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Registration number: 05950481

Colt MacKenzie McNair Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Colt MacKenzie McNair Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Colt MacKenzie McNair Limited

(Registration number: 05950481)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

21,000

-

Tangible assets

5

2,819

1,046

 

23,819

1,046

Current assets

 

Stocks

6

26,933

16,200

Debtors

7

52,247

33,946

Cash at bank and in hand

 

31,472

39,829

 

110,652

89,975

Creditors: Amounts falling due within one year

8

(50,659)

(37,141)

Net current assets

 

59,993

52,834

Total assets less current liabilities

 

83,812

53,880

Creditors: Amounts falling due after more than one year

8

(27,508)

(34,508)

Net assets

 

56,304

19,372

Capital and reserves

 

Called up share capital

2

2

Retained earnings

56,302

19,370

Shareholders' funds

 

56,304

19,372

For the financial year ending 31 December 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 9 April 2024 and signed on its behalf by:
 

 

Colt MacKenzie McNair Limited

(Registration number: 05950481)
Balance Sheet as at 31 December 2023

.........................................
J A R Wood
Company secretary and director

 

Colt MacKenzie McNair Limited

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

1

General information

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

The address of its registered office is:
31a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% reducing balance basis

 

Colt MacKenzie McNair Limited

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

Amortisation

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

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.

Debtors

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

Stocks and WIP

Stocks and WIP are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Colt MacKenzie McNair Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

26,250

26,250

At 31 December 2023

26,250

26,250

Amortisation

Amortisation charge

5,250

5,250

At 31 December 2023

5,250

5,250

Carrying amount

At 31 December 2023

21,000

21,000

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

3,039

3,039

Additions

2,478

2,478

At 31 December 2023

5,517

5,517

Depreciation

At 1 January 2023

1,993

1,993

Charge for the year

705

705

At 31 December 2023

2,698

2,698

Carrying amount

At 31 December 2023

2,819

2,819

At 31 December 2022

1,046

1,046

 

Colt MacKenzie McNair Limited

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

6

Stocks

2023
£

2022
£

Work in progress

26,933

16,200

7

Debtors

Current

2023
£

2022
£

Trade debtors

43,490

24,750

Prepayments

3,883

-

Other debtors

4,874

9,196

 

52,247

33,946

 

Colt MacKenzie McNair Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

7,000

7,000

Trade creditors

4,994

3,403

Taxation and social security

12,922

11,725

Other creditors

25,743

15,013

50,659

37,141

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

27,508

34,508

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000

Other borrowings

2,000

2,000

7,000

7,000

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

27,508

34,508

 

Colt MacKenzie McNair Limited

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

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

J A R Wood

Directors loan account

9,196

(4,321)

4,875

       
     

 

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

J A R Wood

Directors loan account

14,094

(4,897)

9,196

       
     

 

Summary of transactions with other related parties

The McNair Partnership Limited
 A company controlled by a director and shareholder made loans to the company. The loans have no fixed repayment date and are non interest bearing. At the balance sheet date the amount owed to The McNair Partnership Limited was £15,509 (2022: £17,509).