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Registration number: SC619450

MacIsaac Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

MacIsaac Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

MacIsaac Ltd

Company Information

Director

Mr Robbie MacIsaac

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

MacIsaac Ltd

(Registration number: SC619450)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,400

9,600

Tangible assets

5

119

256

 

8,519

9,856

Current assets

 

Debtors

6

259

3,219

Cash at bank and in hand

 

15,109

10,021

 

15,368

13,240

Creditors: Amounts falling due within one year

7

(22,792)

(21,605)

Net current liabilities

 

(7,424)

(8,365)

Total assets less current liabilities

 

1,095

1,491

Provisions for liabilities

-

(49)

Net assets

 

1,095

1,442

Capital and reserves

 

Called up share capital

100

100

Retained earnings

995

1,342

Shareholders' funds

 

1,095

1,442

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 September 2024
 

.........................................
Mr Robbie MacIsaac
Director

 

MacIsaac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Prior period errors

The prior year adjustment of £784 relates to the correction of the corporation tax refund from the prior year in the financial statements. The corporation tax refund was overstated in the prior year due to the calculation being incorrect. The relevant balance sheet corrections have been addressed in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

MacIsaac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33% Straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

MacIsaac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

MacIsaac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2023

12,000

12,000

At 30 June 2024

12,000

12,000

Amortisation

At 1 July 2023

2,400

2,400

Amortisation charge

1,200

1,200

At 30 June 2024

3,600

3,600

Carrying amount

At 30 June 2024

8,400

8,400

At 30 June 2023

9,600

9,600

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

2,555

2,555

At 30 June 2024

2,555

2,555

Depreciation

At 1 July 2023

2,299

2,299

Charge for the year

137

137

At 30 June 2024

2,436

2,436

Carrying amount

At 30 June 2024

119

119

At 30 June 2023

256

256

6

Debtors

 

MacIsaac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Current

2024
£

2023
£

Prepayments

259

199

Other debtors

-

3,020

 

259

3,219

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

401

336

Other creditors

22,391

21,269

22,792

21,605

8

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Robbie MacIsaac

22,251

21,176

 

22,251

21,176

The maximum balance outstanding during the year amounted to £22,251.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MacIsaac Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MacIsaac Ltd for the year ended 30 June 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of MacIsaac Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MacIsaac Ltd and state those matters that we have agreed to state to the Board of Directors of MacIsaac Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MacIsaac Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MacIsaac Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MacIsaac Ltd. You consider that MacIsaac Ltd 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 accounts of MacIsaac Ltd. 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 accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

10 September 2024