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REGISTERED NUMBER: SC098319 (Scotland)















Mackays Garage Limited

Financial Statements For The Year Ended 30 November 2023






Mackays Garage Limited (Registered number: SC098319)






Contents of the Financial Statements
For The Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mackays Garage Limited

Company Information
For The Year Ended 30 November 2023







DIRECTORS: G A Mackay
Mrs J S M Mackay





SECRETARY: G A Mackay





REGISTERED OFFICE: Main Street
Castletown
Caithness
KW14 8TU





REGISTERED NUMBER: SC098319 (Scotland)





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

Mackays Garage Limited (Registered number: SC098319)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 501 797
Investments 5 1,292,740 1,265,206
1,293,241 1,266,003

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 6 812 535
Cash at bank and in hand 433,350 437,453
436,162 439,988
CREDITORS
Amounts falling due within one year 7 131,462 166,361
NET CURRENT ASSETS 304,700 273,627
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,597,941

1,539,630

PROVISIONS FOR LIABILITIES 8 56,503 52,439
NET ASSETS 1,541,438 1,487,191

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings 10 1,491,438 1,437,191
SHAREHOLDERS' FUNDS 1,541,438 1,487,191

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

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

Mackays Garage Limited (Registered number: SC098319)

Balance Sheet - continued
30 November 2023


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 26 August 2024 and were signed on its behalf by:





G A Mackay - Director


Mackays Garage Limited (Registered number: SC098319)

Notes to the Financial Statements
For The Year Ended 30 November 2023

1. STATUTORY INFORMATION

Mackays Garage 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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

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 NIL (2022 - 3 ).

Mackays Garage Limited (Registered number: SC098319)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 December 2022
and 30 November 2023 37,969
DEPRECIATION
At 1 December 2022 37,172
Charge for year 296
At 30 November 2023 37,468
NET BOOK VALUE
At 30 November 2023 501
At 30 November 2022 797

5. FIXED ASSET INVESTMENTS

30.11.23 30.11.22
£    £   
Shares in group undertakings 250,575 250,575
Other investments not loans 1,042,165 1,014,631
1,292,740 1,265,206

Additional information is as follows:
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 250,575 676,322 926,897
Disposals - (8,293 ) (8,293 )
Revaluations - 21,687 21,687
At 30 November 2023 250,575 689,716 940,291
NET BOOK VALUE
At 30 November 2023 250,575 689,716 940,291
At 30 November 2022 250,575 676,322 926,897

Mackays Garage Limited (Registered number: SC098319)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 November 2023 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2016 - 188,977 188,977
Valuation in 2017 - (9,715 ) (9,715 )
Valuation in 2018 - (44,708 ) (44,708 )
Valuation in 2019 - 58,428 58,428
Valuation in 2020 - (27,444 ) (27,444 )
Valuation in 2021 - 114,861 114,861
Valuation in 2022 - (5,194 ) (5,194 )
Valuation in 2023 - 21,687 21,687
Cost 250,575 392,824 643,399
250,575 689,716 940,291

If listed investments had not been revalued they would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 401,117 401,117

Listed investments were valued on an open market basis on 30 November 2023 by Hargreaves Lansdown .

Investments (neither listed nor unlisted) were as follows:
30.11.23 30.11.22
£    £   
Other investment 352,449 338,309

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Mackays Garage Corporate Trading Limited
Registered office: 6th Floor 338 Euston Road, London, UK, NW1 3BG
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 337,805 321,629
Profit for the year 16,176 26,527

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other debtors 812 535

Mackays Garage Limited (Registered number: SC098319)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 66 44
Taxation and social security 3,199 332
Other creditors 128,197 165,985
131,462 166,361

8. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax 56,503 52,439

Deferred
tax
£   
Balance at 1 December 2022 52,439
Charge to Income Statement during year 4,064
Balance at 30 November 2023 56,503

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
50,000 Ordinary 1 50,000 50,000

10. RESERVES
Retained
earnings
£   

At 1 December 2022 1,437,191
Profit for the year 54,247
At 30 November 2023 1,491,438

11. RELATED PARTY DISCLOSURES

The business operates from premises owned by Mr G A Mackay. No rent is charged.

12. ULTIMATE CONTROLLING PARTY

The controlling party is G A Mackay.