Macduff Diesels Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC177616 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 September 2020

for

Macduff Diesels Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C G Thain

J Watt

C Ritchie

R Macleod

W F Barrack

SECRETARY:

Ledingham Chalmers

REGISTERED OFFICE:

Johnstone House

52-54 Rose Street

Aberdeen

AB10 1HA

REGISTERED NUMBER:

SC177616 (Scotland)

ACCOUNTANTS:

Grampian Accounting

3 Prospect Place

Arnhall Business Park

Westhill

Aberdeenshire

AB32 6SY

FIXED ASSETS

Tangible assets

4

32,568

43,218

CURRENT ASSETS

Stocks

340,718

284,630

Debtors

5

389,807

385,050

Cash at bank and in hand

236,177

93,419

966,702

763,099

CREDITORS

Amounts falling due within one year

6

236,284

146,779

NET CURRENT ASSETS

730,418

616,320

TOTAL ASSETS LESS CURRENT LIABILITIES

762,986

659,538

CREDITORS

Amounts falling due after more than one year

7

(7,265

)

(13,508

)

PROVISIONS FOR LIABILITIES

(6,188

)

(8,211

)

NET ASSETS

749,533

637,819

CAPITAL AND RESERVES

Called up share capital

5,750

5,750

Share premium

49,250

49,250

Retained earnings

694,533

582,819

SHAREHOLDERS' FUNDS

749,533

637,819

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2021 and were signed on its behalf by:

C G Thain - Director

J Watt - Director

1.	STATUTORY INFORMATION

Macduff Diesels Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

and 30 September 2020

105,781

DEPRECIATION

At 1 October 2019

62,563

Charge for year

10,650

At 30 September 2020

73,213

NET BOOK VALUE

At 30 September 2020

32,568

At 30 September 2019

43,218

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

338,374

356,375

Other debtors

51,433

28,675

389,807

385,050

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Hire purchase contracts

6,243

8,055

Trade creditors

152,773

125,757

Taxation and social security

27,905

(2,952

)

Other creditors

49,363

15,919

236,284

146,779

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Hire purchase contracts

7,265

13,508

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company made sales to Macduff Shipyards Limited of £262,370 (2019 £250,032) and was owed £41,522 (2019 £97,999) from Macduff Shipyards Limited at the year end.

During the year the company made purchases from Macduff Shipyards Limited of £8,303 (2019 £10,718 ) and was due £678 (2019 £182 ) to Macduff Shipyards Limited at the year end.

Messrs Watt, Farquhar, Ritchie and MacLeod are directors and shareholders of both Macduff Diesels Limited and Macduff Shipyards Limited.

The company also paid rent of £9,972 (2019 £16,620) to Mr & Mrs Watt during the year, and owed £0.00 (2019 £1,662) to Mr & Mrs Watt at the year end.

All of the above transactions took place on an arms length basis.