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REGISTERED NUMBER: SC250018 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Mackinco (32) Limited

Mackinco (32) Limited (Registered number: SC250018)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Mackinco (32) Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr W S West
Mr J C Buchan Jnr





REGISTERED OFFICE: 14 Carden Place
Aberdeen
AB10 1UR





REGISTERED NUMBER: SC250018 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Mackinco (32) Limited (Registered number: SC250018)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,200,000 1,200,000

CURRENT ASSETS
Cash at bank 27,224 29,292

CREDITORS
Amounts falling due within one year 5 23,407 24,506
NET CURRENT ASSETS 3,817 4,786
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,203,817

1,204,786

PROVISIONS FOR LIABILITIES 264,962 264,962
NET ASSETS 938,855 939,824

CAPITAL AND RESERVES
Called up share capital 32 32
Revaluation reserve 6 841,038 841,038
Retained earnings 6 97,785 98,754
SHAREHOLDERS' FUNDS 938,855 939,824

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

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

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 4 September 2024 and were signed on its behalf by:



Mr J C Buchan Jnr - Director


Mackinco (32) Limited (Registered number: SC250018)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Mackinco (32) 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets comprise of a fishing licence which was initially measured at cost. After initial recognition, the licence is measured on a valuation basis and is reported at fair value.

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.

3. EMPLOYEES AND DIRECTORS

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

Mackinco (32) Limited (Registered number: SC250018)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 June 2023
and 31 May 2024 1,200,000
NET BOOK VALUE
At 31 May 2024 1,200,000
At 31 May 2023 1,200,000

Cost or valuation at 31 May 2024 is represented by:

Other
intangible
assets
£   
Valuation in 2020 1,106,000
Cost 94,000
1,200,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Taxation and social security 11,839 13,013
Other creditors 11,568 11,493
23,407 24,506

6. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2023 98,754 841,038 939,792
Profit for the year 47,031 - 47,031
Dividends (48,000 ) - (48,000 )
At 31 May 2024 97,785 841,038 938,823