Mackay Transport and Storage Limited 02220749 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is that of haulage and storage contractors Digita Accounts Production Advanced 6.30.9574.0 true 02220749 2022-11-01 2023-10-31 02220749 2023-10-31 02220749 bus:OrdinaryShareClass1 2023-10-31 02220749 core:FurtherSpecificReserve1ComponentTotalEquity 2023-10-31 02220749 core:OtherReservesSubtotal 2023-10-31 02220749 core:RetainedEarningsAccumulatedLosses 2023-10-31 02220749 core:ShareCapital 2023-10-31 02220749 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:CurrentFinancialInstruments 2023-10-31 02220749 core:CurrentFinancialInstruments 2023-10-31 02220749 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 02220749 core:Goodwill 2023-10-31 02220749 core:FurnitureFittingsToolsEquipment 2023-10-31 02220749 core:MotorVehicles 2023-10-31 02220749 bus:SmallEntities 2022-11-01 2023-10-31 02220749 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 02220749 bus:FullAccounts 2022-11-01 2023-10-31 02220749 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 02220749 bus:RegisteredOffice 2022-11-01 2023-10-31 02220749 bus:Director1 2022-11-01 2023-10-31 02220749 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 02220749 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02220749 core:FurtherSpecificReserve1ComponentTotalEquity 2022-11-01 2023-10-31 02220749 core:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 02220749 core:ShareCapital 2022-11-01 2023-10-31 02220749 core:Goodwill 2022-11-01 2023-10-31 02220749 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 02220749 core:MotorVehicles 2022-11-01 2023-10-31 02220749 core:PlantMachinery 2022-11-01 2023-10-31 02220749 countries:England 2022-11-01 2023-10-31 02220749 2022-10-31 02220749 core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-31 02220749 core:RetainedEarningsAccumulatedLosses 2022-10-31 02220749 core:ShareCapital 2022-10-31 02220749 core:Goodwill 2022-10-31 02220749 core:FurnitureFittingsToolsEquipment 2022-10-31 02220749 core:MotorVehicles 2022-10-31 02220749 2021-11-01 2022-10-31 02220749 2022-10-31 02220749 bus:OrdinaryShareClass1 2022-10-31 02220749 core:OtherReservesSubtotal 2022-10-31 02220749 core:RetainedEarningsAccumulatedLosses 2022-10-31 02220749 core:ShareCapital 2022-10-31 02220749 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:CurrentFinancialInstruments 2022-10-31 02220749 core:CurrentFinancialInstruments 2022-10-31 02220749 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 02220749 core:Goodwill 2022-10-31 02220749 core:FurnitureFittingsToolsEquipment 2022-10-31 02220749 core:MotorVehicles 2022-10-31 02220749 core:FurtherSpecificReserve1ComponentTotalEquity 2021-11-01 2022-10-31 02220749 core:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 02220749 core:ShareCapital 2021-11-01 2022-10-31 02220749 2021-10-31 02220749 core:FurtherSpecificReserve1ComponentTotalEquity 2021-10-31 02220749 core:RetainedEarningsAccumulatedLosses 2021-10-31 02220749 core:ShareCapital 2021-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02220749

Mackay Transport and Storage Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Mackay Transport and Storage Limited

(Registration number: 02220749)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

10,745

Tangible assets

5

81,126

93,412

Investment property

6

325,000

325,000

 

406,126

429,157

Current assets

 

Debtors

8

290,216

401,670

Other financial assets

7

2,464,750

1,902,463

Cash at bank and in hand

 

365,884

821,101

 

3,120,850

3,125,234

Creditors: Amounts falling due within one year

9

(376,173)

(522,008)

Net current assets

 

2,744,677

2,603,226

Total assets less current liabilities

 

3,150,803

3,032,383

Provisions for liabilities

(35,429)

(17,425)

Net assets

 

3,115,374

3,014,958

Capital and reserves

 

Called up share capital

10

100

100

Other reserves

95,493

70,299

Profit and loss account

3,019,781

2,944,559

Total equity

 

3,115,374

3,014,958

 

Mackay Transport and Storage Limited

(Registration number: 02220749)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 February 2024 and signed on its behalf by:
 


Mr M Mackay
Director

   
 

Mackay Transport and Storage Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 November 2022

100

70,299

2,944,559

3,014,958

Profit for the year

-

-

193,416

193,416

Dividends

-

-

(93,000)

(93,000)

Transfers

-

25,194

(25,194)

-

At 31 October 2023

100

95,493

3,019,781

3,115,374

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 November 2021

100

252,573

2,834,823

3,087,496

Profit for the year

-

-

20,462

20,462

Dividends

-

-

(93,000)

(93,000)

Transfers

-

(182,274)

182,274

-

At 31 October 2022

100

70,299

2,944,559

3,014,958

 

Mackay Transport and Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8th Avenue
Flixborough Trading Estate
Scunthorpe
North Lincolnshire
DN15 8SJ
 

Registration number: 02220749

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mackay Transport and Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15%/25% per annum on written down value

Motor vehicles

25% per annum on written down value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

At the transition to FRS 102 date there was less than 10 years remaining and so goodwill continues to be amortised at the same rate as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mackay Transport and Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial assets

Financial assets where the fair value can be measured reliably are initially measured at fair value, with the changes in fair value recognised in profit or loss.

 

Mackay Transport and Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2022 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

515,700

515,700

At 31 October 2023

515,700

515,700

Amortisation

At 1 November 2022

504,955

504,955

Amortisation charge

10,745

10,745

At 31 October 2023

515,700

515,700

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

10,745

10,745

5

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

445,140

14,250

459,390

Additions

6,198

-

6,198

At 31 October 2023

451,338

14,250

465,588

Depreciation

At 1 November 2022

352,759

13,219

365,978

Charge for the year

18,226

258

18,484

At 31 October 2023

370,985

13,477

384,462

Carrying amount

At 31 October 2023

80,353

773

81,126

At 31 October 2022

92,381

1,031

93,412

 

Mackay Transport and Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Investment properties

2023
£

At 1 November

325,000

At 31 October

325,000

The fair value of investment property is reviewed annually by the directors.

There has been no valuation of investment property by an independent valuer.

7

Other financial assets

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 November 2022

1,902,463

1,902,463

Fair value adjustments

30,229

30,229

Other adjustments

532,058

532,058

At 31 October 2023

2,464,750

2,464,750

Carrying amount

At 31 October 2023

2,464,750

2,464,750

At 31 October 2022

1,902,463

1,902,463

8

Debtors

2023
£

2022
£

Trade debtors

274,164

387,488

Other debtors

16,052

14,182

290,216

401,670

 

Mackay Transport and Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Creditors

2023
£

2022
£

Due within one year

Trade creditors

122,057

256,367

Social security and other taxes

83,374

70,368

Other creditors

170,742

195,273

376,173

522,008

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100