Silverfin false 05/04/2023 06/04/2022 05/04/2023 Anne Mckay 19/10/2018 Eric Mckay 10/10/2007 02 November 2023 The principal activity of the company continued to be that of joinery services. SC332154 2023-04-05 SC332154 bus:Director1 2023-04-05 SC332154 bus:Director2 2023-04-05 SC332154 2022-04-05 SC332154 core:CurrentFinancialInstruments 2023-04-05 SC332154 core:CurrentFinancialInstruments 2022-04-05 SC332154 core:Non-currentFinancialInstruments 2023-04-05 SC332154 core:Non-currentFinancialInstruments 2022-04-05 SC332154 core:ShareCapital 2023-04-05 SC332154 core:ShareCapital 2022-04-05 SC332154 core:RetainedEarningsAccumulatedLosses 2023-04-05 SC332154 core:RetainedEarningsAccumulatedLosses 2022-04-05 SC332154 core:LandBuildings 2022-04-05 SC332154 core:PlantMachinery 2022-04-05 SC332154 core:Vehicles 2022-04-05 SC332154 core:ComputerEquipment 2022-04-05 SC332154 core:LandBuildings 2023-04-05 SC332154 core:PlantMachinery 2023-04-05 SC332154 core:Vehicles 2023-04-05 SC332154 core:ComputerEquipment 2023-04-05 SC332154 bus:OrdinaryShareClass1 2023-04-05 SC332154 2022-04-06 2023-04-05 SC332154 bus:FullAccounts 2022-04-06 2023-04-05 SC332154 bus:SmallEntities 2022-04-06 2023-04-05 SC332154 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 SC332154 bus:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 SC332154 bus:Director1 2022-04-06 2023-04-05 SC332154 bus:Director2 2022-04-06 2023-04-05 SC332154 core:LandBuildings core:TopRangeValue 2022-04-06 2023-04-05 SC332154 core:PlantMachinery 2022-04-06 2023-04-05 SC332154 core:Vehicles 2022-04-06 2023-04-05 SC332154 core:ComputerEquipment 2022-04-06 2023-04-05 SC332154 2021-04-06 2022-04-05 SC332154 core:LandBuildings 2022-04-06 2023-04-05 SC332154 core:CurrentFinancialInstruments 2022-04-06 2023-04-05 SC332154 core:Non-currentFinancialInstruments 2022-04-06 2023-04-05 SC332154 bus:OrdinaryShareClass1 2022-04-06 2023-04-05 SC332154 bus:OrdinaryShareClass1 2021-04-06 2022-04-05 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC332154 (Scotland)

ERIC MCKAY (JOINERY) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 05 APRIL 2023
PAGES FOR FILING WITH THE REGISTRAR

ERIC MCKAY (JOINERY) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2023

Contents

ERIC MCKAY (JOINERY) LIMITED

BALANCE SHEET

AS AT 05 APRIL 2023
ERIC MCKAY (JOINERY) LIMITED

BALANCE SHEET (continued)

AS AT 05 APRIL 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 129,377 111,220
129,377 111,220
Current assets
Debtors 4 14,641 19,813
Cash at bank and in hand 52,979 51,545
67,620 71,358
Creditors: amounts falling due within one year 5 ( 19,494) ( 23,741)
Net current assets 48,126 47,617
Total assets less current liabilities 177,503 158,837
Creditors: amounts falling due after more than one year 6 ( 7,774) 0
Provision for liabilities 7 ( 6,264) ( 3,953)
Net assets 163,465 154,884
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 163,365 154,784
Total shareholders' funds 163,465 154,884

For the financial year ending 05 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Eric McKay (Joinery) Limited (registered number: SC332154) were approved and authorised for issue by the Director on 02 November 2023. They were signed on its behalf by:

Eric Mckay
Director
ERIC MCKAY (JOINERY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2023
ERIC MCKAY (JOINERY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

Eric McKay (Joinery) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 46 Union Street, Rosehearty, Fraserburgh, AB43 7JQ, United Kingdom.

General information and basis of accounting

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. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs and are subsequently carried at cost less impairment.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 06 April 2022 99,548 7,288 19,845 1,981 128,662
Additions 10,904 716 26,595 0 38,215
Disposals 0 ( 3,146) ( 19,845) ( 624) ( 23,615)
At 05 April 2023 110,452 4,858 26,595 1,357 143,262
Accumulated depreciation
At 06 April 2022 6,434 4,023 5,822 1,163 17,442
Charge for the financial year 1,991 698 3,643 204 6,536
Disposals 0 ( 1,926) ( 7,691) ( 476) ( 10,093)
At 05 April 2023 8,425 2,795 1,774 891 13,885
Net book value
At 05 April 2023 102,027 2,063 24,821 466 129,377
At 05 April 2022 93,114 3,265 14,023 818 111,220

4. Debtors

2023 2022
£ £
Trade debtors 12,731 16,890
Other debtors 1,910 2,923
14,641 19,813

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 194 370
Taxation and social security 12,981 20,904
Obligations under finance leases and hire purchase contracts 3,766 0
Other creditors 2,553 2,467
19,494 23,741

Obligations under hire purchase contracts are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 7,774 0

Obligations under hire purchase contracts are secured over the assets to which they relate.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 6,264 3,953

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100