REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2017 |
for |
Mackie Property Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2017 |
for |
Mackie Property Investments Limited |
Mackie Property Investments Limited (Registered number: SC482671) |
Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
Mackie Property Investments Limited |
Company Information |
for the Year Ended 31 July 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Offices 1 & 8, Unit 1A |
Inverurie Business Hub, Burghmuir Circle |
Blackhall Industrial Estate |
Inverurie |
Aberdeenshire |
AB51 4FS |
Mackie Property Investments Limited (Registered number: SC482671) |
Balance Sheet |
31 July 2017 |
31.7.17 | 31.7.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Mackie Property Investments Limited (Registered number: SC482671) |
Balance Sheet - continued |
31 July 2017 |
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 on by: |
Mackie Property Investments Limited (Registered number: SC482671) |
Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
1. | STATUTORY INFORMATION |
Mackie Property Investments Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
These financial statements for the year ended 31 July 2017 are the first set of financial statements that comply |
with FRS 102 Section 1A small entities.The date of transition is 01 August 2015. |
The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting |
policies to those used previously, this has not impacted on opening equity or profit for the comparative period so |
the reconciliations have not being included. |
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 £. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Investment property |
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. The surplus or deficit on revaluation is recognised in the profit and loss |
account. |
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. |
Mackie Property Investments Limited (Registered number: SC482671) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the |
instrument. |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured |
at transaction price including transaction costs and are subsequently carried at amortised cost. |
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or |
when the company transfers the risks and rewards of ownership to another entity. |
Basic financial liabilities |
Basic financial liabilities, which include trade and other creditors and bank loans, are initially recognised at |
transaction price and are subsequently carried at amortised cost. |
Financial liabilities are derecognised when the company's contractual obligations are discharged. |
Provisions |
Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event |
which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably. |
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of |
the time value of money is material, the provision is based on the present value of those amounts, discounted at |
the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is |
recognised within interest payable and similar charges. |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2016 |
Additions |
At 31 July 2017 |
NET BOOK VALUE |
At 31 July 2017 |
At 31 July 2016 |
The directors have reviewed the valuation at the year end and confirm that the value remains accurate. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Trade debtors |
Other debtors |
Mackie Property Investments Limited (Registered number: SC482671) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 299,704 | 318,569 |
8. | SECURED DEBTS |
Aldermore Bank hold a standard security over the company's investment property and a floating charge over all |
of the assets. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.17 | 31.7.16 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 July 2017 and 31 July 2016: |
31.7.17 | 31.7.16 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Mackie Property Investments Limited (Registered number: SC482671) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
11. | RELATED PARTY DISCLOSURES |
During the year there were related party transactions with companies in which the director Mr S Mackie is a |
majority shareholder, which are summarised below: |
At the balance sheet date there was an inter-company balance of £23,950 due from Engineering Solutions & |
Rental Limited. |
At the balance sheet date there was an inter-company balance of £3,000 due from The Firm of GSI (Partnership). |
The loans are interest free and repayable on demand. |
12. | ULTIMATE CONTROLLING PARTY |
The directors ultimately control the company by virtue of the fact that they own 100% of the issued share capital. |
13. | FIRST YEAR ADOPTION |
The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention |
and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) as at 1st |
August 2015. |
Reconciliation of equity |
No transitional adjustments were required. |
Reconciliation of profit or loss for the year |
No transitional adjustments were required. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Mackie Property Investments Limited (Registered number: SC482671) |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Mackie Property Investments Limited for the year ended 31 July 2017 which comprise the |
Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting |
records and from information and explanations you have given us. |
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the Board of Directors of Mackie Property Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mackie Property Investments Limited and state those matters that we have agreed to state to the Board of Directors of Mackie Property Investments Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Mackie Property Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mackie Property Investments Limited. You consider that Mackie Property Investments Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Mackie Property Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Offices 1 & 8, Unit 1A |
Inverurie Business Hub, Burghmuir Circle |
Blackhall Industrial Estate |
Inverurie |
Aberdeenshire |
AB51 4FS |