Registered number
03408293
M S Macbeth Limited
Unaudited Filleted Accounts
31 December 2021
M S Macbeth Limited
Registered number: 03408293
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 9,216 30,302
Investments 4 3,421,639 1,521,341
3,430,855 1,551,643
Current assets
Debtors 5 517,492 664,433
Cash at bank and in hand 610,002 308,736
1,127,494 973,169
Creditors: amounts falling due within one year 6 (1,762,477) (861,016)
Net current (liabilities)/assets (634,983) 112,153
Total assets less current liabilities 2,795,872 1,663,796
Creditors: amounts falling due after more than one year 7 (1,377,829) (824,292)
Provisions for liabilities (1,751) (5,758)
Net assets 1,416,292 833,746
Capital and reserves
Called up share capital 800 800
Profit and loss account 1,415,492 832,946
Shareholders' funds 1,416,292 833,746
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P T Macbeth
Director
Approved by the board on 14 July 2022
M S Macbeth Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable and other fees from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office furniture and fixtures 20% straight line
Website and computer equipment 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 29 28
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021 122,322
At 31 December 2021 122,322
Depreciation
At 1 January 2021 92,020
Charge for the year 21,086
At 31 December 2021 113,106
Net book value
At 31 December 2021 9,216
At 31 December 2020 30,302
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2021 1,521,341
Additions 1,900,298
At 31 December 2021 3,421,639
Historical cost
At 1 January 2021 1,382,049
At 31 December 2021 3,420,739
5 Debtors 2021 2020
£ £
Trade debtors 202,989 199,346
Other debtors 314,503 465,087
517,492 664,433
6 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 282,796 107,787
Trade creditors 38,274 41,443
Amounts owed to group undertakings and undertakings in which the company has a participating interest 302,502 122,738
Taxation and social security costs 293,095 245,709
Other creditors 845,810 343,339
1,762,477 861,016
7 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 969,796 494,880
Other creditors 408,033 329,412
1,377,829 824,292
8 Loans 2021 2020
£ £
Creditors include:
Secured bank loans 1,252,592 602,667
Included above is a bank loan from Clydesdale Bank plc for an original amount of £667,060, commencing 23 October 2019, at a fixed rate of 5.04% for a term of 5 years. This loan is secured by a debenture over all the assets of the company, dated 23 October 2019, and registered at Companies House on 25 October 2019.

Also included above is a further bank loan from Clydesdale Bank plc for an original amount of £875,000, commencing 31 March 2021, at a fixed rate of 5.13% for a term of 5 years. This loan is secured by a debenture over all the assets of the company and a charge over a cash deposit of £200,000, both dated 31 March 2021, and registered at Companies House on 6 April 2021.
9 Other financial commitments 2021 2020
£ £
Total future minimum payments under non-cancellable operating leases 455,625 556,875
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P T Macbeth
Short-term loan that is unsecured, interest free and with no fixed repayment date 46,150 - - 46,150
46,150 - - 46,150
11 Related party transactions
Macbeth Premium Finance Limited
Macbeth Premium Finance Limited is an associated company with common directors and shareholders. There is a loan from the company to Macbeth Premium Finance Limited that is unsecured, interest free and with no fixed repayment date.

The loan outstanding from Macbeth Premium Finance Limited at the year end amounted to £200,057 (2020 - £362,057).

Macbeth Financial Services Limited
Macbeth Financial Services Limited is a 50% subsidiary company with a common director. There is a loan to the Company from Macbeth Financial Services Limited that is unsecured, interest free and with no fixed repayment date.

The loan outstanding to Macbeth Financial Services Limited at the year end amounted to £90,471 (2020 - £94,000).

Cassey Miller James Limited
Cassey Miller James Limited is a wholly owned subsidiary company with common directors. There is a loan to the Company from Cassey Miller James Limited that is unsecured, interest free and with no fixed repayment date.

The loan outstanding to Cassey Miller James Limited at the year end amounted to £28,738 (2020 - £28,738).

Peter Lole & Co (MTU) Limited
Peter Lole & Co (MTU) Limited is another wholly owned subsidiary company with common directors. There is a loan to the Company from Peter Lole & Co (MTU) Limited that is unsecured, interest free and with no fixed repayment date.

The loan outstanding to Peter Lole & Co (MTU) Limited at the year end amounted to £182,393.
12 Controlling party
The ultimate controlling parties are two of the directors, A P Gibbs and P T Macbeth, by virtue of their combined shareholdings.
13 Other information
M S Macbeth Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
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