Acorah Software Products - Accounts Production 16.0.110 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 SC276111 Mr R Mackay Mr A J Maxwell Mr G Mackay Mr G Mackay iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC276111 2023-05-31 SC276111 2024-05-31 SC276111 2023-06-01 2024-05-31 SC276111 frs-core:CurrentFinancialInstruments 2024-05-31 SC276111 frs-core:Non-currentFinancialInstruments 2024-05-31 SC276111 frs-core:ComputerEquipment 2023-06-01 2024-05-31 SC276111 frs-core:FurnitureFittings 2023-06-01 2024-05-31 SC276111 frs-core:NetGoodwill 2024-05-31 SC276111 frs-core:NetGoodwill 2023-06-01 2024-05-31 SC276111 frs-core:NetGoodwill 2023-05-31 SC276111 frs-core:LandBuildings 2024-05-31 SC276111 frs-core:LandBuildings 2023-06-01 2024-05-31 SC276111 frs-core:LandBuildings 2023-05-31 SC276111 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC276111 frs-core:MotorVehicles 2023-06-01 2024-05-31 SC276111 frs-core:PlantMachinery 2024-05-31 SC276111 frs-core:PlantMachinery 2023-06-01 2024-05-31 SC276111 frs-core:PlantMachinery 2023-05-31 SC276111 frs-core:ShareCapital 2024-05-31 SC276111 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC276111 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC276111 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC276111 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC276111 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC276111 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC276111 frs-bus:Director1 2023-06-01 2024-05-31 SC276111 frs-bus:Director2 2023-06-01 2024-05-31 SC276111 frs-bus:Director3 2023-06-01 2024-05-31 SC276111 frs-bus:CompanySecretary1 2023-06-01 2024-05-31 SC276111 frs-countries:Scotland 2023-06-01 2024-05-31 SC276111 2022-05-31 SC276111 2023-05-31 SC276111 2022-06-01 2023-05-31 SC276111 frs-core:CurrentFinancialInstruments 2023-05-31 SC276111 frs-core:Non-currentFinancialInstruments 2023-05-31 SC276111 frs-core:ShareCapital 2023-05-31 SC276111 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: SC276111
George Mackay Ltd.
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: SC276111
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,094,072 245,060
1,094,072 245,060
CURRENT ASSETS
Stocks 661,813 729,199
Debtors 6 11,519 1,519
Cash at bank and in hand 270,554 400,902
943,886 1,131,620
Creditors: Amounts Falling Due Within One Year 7 (191,542 ) (150,334 )
NET CURRENT ASSETS (LIABILITIES) 752,344 981,286
TOTAL ASSETS LESS CURRENT LIABILITIES 1,846,416 1,226,346
Creditors: Amounts Falling Due After More Than One Year 8 (453,691 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,219 ) (2,021 )
NET ASSETS 1,374,506 1,224,325
CAPITAL AND RESERVES
Called up share capital 9 103 103
Income Statement 1,374,403 1,224,222
SHAREHOLDERS' FUNDS 1,374,506 1,224,325
Page 1
Page 2
For the year ending 31 May 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr R Mackay
Director
25/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
George Mackay Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC276111 . The registered office is Napier House, 8a Colinton Road, Edinburgh, EH10 5DS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 60,000
As at 31 May 2024 60,000
Amortisation
As at 1 June 2023 60,000
As at 31 May 2024 60,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost or Valuation
As at 1 June 2023 222,423 55,270 277,693
Additions 797,593 374 797,967
Revaluation 57,577 - 57,577
As at 31 May 2024 1,077,593 55,644 1,133,237
Depreciation
As at 1 June 2023 - 32,633 32,633
Provided during the period - 6,532 6,532
As at 31 May 2024 - 39,165 39,165
Net Book Value
As at 31 May 2024 1,077,593 16,479 1,094,072
As at 1 June 2023 222,423 22,637 245,060
During the year, land and buildings were revalued by the directors and it is the opinion of the directors that this accurately reflects the market value.
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 11,519 1,519
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,338 6,629
Bank loans and overdrafts 32,923 -
Other creditors 22,731 39,425
Taxation and social security 125,550 104,280
191,542 150,334
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 453,691 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 103 103
10. Reserves
As at 31 May 2024, there were distributable reserves of £1,316,846 (2023 £1,224,222) and non-distributable reserves of £57,577 (2023 £Nil).
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