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REGISTERED NUMBER: SC060615 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

MACKAY & INGLIS LIMITED

MACKAY & INGLIS LIMITED (REGISTERED NUMBER: SC060615)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MACKAY & INGLIS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: C M Inglis
K Taylor BA CA



SECRETARY: K Taylor BA CA



REGISTERED OFFICE: 19 Polmadie Street
Glasgow
G42 0PQ



REGISTERED NUMBER: SC060615 (Scotland)



AUDITORS: Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY



BANKERS: Virgin Money
145 - 147 Queen Street
Glasgow
G1 3BJ

MACKAY & INGLIS LIMITED (REGISTERED NUMBER: SC060615)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 327,275 367,186

CURRENT ASSETS
Stocks 162,436 182,624
Debtors 5 228,279 234,488
Cash at bank and in hand 299,818 397,730
690,533 814,842
CREDITORS
Amounts falling due within one year 6 304,885 307,165
NET CURRENT ASSETS 385,648 507,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

712,923

874,863

CAPITAL AND RESERVES
Called up share capital 57,800 57,800
Capital redemption reserve 12,200 12,200
Retained earnings 642,923 804,863
SHAREHOLDERS' FUNDS 712,923 874,863

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 12 March 2024 and were signed on its behalf by:





K Taylor BA CA - Director


MACKAY & INGLIS LIMITED (REGISTERED NUMBER: SC060615)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Mackay & Inglis 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.
Land and buildings - 2.5% on reducing balance
Plant and machinery etc - 25% on cost, 10% on cost and at variable rates on reducing balance

Stocks
Stock 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.


Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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.

MACKAY & INGLIS LIMITED (REGISTERED NUMBER: SC060615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including certain 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 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.

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 25 (2022 - 22 ) .

MACKAY & INGLIS LIMITED (REGISTERED NUMBER: SC060615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2022 305,865 2,582,977 92,410 58,047 3,039,299
Additions - 18,770 2,071 10,995 31,836
Disposals - (33,390 ) (1,571 ) (39,773 ) (74,734 )
At 30 September 2023 305,865 2,568,357 92,910 29,269 2,996,401
DEPRECIATION
At 1 October 2022 174,315 2,360,133 87,227 50,438 2,672,113
Charge for year 3,289 56,491 3,278 7,879 70,937
Eliminated on disposal - (33,227 ) (1,571 ) (39,126 ) (73,924 )
At 30 September 2023 177,604 2,383,397 88,934 19,191 2,669,126
NET BOOK VALUE
At 30 September 2023 128,261 184,960 3,976 10,078 327,275
At 30 September 2022 131,550 222,844 5,183 7,609 367,186

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 207,689 215,475
Other debtors 20,590 19,013
228,279 234,488

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 245,051 261,194
Taxation and social security 27,181 24,615
Other creditors 32,653 21,356
304,885 307,165

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Douglas Paton BSc CA (Senior Statutory Auditor)
for and on behalf of Bannerman Johnstone Maclay