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REGISTERED NUMBER: SC715370 (Scotland)











































L L Macvie & Co Ltd

Unaudited Financial Statements

for the Year Ended 30th November 2023






L L Macvie & Co Ltd (Registered number: SC715370)






Contents of the Financial Statements
for the year ended 30th November 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


L L Macvie & Co Ltd

Company Information
for the year ended 30th November 2023







Directors: F L Macvie
D F Macvie





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Business address: Langtonlees
Duns
Berwickshire
TD11 3NS





Registered number: SC715370 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

L L Macvie & Co Ltd (Registered number: SC715370)

Balance Sheet
30th November 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 457,075 355,031

Current assets
Stocks 25,000 30,000
Debtors 5 35,958 43,578
Cash at bank 71,896 82,869
132,854 156,447
Creditors
Amounts falling due within one year 6 234,448 220,022
Net current liabilities (101,594 ) (63,575 )
Total assets less current liabilities 355,481 291,456

Creditors
Amounts falling due after more than one
year

7

(100,679

)

(96,754

)

Provisions for liabilities (72,396 ) (60,977 )
Net assets 182,406 133,725

Capital and reserves
Called up share capital 100 100
Retained earnings 182,306 133,625
182,406 133,725

L L Macvie & Co Ltd (Registered number: SC715370)

Balance Sheet - continued
30th November 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th August 2024 and were signed on its behalf by:





F L Macvie - Director


L L Macvie & Co Ltd (Registered number: SC715370)

Notes to the Financial Statements
for the year ended 30th November 2023

1. Statutory information

L L Macvie & Co 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 represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of quarry stone is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of contracting services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase liabilities, other loans and directors' loans.

Directors' loans (being repayable on demand), trade debtors, trade creditors, accruals, other loans and hire purchase liabilities are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


L L Macvie & Co Ltd (Registered number: SC715370)

Notes to the Financial Statements - continued
for the year ended 30th November 2023

2. Accounting policies - continued
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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was NIL (2022 - NIL).

L L Macvie & Co Ltd (Registered number: SC715370)

Notes to the Financial Statements - continued
for the year ended 30th November 2023

4. Tangible fixed assets
Plant and
machinery
£   
Cost
At 1st December 2022 375,489
Additions 233,136
Disposals (94,000 )
At 30th November 2023 514,625
Depreciation
At 1st December 2022 20,458
Charge for year 47,092
Eliminated on disposal (10,000 )
At 30th November 2023 57,550
Net book value
At 30th November 2023 457,075
At 30th November 2022 355,031

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 20,563 43,578
Other debtors 15,395 -
35,958 43,578

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Hire purchase contracts 65,970 42,907
Trade creditors 2,052 2,874
Taxation and social security 14,721 15,152
Other creditors 151,705 159,089
234,448 220,022

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts 100,679 96,754

L L Macvie & Co Ltd (Registered number: SC715370)

Notes to the Financial Statements - continued
for the year ended 30th November 2023

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 166,649 139,661

Hire purchase contracts are secured against the assets to which they relate.