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REGISTERED NUMBER: SC022703 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

RICHARD F. MACKAY LIMITED

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


RICHARD F. MACKAY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: R F Mackay Jnr
S J Mackay





SECRETARY: Mrs E J Mackay





REGISTERED OFFICE: 60 Stevenson Road
Edinburgh
Midlothian
EH11 2SG





REGISTERED NUMBER: SC022703 (Scotland)





ACCOUNTANTS: MacDonald Morton Ltd
Chartered Accountants
67 March Road
Edinburgh
EH4 3SU

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   
CURRENT ASSETS
Stocks 930,829 1,001,439
Debtors 4 1,025,776 786,645
Cash at bank and in hand 576 199,488
1,957,181 1,987,572
CREDITORS
Amounts falling due within one year 5 1,540,493 1,496,614
NET CURRENT ASSETS 416,688 490,958
TOTAL ASSETS LESS CURRENT
LIABILITIES

416,688

490,958

CREDITORS
Amounts falling due after more than one year 6 170,736 245,085
NET ASSETS 245,952 245,873

CAPITAL AND RESERVES
Called up share capital 70,100 70,100
Share premium 120,000 120,000
Retained earnings 55,852 55,773
SHAREHOLDERS' FUNDS 245,952 245,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





S J Mackay - Director


RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Richard F. Mackay 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts.

Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products, and collectability of the related receivables is fairly assured.

Service revenues are recognised as those services are provided to customers.

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

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets
Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Directors' loans from the company are measured at the undiscounted amount of the cash expected to be received.

Amounts owed by group undertakings are measured at the undiscounted amount of the cash expected to be received.

Financial liabilities
Trade and other creditors are initially measured at the transaction price, including any transaction costs.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 32 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 18,703 21,470
Amounts owed by group undertakings 767,326 414,555
Other debtors 239,747 350,620
1,025,776 786,645

Amounts due from group undertakings have been included within amounts falling due within one year as there is no formal loan agreement in place with respect to repayment terms. The substance of the transaction with respect to amounts due from group undertakings is that they are highly likely to be settled after more than one year.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 260,763 75,000
Trade creditors 383,194 435,931
Taxation and social security 262,574 353,319
Other creditors 633,962 632,364
1,540,493 1,496,614

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 170,736 245,085

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 30,736 48,085

7. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdraft 185,763 -
Bank loans 110,736 125,085
296,499 125,085

8. CONTINGENT LIABILITIES

The company is party to an inter-company guarantee held by the Royal Bank of Scotland plc over part of the group's borrowings. Overall there was a consolidated bank loan at 29 February 2024 of £1,103,610 (28 February 2023: £852,311) covered by the inter-company guarantee.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
R F Mackay Jnr
Balance outstanding at start of year 87,950 96,702
Amounts repaid (69,270 ) (8,752 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,680 87,950

S J Mackay
Balance outstanding at start of year 198,247 228,469
Amounts repaid (35,920 ) (30,222 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 162,327 198,247

The above loans are included within other debtors. The loans are unsecured, interest free and repayable on demand.

RICHARD F. MACKAY LIMITED (REGISTERED NUMBER: SC022703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Richard F Mackay (House Furnishers)Ltd - 60 Stevenson Road, Edinburgh.