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Eakin Macdonald & Associates Limited
Registered Number:03894721
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
2
Registered Number :
03894721
As at 31 December 2023
Eakin Macdonald & Associates Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
5,305
3,097
2
Financial assets
169,801
169,801
3
175,106
172,898
Current assets
Trade and other receivables
23,917
45,891
4
44,780
Cash and cash equivalents
69,377
115,268
68,697
Trade and other payables: amounts falling due within one
year
(255,068)
(229,177)
5
(186,371)
(113,909)
Net current liabilities
Total assets less current liabilities
61,197
(13,473)
Trade and other payables: amounts falling due after more
than one year
(32,816)
(21,565)
6
39,632
Net assets/liabilities
(46,289)
Capital and reserves
Called up share capital
2
2
Retained earnings
39,630
(46,291)
39,632
(46,289)
Shareholders' funds
For the year ended 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 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 proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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Registered Number :
03894721
For the year ended 31 December 2023
Eakin Macdonald & Associates Limited
Statement of Financial Position Continued
K R Eakin Director
S C Macdonald Director
These financial statements were approved and authorised for issue by the Board on 18 September 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 December 2023
Eakin Macdonald & Associates Limited
Notes to the Financial Statements
Statutory Information
Eakin Macdonald & Associates Limited is a private limited company, limited by shares, domiciled in England and
Wales, registration number 03894721.
Registered address:
Bryn Awel
Brithdir
Dolgellau
Gwynedd
LL40 2RR
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and
the Companies Act 2006. The financial statements have been prepared under the historical costs convention
as modified by the revaluation of certain assets.
The company has taken advantage of the option not to prepare consolidated financial statements contained in
section 398, Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a
small group.
Going Concern
The Statement of Financial Position shows Net Current Liabilities of £113,909 at 31 December 2023 (2022:
£186,371). Included in this sum is a director's loan totalling £203,991 (2022: £223,658). The director has
pledged their continuing financial support to the company by not demanding repayment of their debt unless
cashflow from the company's ordinary activities allows. The loan is interest-free and bears no fixed date for
repayment.
After making enquiries the directors have a reasonable expectation that the company has sufficient working
capital to continue in operational existence for the foreseeable future and to meet its liabilities as they fall
due. Accordingly, the financial statements have been prepared on the going concern basis.
Significant judgements and estimates
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.
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5
For the year ended 31 December 2023
Eakin Macdonald & Associates Limited
Notes to the Financial Statements Continued
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates, returns and value added tax, for the sale of goods or the provision of services in the ordinary course of the company's activities. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company's activities.
Property, plant and equipment
Tangible assets are stated in the Statement of Financial Position at cost or valuation less any subsequent
accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets
includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged at rates calculated to write off the cost or valuation of fixed assets, other than
freehold land, less their estimated residual value over their expected useful lives as follows:
Asset class: Depreciation method and rate:
Furniture and fittings 25% reducing balance
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition
is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or
assumed and equity instruments issued by the group in exchange for control of the acquired plus any costs
directly attributable to the business combination. When a business combination agreement provides for an
adjustment to the cost of the combination contingent on future events, the group includes the estimated
amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable
and can be measured reliably.
Borrowings
Interest-bearing borrowings are initially recorded at fair value net of transaction costs. Interest-bearing
borrowings are subsequently carried at amortised cost with the difference between the proceeds, net of
transaction costs, and the amount due on redemption being recognised as a charge to the Statement of
Income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable
and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.
Group Accounts
The company has taken advantage of the option not to prepare consolidated financial statements contained in
Section 398, Companies Act 2006 on the basis that the company and its subsidiary undertaking comprise a
small group.
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6
For the year ended 31 December 2023
Eakin Macdonald & Associates Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Furniture and
Fittings
£
Cost or
valuation
At 01 January 2023
9,554
3,978
Additions
Disposals
(2,765)
At 31 December 2023
10,767
Provision for depreciation and impairment
At 01 January 2023
6,457
Charge for year
1,769
(2,764)
On disposal
At 31 December 2023
5,462
At 31 December 2023
Net book value
5,305
At 31 December 2022
3,097
3. Investments held as fixed assets
Shares in group and participating interests
Total
At 01 January 2023
169,801
169,801
Cost
£
£
At 31 December 2023
169,801
169,801
At 31 December 2023
Net book value
169,801
169,801
At 01 January 2023
169,801
169,801
The company's investment represents a 100% interest in the ordinary share capital of Eakin Macdonald
(Project Management) Limited, a company registered in England and Wales.
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For the year ended 31 December 2023
Eakin Macdonald & Associates Limited
Notes to the Financial Statements Continued
4. Trade and other receivables
2022
2023
£
£
Other debtors
45,891
23,917
The debtors above include the following amounts falling due after more than one year:
Other debtors
9,595
-
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
11,251
11,251
Trade creditors
2,767
2,391
Taxation and social security
6,831
-
Other creditors
208,328
241,426
229,177
255,068
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
21,565
32,816
7. Related party transactions
Exemption has been taken under paragraph 1AC. 35, FRS 102 not to disclose transactions and balances with
other group companies that are wholly owned within the group.
Included in note 4 to the financial statements, trade and other receivables, is the following amount owed to
the company at 31 December 2023:
Amounts owed by a director: £28,430 (2022: £8,189). The loan is unsecured and is repayable on demand.
Included in note 5 to the financial statements, trade and other payables: amounts falling due within one year,
is the following amount owed by the company at 31 December 2023:
Amount owed to a director: £203,991 (2022: £223,658). The loan is unsecured, interest-free and bears no
fixed date for repayment.
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8
For the year ended 31 December 2023
Eakin Macdonald & Associates Limited
Notes to the Financial Statements Continued
8. Guarantees and other financial commitments
Lease commitments
Amounts not provided for in the Statement of Financial Position:
At 31 December 2023 the company had annual commitments under non-cancellable operating leases payable
as follows:
Due within one year: £19,500
Due between 2 and 5 years: £58,500
9. Average number of persons employed
During the year the average number of employees was 0 (2022: 0)
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