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REGISTERED NUMBER: SC522713 (Scotland)















Unaudited Financial Statements For The Year Ended 31 January 2024

for

J & L Mackay Ltd

J & L Mackay Ltd (Registered number: SC522713)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & L Mackay Ltd

Company Information
For The Year Ended 31 January 2024







DIRECTORS: J S Mackay
Mrs L A Mackay



REGISTERED OFFICE: Clyth Mains
Occumster
Lybster
Caithness
KW3 6AX



REGISTERED NUMBER: SC522713 (Scotland)



ACCOUNTANTS: The Long Partnership
Chartered Accountants
Chartered Tax Advisers
1 Sir John's Square
Thurso
Caithness
KW14 7AN



BANKERS: The Royal Bank of Scotland
1 Bridge Street
Wick
Caithness
KW1 4BU

J & L Mackay Ltd (Registered number: SC522713)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,872 10,872
Tangible assets 5 414,795 422,462
425,667 433,334

CURRENT ASSETS
Stocks 287,907 298,745
Debtors 6 5,419 5,465
293,326 304,210
CREDITORS
Amounts falling due within one year 7 373,727 375,041
NET CURRENT LIABILITIES (80,401 ) (70,831 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

345,266

362,503

CREDITORS
Amounts falling due after more than one
year

8

(219,899

)

(248,357

)

PROVISIONS FOR LIABILITIES 9 (14,413 ) (15,870 )

ACCRUALS AND DEFERRED INCOME (2,158 ) (2,538 )
NET ASSETS 108,796 95,738

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 108,696 95,638
108,796 95,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

J & L Mackay Ltd (Registered number: SC522713)

Balance Sheet - continued
31 January 2024


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 3 April 2024 and were signed on its behalf by:




J S Mackay - Director



Mrs L A Mackay - Director


J & L Mackay Ltd (Registered number: SC522713)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

J & L Mackay 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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance

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 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.

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.

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

J & L Mackay Ltd (Registered number: SC522713)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 10,872
NET BOOK VALUE
At 31 January 2024 10,872
At 31 January 2023 10,872

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 328,063 151,437 479,500
Additions - 8,035 8,035
At 31 January 2024 328,063 159,472 487,535
DEPRECIATION
At 1 February 2023 - 57,038 57,038
Charge for year - 15,702 15,702
At 31 January 2024 - 72,740 72,740
NET BOOK VALUE
At 31 January 2024 328,063 86,732 414,795
At 31 January 2023 328,063 94,399 422,462

Land and buildings are held by J & L Mackay in trust for the company.

J & L Mackay Ltd (Registered number: SC522713)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 30,000
DEPRECIATION
At 1 February 2023 4,500
Charge for year 3,825
At 31 January 2024 8,325
NET BOOK VALUE
At 31 January 2024 21,675
At 31 January 2023 25,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 5,419 5,465

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 86,944 88,790
Hire purchase contracts 5,455 5,455
Trade creditors 7,677 13,114
Taxation and social security 6,414 3,265
Other creditors 267,237 264,417
373,727 375,041

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 206,262 229,266
Hire purchase contracts 13,637 19,091
219,899 248,357

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 75,333 109,202

J & L Mackay Ltd (Registered number: SC522713)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

9. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 14,413 15,870

Deferred
tax
£   
Balance at 1 February 2023 15,870
Credit to Income Statement during year (1,457 )
Balance at 31 January 2024 14,413

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J & L Mackay.