Printed on 27 October 2023 at 09:30:43
Company registration number SC482671 (Scotland)
Mackie Property Investments Limited
Unaudited financial statements
for the year ended 31 July 2022
Pages for filing with registrar
Printed on 27 October 2023 at 09:30:43
Mackie Property Investments Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Mackie Property Investments Limited
1
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 2022 which comprise, the balance sheet 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Mackie Property Investments Limited, as a body, in accordance with the terms of our engagement letter dated 15 July 2021. 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 the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mackie Property Investments Limited 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 loss 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
27 October 2023
Printed on 27 October 2023 at 09:30:43
Mackie Property Investments Limited
Balance sheet
as at 31 July 2022
31 July 2022
2
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
627,795
627,795
Current assets
Debtors
4
24,915
173,067
Cash at bank and in hand
74
5,974
24,989
179,041
Creditors: amounts falling due within one year
5
(424,131)
(393,818)
Net current liabilities
(399,142)
(214,777)
Total assets less current liabilities
228,653
413,018
Creditors: amounts falling due after more than one year
6
(304,256)
(333,670)
Net (liabilities)/assets
(75,603)
79,348
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(75,703)
79,248
Total equity
(75,603)
79,348
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Printed on 27 October 2023 at 09:30:43
Mackie Property Investments Limited
Balance sheet (continued)
as at 31 July 2022
31 July 2022
3
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
Stuart A. Mackie
Director
Company Registration No. SC482671
Printed on 27 October 2023 at 09:30:43
Mackie Property Investments Limited
Notes to the financial statements
for the year ended 31 July 2022
4
1
Accounting policies
Company information
Mackie Property Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 5, Insch Business Park, Insch, Aberdeenshire, AB52 6TA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment properties
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. Changes in fair value are recognised in profit or loss.
Printed on 27 October 2023 at 09:30:43
Mackie Property Investments Limited
Notes to the financial statements (continued)
for the year ended 31 July 2022
1
Accounting policies (continued)
5
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 1 August 2021 and 31 July 2022
627,795
Investment property comprises units at Insch Business Park, Aberdeenshire. The fair value of the investment property is determined annually by the directors on an open market value for existing use basis.
Printed on 27 October 2023 at 09:30:43
Mackie Property Investments Limited
Notes to the financial statements (continued)
for the year ended 31 July 2022
6
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,425
5,005
Other debtors
19,490
168,062
24,915
173,067
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
30,263
24,762
Trade creditors
10,087
1,078
Corporation tax
46,579
43,012
Other taxation and social security
78,156
68,655
Other creditors
259,046
256,311
424,131
393,818
Aldermore Bank holds a standard security over the company's investment property and a floating charge over all of the company's assets.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
304,256
333,670
Aldermore Bank holds a standard security over the company's investment property and a floating charge over all of the company's assets.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
189,644
227,957
7
Going concern
The statement of financial position shows that liabilities exceed assets by £75,603, including liabilities of £238,861 due to the directors. The directors have confirmed that they will maintain their financial support for the foreseeable future to enable the company to continue normal trading operations. The financial statements are therefore drawn up on a going concern basis.