Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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29,388 | 34,930 | |||
Current assets | ||||
Stocks |
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Debtors |
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Cash at bank and in hand |
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86,890 | 89,207 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (2,053,508) | (2,023,585) | ||
Total assets less current liabilities | (2,024,120) | (1,988,655) | ||
Creditors: amounts falling due after more than one year | 5 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Maciain Ltd. (registered number:
Raghnall Maciain
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Maciain Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Cnoc-An-Locha, Middle Quarter, Sollas, HS6 5BU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £2,040,434. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Other property, plant and equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Vehicles | Fixtures and fittings | Other property, plant and equipment |
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£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 November 2022 |
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At 31 October 2023 |
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Accumulated depreciation | |||||||||
At 01 November 2022 |
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Charge for the financial year |
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At 31 October 2023 |
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Net book value | |||||||||
At 31 October 2023 |
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At 31 October 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties |
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Amounts owed to directors |
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Accruals |
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Other taxation and social security | (
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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57,450 | 57,450 |
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Amounts due to key management personnel | 1,519,020 | 1,550,375 |
Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Amounts due to MacIain Partnership | 570,930 | 561,309 |