company Limited have also granted the bank a standard security over the subjects at West Pitkerro, Dundee. Funding arrangements are acknowledged in an unregistered letter of set-off by all group members involved. |
| Hire purchase liabilities are secured on the underlying assets. |
| 20. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Deferred tax | 85,170 | - | 30,831 | 20,631 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2020 | (116,919 | ) |
| Provided during year | 202,089 |
| Balance at 31 October 2021 | 85,170 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2020 |
| Charge to Income Statement during year |
| Balance at 31 October 2021 |
| 21. | ACCRUALS AND DEFERRED INCOME |
| Group |
| 2021 | 2020 |
| £ | £ |
| Deferred government grants | 95,000 | 142,500 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 104,550 | 104,550 |
| Ordinary B | £1 | 6,874 | 5,838 |
| (2020 - 3,766 ) |
| 111,424 | 110,388 |
| 23. | RESERVES |
| Group |
| Fair |
| Retained | Revaluation | Other | value |
| earnings | reserve | reserves | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 November 2020 | 9,257,724 | 109,213 | 170,720 | (149,500 | ) | 9,388,157 |
| Profit for the year | 720,545 | 720,545 |
| Dividends | (13,371 | ) | (13,371 | ) |
| Cash share issue | - | - | 8,889 | - | 8,889 |
| Revaluation of Investments | 19,980 | - | - | (19,980 | ) | - |
| Deferred Tax Movement | (9,737 | ) | - | - | 9,737 | - |
| Disposal | - | - | - | 32,246 | 32,246 |
| At 31 October 2021 | 9,975,141 | 109,213 | 179,609 | (127,497 | ) | 10,136,466 |
| Malcolm, Ogilvie & Company Limited (Registered number: SC002626) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 23. | RESERVES - continued |
| Company |
| Fair |
| Retained | Revaluation | Other | value |
| earnings | reserve | reserves | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 November 2020 | ( |
) | 5,527,710 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Cash share issue | - | - | 8,889 | - | 8,889 |
| Revaluation of Investments | 19,980 | - | - | (19,980 | ) | - |
| Deferred Tax Movement | (9,737 | ) | - | - | 9,737 | - |
| Disposal | - | - | - | 32,246 | 32,246 |
| At 31 October 2021 | ( |
) | 5,738,193 |
| 24. | RELATED PARTY DISCLOSURES |
| During the year, the directors received dividends from the company totalling £5,003 (2020 - £9,913) which were paid in full, |
| 25. | SHARE OPTIONS |
| During the year ended 31 October 2021, the company had a share based arrangement as described below. |
| EMI share options were granted to director G B Dickson under an agreement entered into on 30 December 2014. The number of share options granted was 5,652 ordinary B shares with an exercise price of £9.58 each. |
| EMI share options were also granted to K Small (director of Ravensby Glass Company Limited) under an agreement entered into on 30 December 2014. The number of share options granted was 2,826 ordinary B shares with an exercise price of £9.58 each. |
| Mr Dickson`s remaining options can be exercised between 1 January 2014 and 31 December 2021 with 754 becoming available in each of the third to seventh years. The final 752 can be exercised between 1st January and 31 December 2021. |
| Mr Small's options can be exercised between 1 January 2014 and 31 December 2023 with 282 becoming available in each of the first nine years. The final 288 can be exercised between 1 January 2023 and 31 December 2023. |
| The estimated fair value of each share option granted approximates to the exercise price of the options. |
| On 22nd December 2020 the 752 & 282 options available for 2021 were exercised in accordance with the agreements. |