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REGISTERED NUMBER: SC022703 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

RICHARD F. MACKAY LIMITED

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


RICHARD F. MACKAY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: R F Mackay Jnr
S J Mackay





SECRETARY: Mrs E J Mackay





REGISTERED OFFICE: 60 Stevenson Road
Edinburgh
Midlothian
EH11 2SG





REGISTERED NUMBER: SC022703 (Scotland)





ACCOUNTANTS: MacDonald Morton Ltd
Chartered Accountants
67 March Road
Edinburgh
EH4 3SU

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £   
CURRENT ASSETS
Stocks 1,001,439 1,010,097
Debtors 4 786,645 992,536
Cash at bank and in hand 199,488 382,867
1,987,572 2,385,500
CREDITORS
Amounts falling due within one year 5 1,496,614 1,787,083
NET CURRENT ASSETS 490,958 598,417
TOTAL ASSETS LESS CURRENT
LIABILITIES

490,958

598,417

CREDITORS
Amounts falling due after more than one year 6 245,085 353,435
NET ASSETS 245,873 244,982

CAPITAL AND RESERVES
Called up share capital 70,100 70,100
Share premium 120,000 120,000
Retained earnings 55,773 54,882
SHAREHOLDERS' FUNDS 245,873 244,982

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.

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

STATEMENT OF FINANCIAL POSITION - 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





S J Mackay - Director


RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Richard F. Mackay 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts.

Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products, and collectability of the related receivables is fairly assured.

Service revenues are recognised as those services are provided to customers.

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

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets
Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Directors' loans from the company are measured at the undiscounted amount of the cash expected to be received.

Amounts owed by group undertakings are measured at the undiscounted amount of the cash expected to be received.

Financial liabilities
Trade and other creditors are initially measured at the transaction price, including any transaction costs.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 35 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 21,470 11,958
Amounts owed by group undertakings 414,555 594,045
Other debtors 350,620 386,533
786,645 992,536

Amounts due from group undertakings have been included within amounts falling due within one year as there is no formal loan agreement in place with respect to repayment terms. The substance of the transaction with respect to amounts due from group undertakings is that they are highly likely to be settled after more than one year.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 75,000 84,000
Trade creditors 435,931 524,224
Taxation and social security 353,319 295,487
Other creditors 632,364 883,372
1,496,614 1,787,083

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 245,085 353,435

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 48,085 76,435

7. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 125,085 182,435

8. CONTINGENT LIABILITIES

The company is party to an inter-company guarantee held by the Royal Bank of Scotland plc over part of the group's borrowings. Overall there was a consolidated bank loan at 28 February 2023 of £857,047 (28 February 2022: £953,933) covered by the inter-company guarantee.

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
£    £   
R F Mackay Jnr
Balance outstanding at start of year 96,702 65,914
Amounts advanced - 30,788
Amounts repaid (8,752 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 87,950 96,702

S J Mackay
Balance outstanding at start of year 228,469 170,697
Amounts advanced - 57,772
Amounts repaid (30,222 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 198,247 228,469

The above loans are included within other debtors. The loans are unsecured, interest free and repayable on demand.

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Richard F Mackay (House Furnishers)Ltd - 60 Stevenson Road, Edinburgh.