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REGISTERED NUMBER: 04113002 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023

FOR

ANGUS MACKINNON LIMITED

ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 9


ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.10.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 302,972 222,166

CURRENT ASSETS
Stocks 895,940 711,868
Debtors 6 362,374 340,291
Cash at bank and in hand 335,926 447,550
1,594,240 1,499,709
CREDITORS
Amounts falling due within one year 7 (1,147,394 ) (1,042,971 )
NET CURRENT ASSETS 446,846 456,738
TOTAL ASSETS LESS CURRENT
LIABILITIES

749,818

678,904

CREDITORS
Amounts falling due after more than one
year

8

(56,946

)

(128,846

)

PROVISIONS FOR LIABILITIES (49,869 ) (34,997 )
NET ASSETS 643,003 515,061

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Retained earnings 393,003 265,061
643,003 515,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

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

ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 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 12 September 2024 and were signed on its behalf by:





M MacKinnon - Director


ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Derby Road, Uttoxeter, Staffordshire, ST14 8EG. The principal activity of the company during the year was that of vehicle sales and leasing systems for vehicle purchases and vehicle sales.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidence by disposals during current and prior accounting periods.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - straight line over the life of the lease
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% straight line

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.

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.

ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability

TAXATION
Taxation for the period 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, include holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 45 (2022 - 44 ) .

ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 25,583 190,141 359,595 16,926 592,245
Additions - 72,137 171,698 9,662 253,497
Disposals - - (86,254 ) - (86,254 )
At 31 December 2023 25,583 262,278 445,039 26,588 759,488
DEPRECIATION
At 1 November 2022 9,609 133,303 212,281 14,886 370,079
Charge for period 1,194 37,618 82,566 5,023 126,401
Eliminated on disposal - - (39,964 ) - (39,964 )
At 31 December 2023 10,803 170,921 254,883 19,909 456,516
NET BOOK VALUE
At 31 December 2023 14,780 91,357 190,156 6,679 302,972
At 31 October 2022 15,974 56,838 147,314 2,040 222,166

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


Motor
vehicles
£
At 31 December 202351,088
At 31 October 202249,910

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.10.22
£    £   
Trade debtors 304,740 220,135
Other debtors 10,138 22,800
Directors' loan accounts - 41,855
Prepayments and accrued income 47,496 55,501
362,374 340,291

ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.10.22
£    £   
Bank loans and overdrafts 68,710 68,710
Hire purchase contracts 25,873 16,737
Trade creditors 198,012 161,126
Amounts owed to group undertakings 245,080 263,947
Tax 21,070 27,563
Social security and other taxes 34,186 30,486
VAT 42,718 86,288
Other creditors 30,575 10,079
Stocking loan 170,393 300,386
Directors' loan accounts 178,624 -
Accruals and deferred income 132,153 77,649
1,147,394 1,042,971

Debenture dated 02 May 2011 in favour of Barclay Bank Plc over the facilities in place, incorporation a fixed and floating charge over all assets present and future.

Charge dated 16 May 2016 in favour of Barclays Bank Plc incorporating a fixed and floating charge over all the assets present and future of Angus Mackinnon Limited and Mackinnon Properties Staffordshire Limited.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.10.22
£    £   
Bank loans - 1-2 years 25,121 68,710
Bank loans - 2-5 years - 29,299
Hire purchase contracts 31,825 30,837
56,946 128,846

9. CAPITAL COMMITMENTS

There were none, either contracted, or authorised but not contracted.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2023 and the year ended 31 October 2022:

31.12.23 31.10.22
£    £   
S MacKinnon
Balance outstanding at start of period 41,855 31,781
Amounts advanced 69,279 47,574
Amounts repaid (289,758 ) (37,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (178,624 ) 41,855

ANGUS MACKINNON LIMITED (REGISTERED NUMBER: 04113002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023


11. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the board.

12. ULTIMATE CONTROLLING PARTY

The company considers Mackinnon Holdings Limited to be the ultimate holding company.