Company Registration No. SC479026 (Scotland)
Macnairs & Wilson Limited
Unaudited accounts
for the year ended 31 December 2022
Macnairs & Wilson Limited
Unaudited accounts
Contents
Macnairs & Wilson Limited
Company Information
for the year ended 31 December 2022
Directors
Douglas Mitchell
Lesley Mathieson
Stuart Wilson
Company Number
SC479026 (Scotland)
Registered Office
9-11 NEW STREET
PAISLEY
PA1 1XU
Accountants
Orry Consultancy Limited
11 Bonnyton Drive
Eaglesham
Glasgow
G76 0LT
Macnairs & Wilson Limited
Statement of financial position
as at 31 December 2022
Tangible assets
5,400
5,632
Debtors
2,361,612
2,108,191
Cash at bank and in hand
14,156
-
Creditors: amounts falling due within one year
(2,196,548)
(1,942,417)
Net current assets
229,220
215,774
Total assets less current liabilities
234,620
221,406
Creditors: amounts falling due after more than one year
(28,333)
(38,333)
Net assets
206,287
183,073
Called up share capital
150
150
Profit and loss account
206,137
182,923
Shareholders' funds
206,287
183,073
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2023 and were signed on its behalf by
Douglas Mitchell
Director
Company Registration No. SC479026
Macnairs & Wilson Limited
Notes to the Accounts
for the year ended 31 December 2022
Macnairs & Wilson Limited is a private company, limited by shares, registered in Scotland, registration number SC479026. The registered office is 9-11 NEW STREET, PAISLEY, PA1 1XU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Macnairs & Wilson Limited
Notes to the Accounts
for the year ended 31 December 2022
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
At 31 December 2022
60,000
At 31 December 2022
60,000
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2022
1,270
11,959
13,229
At 31 December 2022
1,270
13,527
14,797
At 1 January 2022
318
7,279
7,597
Charge for the year
238
1,562
1,800
At 31 December 2022
556
8,841
9,397
At 31 December 2022
714
4,686
5,400
At 31 December 2021
952
4,680
5,632
Macnairs & Wilson Limited
Notes to the Accounts
for the year ended 31 December 2022
Amounts falling due within one year
Trade debtors
149,420
149,370
Accrued income and prepayments
27,052
21,546
Other debtors
2,185,140
1,937,275
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,000
19,630
Trade creditors
2,039
2,038
Taxes and social security
35,317
26,960
Other creditors
2,049,194
1,809,881
Loans from directors
48,270
47,142
8
Creditors: amounts falling due after more than one year
2022
2021
9
Average number of employees
During the year the average number of employees was 15 (2021: 14).
