Company Registration No. SC241581 (Scotland)
Duncan Mackenzie Ltd
Unaudited accounts
for the year ended 31 December 2023
Duncan Mackenzie Ltd
Unaudited accounts
Contents
Duncan Mackenzie Ltd
Company Information
for the year ended 31 December 2023
Company Number
SC241581 (Scotland)
Registered Office
33 SOUTH BEACH STREET
STORNOWAY
ISLE OF LEWIS
HS1 2BN
Accountants
Taxnfacts Ltd
Timbuckthree
9 New Tolsta
Isle of Lewis
HS2 0NN
Duncan Mackenzie Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
288,360
262,145
Investments
224,633
277,040
Cash at bank and in hand
100,385
67,148
Creditors: amounts falling due within one year
(189,762)
(123,156)
Net current liabilities
(24,006)
(7,657)
Total assets less current liabilities
488,987
531,528
Creditors: amounts falling due after more than one year
(87,380)
(130,255)
Provisions for liabilities
Deferred tax
(12,811)
(6,558)
Net assets
388,796
394,715
Called up share capital
100
100
Profit and loss account
388,696
394,615
Shareholders' funds
388,796
394,715
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 September 2024 and were signed on its behalf by
Duncan Mackenzie
Director
Company Registration No. SC241581
Duncan Mackenzie Ltd
Notes to the Accounts
for the year ended 31 December 2023
Duncan Mackenzie Ltd is a private company, limited by shares, registered in Scotland, registration number SC241581. The registered office is 33 SOUTH BEACH STREET, STORNOWAY, ISLE OF LEWIS, HS1 2BN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts are presented in £ sterling.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. .
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% on cost
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
20% reducing balance
Computer equipment
50% reducing balance
Investments in shares are included at fair value.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for slow moving items
Hire purchase and leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Duncan Mackenzie Ltd
Notes to the Accounts
for the year ended 31 December 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2023
334,750
-
112,961
9,388
4,406
461,505
Additions
-
607
75,604
23
500
76,734
Disposals
-
-
(76,093)
-
-
(76,093)
At 31 December 2023
334,750
607
112,472
9,411
4,906
462,146
At 1 January 2023
107,120
-
79,962
8,943
3,335
199,360
Charge for the year
6,695
121
21,920
94
766
29,596
On disposals
-
-
(55,170)
-
-
(55,170)
At 31 December 2023
113,815
121
46,712
9,037
4,101
173,786
At 31 December 2023
220,935
486
65,760
374
805
288,360
At 31 December 2022
227,630
-
32,999
445
1,071
262,145
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
56,703
12,046
5
Investments
Other investments
Valuation at 1 January 2023
277,040
Fair value adjustments
(12,351)
Valuation at 31 December 2023
224,633
Investments are with HBOS Investment Fund Managers Ltd in a Collective Investment Plan which is an investment in an Open Ended Investment Company.
Duncan Mackenzie Ltd
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
21,833
19,140
Accrued income and prepayments
8,966
4,556
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
12,500
2,500
Obligations under finance leases and hire purchase contracts
19,005
751
Trade creditors
98,344
76,033
Taxes and social security
15,690
14,426
Deferred income
20,342
23,404
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
28,507
-
Loans from directors
24,118
82,755
9
Average number of employees
During the year the average number of employees was 9 (2022: 9).