REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
RICHARD F MACKAY (HOUSE FURNISHERS) |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
RICHARD F MACKAY (HOUSE FURNISHERS) |
LIMITED |
RICHARD F MACKAY (HOUSE FURNISHERS) |
LIMITED (REGISTERED NUMBER: SC062800) |
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 (HOUSE FURNISHERS) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
67 March Road |
Edinburgh |
EH4 3SU |
RICHARD F MACKAY (HOUSE FURNISHERS) |
LIMITED (REGISTERED NUMBER: SC062800) |
STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 (HOUSE FURNISHERS) |
LIMITED (REGISTERED NUMBER: SC062800) |
STATEMENT OF FINANCIAL POSITION - continued |
29 FEBRUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RICHARD F MACKAY (HOUSE FURNISHERS) |
LIMITED (REGISTERED NUMBER: SC062800) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Richard F Mackay (House Furnishers) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income and equipment hire charges, excluding value added tax. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows: |
Plant and machinery | 10% - 25% p.a. reducing balance |
Fixtures, fittings and equipment | 25% p.a. reducing balance |
Motor vehicles | 25% p.a. reducing balance |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
Financial liabilities |
Trade and other creditors are initially measured at the transaction price, including any transaction costs. |
Amounts owed by group undertakings are measured at the undiscounted amount of the cash expected to be paid. |
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 (HOUSE FURNISHERS) |
LIMITED (REGISTERED NUMBER: SC062800) |
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. |
3. | EMPLOYEES |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
RICHARD F MACKAY (HOUSE FURNISHERS) |
LIMITED (REGISTERED NUMBER: SC062800) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The historical cost of the investment property at 28 February 2024 is £2,724,231 (2023: £2,724,231). |
As at 28 February 2024 the fair value of investment property was based on a historical valuation performed by an independent valuer updated to reflect additional expenditure incurred. The directors are of the opinion that there has not been any material change as at 28 February 2024 in the value of the investment property since the last valuation. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings have been included within amounts falling due within one year as there is no formal agreement in place with respect to repayment terms. The substance of the transaction with respect to amounts due to group undertakings is that they are highly likely to be settled after more than one year. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 372,936 | 416,963 |
RICHARD F MACKAY (HOUSE FURNISHERS) |
LIMITED (REGISTERED NUMBER: SC062800) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 32,018 | 45,953 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2023 |
and 29 February 2024 |
A revaluation reserve is maintained to ensure that any surplus movement in fair value over cost with respect to investment property is identified separately from distributable retained earnings. Any movement in fair value during the year will be recognised within the income statement. |
11. | 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 and overdraft at 29 February 2024 of £1,103,610 (28 February 2023: £852,311) covered by the inter-company guarantee. |
12. | 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. |