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REGISTERED NUMBER: SC114136 (Scotland)










Unaudited Financial Statements

for the Year Ended 31 December 2023

for

James Mackie (Plumbers) Limited

James Mackie (Plumbers) Limited (Registered number: SC114136)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 9

James Mackie (Plumbers) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Mackie
Mrs B Mackie





SECRETARY: Ms H Hair





REGISTERED OFFICE: 1 Tam's Brig
AYR
KA8 8DF





REGISTERED NUMBER: SC114136 (Scotland)





ACCOUNTANTS: T B Dunn & Co
Ground Floor (part)
8000 Academy Business Park
51 Gower Street
GLASGOW
G51 1PR

James Mackie (Plumbers) Limited (Registered number: SC114136)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 58,157 15,843
Investment property 6 40,000 40,000
98,157 55,843

CURRENT ASSETS
Stocks 179,785 125,373
Debtors 233,818 339,041
Cash at bank and in hand 641,819 768,560
1,055,422 1,232,974
CREDITORS
Amounts falling due within one year 236,460 264,684
NET CURRENT ASSETS 818,962 968,290
TOTAL ASSETS LESS CURRENT
LIABILITIES

917,119

1,024,133

CREDITORS
Amounts falling due after more than one year 41,089 25,000
NET ASSETS 876,030 999,133

CAPITAL AND RESERVES
Called up share capital 30,001 30,001
Other reserves 8 28,699 28,699
Capital redemption reserve 20,001 20,001
Retained earnings 797,329 920,432
SHAREHOLDERS' FUNDS 876,030 999,133

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

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

James Mackie (Plumbers) Limited (Registered number: SC114136)

Abridged Balance Sheet - 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 11 September 2024 and were signed on its behalf by:





J Mackie - Director


James Mackie (Plumbers) Limited (Registered number: SC114136)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

James Mackie (Plumbers) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

Turnover
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
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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Included in freehold property is land which has not been depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


James Mackie (Plumbers) Limited (Registered number: SC114136)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Operating leases
Rentals paid under operating leases are charged to the profit and loss account as incurred.

Grants
Grants of a revenue nature are included in the profit and loss in the year which they are received.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash and deposits with financial institutions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

James Mackie (Plumbers) Limited (Registered number: SC114136)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 24 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 206,617
Additions 60,951
Disposals (34,862 )
At 31 December 2023 232,706
DEPRECIATION
At 1 January 2023 190,774
Charge for year 5,142
Eliminated on disposal (21,367 )
At 31 December 2023 174,549
NET BOOK VALUE
At 31 December 2023 58,157
At 31 December 2022 15,843

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 26,990
Additions 59,042
Transfer to ownership (26,990 )
At 31 December 2023 59,042
DEPRECIATION
At 1 January 2023 13,495
Charge for year 2,443
Transfer to ownership (13,495 )
At 31 December 2023 2,443
NET BOOK VALUE
At 31 December 2023 56,599
At 31 December 2022 13,495

James Mackie (Plumbers) Limited (Registered number: SC114136)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 40,000
NET BOOK VALUE
At 31 December 2023 40,000
At 31 December 2022 40,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2014 40,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 11,301 11,301

Investment property was valued on an open market basis on 24 June 2014 by D M Hall Chartered Surveyors .

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 37,352 4,132

8. RESERVES
Other
reserves
£   
At 1 January 2023
and 31 December 2023 28,699

James Mackie (Plumbers) Limited (Registered number: SC114136)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
J Mackie
Balance outstanding at start of year 155,031 116,848
Amounts advanced 93,409 42,183
Amounts repaid (126,004 ) (4,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 122,436 155,031

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
James Mackie (Plumbers) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of James Mackie (Plumbers) Limited for the year ended 31 December 2023 which comprise the Abridged Statement of Income and Retained Earnings, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of James Mackie (Plumbers) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of James Mackie (Plumbers) Limited and state those matters that we have agreed to state to the Board of Directors of James Mackie (Plumbers) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that James Mackie (Plumbers) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of James Mackie (Plumbers) Limited. You consider that James Mackie (Plumbers) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of James Mackie (Plumbers) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






T B Dunn & Co
Ground Floor (part)
8000 Academy Business Park
51 Gower Street
GLASGOW
G51 1PR


11 September 2024