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COMPANY REGISTRATION NUMBER: SC256349
MACDONALD BROS. LTD
Filleted Unaudited Financial Statements
31 October 2023
MACDONALD BROS. LTD
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
46,628
49,937
Current assets
Stocks
46,155
42,630
Debtors
6
143,789
122,094
Cash at bank and in hand
52,796
109,495
---------
---------
242,740
274,219
Creditors: amounts falling due within one year
7
124,349
161,094
---------
---------
Net current assets
118,391
113,125
---------
---------
Total assets less current liabilities
165,019
163,062
Creditors: amounts falling due after more than one year
8
15,833
25,833
Provisions
Taxation including deferred tax
8,859
9,488
---------
---------
Net assets
140,327
127,741
---------
---------
MACDONALD BROS. LTD
Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
140,325
127,739
---------
---------
Shareholders funds
140,327
127,741
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr. R. G. MacDonald
Mrs. A. MacDonald
Director
Director
Company registration number: SC256349
MACDONALD BROS. LTD
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Bonnethill Road, Pitlochry, PH16 5BS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
10% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank deposits, bank loans and directors loans to or from the company. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price. Trade 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 in profit or loss. Bank deposits are measured at the undiscounted amounts held on deposit at the end of the reporting period. 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. Directors' loans to or from the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 12 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
198,945
49,093
16,220
264,258
Additions
8,175
8,175
---------
--------
--------
---------
At 31 October 2023
207,120
49,093
16,220
272,433
---------
--------
--------
---------
Depreciation
At 1 November 2022
159,568
40,179
14,574
214,321
Charge for the year
8,925
2,230
329
11,484
---------
--------
--------
---------
At 31 October 2023
168,493
42,409
14,903
225,805
---------
--------
--------
---------
Carrying amount
At 31 October 2023
38,627
6,684
1,317
46,628
---------
--------
--------
---------
At 31 October 2022
39,377
8,914
1,646
49,937
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
59,112
50,930
Other debtors
84,677
71,164
---------
---------
143,789
122,094
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
82,400
121,152
Social security and other taxes
10,610
20,098
Other creditors
21,339
9,844
---------
---------
124,349
161,094
---------
---------
The company has provided the Bank of Scotland with a bond and floating charge over the company's assets in support of its overdraft facility. At 31 October 2023, the overdraft amounted to £ nil (2022 - £nil).
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
--------
--------
The company took out a bounce back loan of £50,000 which was drawn down on 17 May 2020. The loan was repayable in 60 instalments commencing on 21 June 2021. Interest is charged at 2.5% per annum for the duration of the loan.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,700
7,700
Later than 1 year and not later than 5 years
13,475
21,175
--------
--------
21,175
28,875
--------
--------
10. Directors' advances, credits and guarantees
As at 31 October 2023, Mr R MacDonald, director, owed the company £ 27,693 (2022 - £21,218). Total advances and credits during the year amounted to £ 12,475 , including interest of £607 charged at 2.25% per annum on the average monthly outstanding balance . Total repayments amounted to £ 6,000 . There is no fixed term for repayment. As at 31 October 2023, Mrs A MacDonald, director, owed the company £ 27,692 (2022 - £21,218). Total advances and credits during the year amounted to £ 12,474 , including interest of £607 charged at 2.25% per annum on the average monthly outstanding balance . Total repayments amounted to £ 6,000 . There is no fixed term for repayment.