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REGISTERED NUMBER: SC052203 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

William MacKay (Precast) Limited

William MacKay (Precast) Limited (Registered number: SC052203)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


William MacKay (Precast) Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: W Mackay
C H Mackay



SECRETARY: Mrs E Sutherland



REGISTERED OFFICE: Cairns Quarry
Stirkoke
By Wick
Caithness
KW1 5SD



REGISTERED NUMBER: SC052203 (Scotland)



ACCOUNTANTS: Reid & Fraser
Chartered Accountants
92 High Street
Wick
Caithness
KW1 4LY



BANKERS: Bank of Scotland
18 Bridge Street
Wick
Caithness
KW1 4NG



SOLICITORS: D.W. Georgeson & Son
22 Bridge Street
Wick
Caithness
KW1 4NG

William MacKay (Precast) Limited (Registered number: SC052203)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 141,524 142,866

CURRENT ASSETS
Stocks 78,442 73,147
Debtors 5 20,133 55,417
Cash in hand 689 250
99,264 128,814
CREDITORS
Amounts falling due within one year 6 (152,707 ) (157,897 )
NET CURRENT LIABILITIES (53,443 ) (29,083 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,081

113,783

CREDITORS
Amounts falling due after more than one year 7 (100,723 ) (106,142 )
NET (LIABILITIES)/ASSETS (12,642 ) 7,641

CAPITAL AND RESERVES
Called up share capital 8,000 8,000
Retained earnings (20,642 ) (359 )
SHAREHOLDERS' FUNDS (12,642 ) 7,641

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

William MacKay (Precast) Limited (Registered number: SC052203)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 15 November 2023 and were signed on its behalf by:





W Mackay - Director


William MacKay (Precast) Limited (Registered number: SC052203)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

William MacKay (Precast) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% straight line
Plant and machinery - 15% reducing balance
Motor vehicles - 25% reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the balance sheet. It is provided using the tax rates that are expected to apply in the period when the asset or liability is settled, based on the rates that have been enacted or substantively enacted at the balance sheet date.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised.

William MacKay (Precast) Limited (Registered number: SC052203)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2022 138,425 680,276 108,066 926,767
Additions - 298 18,478 18,776
At 31 March 2023 138,425 680,574 126,544 945,543
DEPRECIATION
At 1 April 2022 75,112 608,227 100,562 783,901
Charge for year 2,769 10,853 6,496 20,118
At 31 March 2023 77,881 619,080 107,058 804,019
NET BOOK VALUE
At 31 March 2023 60,544 61,494 19,486 141,524
At 31 March 2022 63,313 72,049 7,504 142,866

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 21,495 - 21,495
Additions - 14,978 14,978
At 31 March 2023 21,495 14,978 36,473
DEPRECIATION
At 1 April 2022 10,275 - 10,275
Charge for year 1,683 3,745 5,428
At 31 March 2023 11,958 3,745 15,703
NET BOOK VALUE
At 31 March 2023 9,537 11,233 20,770
At 31 March 2022 11,220 - 11,220

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,759 55,417
Other debtors 1,374 -
20,133 55,417

William MacKay (Precast) Limited (Registered number: SC052203)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 56,777 52,676
Hire purchase contracts 3,731 4,299
Trade creditors 21,911 27,575
Other creditors 70,288 73,347
152,707 157,897

The company has granted a Bond and Floating Charge over its assets in favour of the company's bankers.

Other creditors include £3,595 (2022 - £19,353) in respect of taxation and social security.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 89,168 105,425
Hire purchase contracts 11,555 717
100,723 106,142

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 36,438 33,990
Bank loans 109,507 124,111
145,945 158,101

9. ULTIMATE CONTROLLING PARTY

The controlling party is W Mackay.

10. GOING CONCERN

The directors are aware that the company is technically insolvent but are of the opinion that it will remain a going concern with their continued financial support.