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REGISTERED NUMBER: SC242421 (Scotland)















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Ian R Mackie Ltd.

Ian R Mackie Ltd. (Registered number: SC242421)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ian R Mackie Ltd.

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr I R Mackie
Mrs I Mackie





REGISTERED OFFICE: Backhill of Lenabo
Longside
Peterhead
Aberdeenshire
AB42 5BA





REGISTERED NUMBER: SC242421 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Ian R Mackie Ltd. (Registered number: SC242421)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 186,717 185,158

CURRENT ASSETS
Stocks 67,672 102,155
Debtors 5 127,158 48,846
Cash at bank 52,446 42,718
247,276 193,719
CREDITORS
Amounts falling due within one year 6 105,048 115,431
NET CURRENT ASSETS 142,228 78,288
TOTAL ASSETS LESS CURRENT
LIABILITIES

328,945

263,446

CREDITORS
Amounts falling due after more than one
year

7

(204,021

)

(93,864

)

PROVISIONS FOR LIABILITIES (35,447 ) (35,180 )
NET ASSETS 89,477 134,402

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 89,377 134,302
SHAREHOLDERS' FUNDS 89,477 134,402

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Ian R Mackie Ltd. (Registered number: SC242421)

Balance Sheet - continued
28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





Mr I R Mackie - Director


Ian R Mackie Ltd. (Registered number: SC242421)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Ian R Mackie Ltd. 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 represents net sales of goods and services, excluding value added tax.

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.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

Ian R Mackie Ltd. (Registered number: SC242421)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2022 474,995 54,958 179 530,132
Additions 37,495 14,250 235 51,980
Disposals (10,111 ) (8,199 ) - (18,310 )
At 28 February 2023 502,379 61,009 414 563,802
DEPRECIATION
At 1 March 2022 306,423 38,374 177 344,974
Charge for year 40,909 7,644 80 48,633
Eliminated on disposal (8,583 ) (7,939 ) - (16,522 )
At 28 February 2023 338,749 38,079 257 377,085
NET BOOK VALUE
At 28 February 2023 163,630 22,930 157 186,717
At 28 February 2022 168,572 16,584 2 185,158

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 March 2022 78,000 23,634 101,634
Additions - 14,250 14,250
At 28 February 2023 78,000 37,884 115,884
DEPRECIATION
At 1 March 2022 15,600 10,340 25,940
Charge for year 12,480 6,886 19,366
At 28 February 2023 28,080 17,226 45,306
NET BOOK VALUE
At 28 February 2023 49,920 20,658 70,578
At 28 February 2022 62,400 13,294 75,694

Ian R Mackie Ltd. (Registered number: SC242421)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 71,886 48,644
Other debtors 55,272 202
127,158 48,846

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 11,491 6,319
Hire purchase contracts 16,903 16,126
Trade creditors 65,127 51,755
Taxation and social security 7,602 10,781
Other creditors 3,925 30,450
105,048 115,431

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 176,835 57,178
Hire purchase contracts 27,186 36,686
204,021 93,864

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 124,463 29,697

8. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 188,326 63,497
Hire purchase contracts 44,089 52,812
232,415 116,309

Bank borrowings are secured by means of a floating charge over all assets. In addition, the directors have provided further security personally.

Ian R Mackie Ltd. (Registered number: SC242421)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
Mr I R Mackie
Balance outstanding at start of year (26,436 ) (26,299 )
Amounts advanced 51,173 45
Amounts repaid - (182 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,737 (26,436 )

Mrs I Mackie
Balance outstanding at start of year - -
Amounts advanced 24,737 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,737 -

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders.