IRIS Accounts Production v24.3.0.553 SC062800 Board of Directors 1.3.23 29.2.24 29.2.24 0 0 true false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0628002023-02-28SC0628002024-02-29SC0628002023-03-012024-02-29SC0628002022-02-28SC0628002022-03-012023-02-28SC0628002023-02-28SC062800ns15:Scotland2023-03-012024-02-29SC062800ns14:PoundSterling2023-03-012024-02-29SC062800ns10:Director12023-03-012024-02-29SC062800ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC062800ns10:SmallEntities2023-03-012024-02-29SC062800ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC062800ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC062800ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC062800ns10:FullAccounts2023-03-012024-02-29SC062800ns10:Director22023-03-012024-02-29SC062800ns10:CompanySecretary12023-03-012024-02-29SC062800ns10:RegisteredOffice2023-03-012024-02-29SC062800ns5:CurrentFinancialInstruments2024-02-29SC062800ns5:CurrentFinancialInstruments2023-02-28SC062800ns5:Non-currentFinancialInstruments2024-02-29SC062800ns5:Non-currentFinancialInstruments2023-02-28SC062800ns5:ShareCapital2024-02-29SC062800ns5:ShareCapital2023-02-28SC062800ns5:SharePremium2024-02-29SC062800ns5:SharePremium2023-02-28SC062800ns5:RevaluationReserve2024-02-29SC062800ns5:RevaluationReserve2023-02-28SC062800ns5:RetainedEarningsAccumulatedLosses2024-02-29SC062800ns5:RetainedEarningsAccumulatedLosses2023-02-28SC062800ns5:PlantMachinery2023-02-28SC062800ns5:FurnitureFittings2023-02-28SC062800ns5:MotorVehicles2023-02-28SC062800ns5:PlantMachinery2023-03-012024-02-29SC062800ns5:FurnitureFittings2023-03-012024-02-29SC062800ns5:MotorVehicles2023-03-012024-02-29SC062800ns5:PlantMachinery2024-02-29SC062800ns5:FurnitureFittings2024-02-29SC062800ns5:MotorVehicles2024-02-29SC062800ns5:PlantMachinery2023-02-28SC062800ns5:FurnitureFittings2023-02-28SC062800ns5:MotorVehicles2023-02-28SC062800ns5:CostValuation2023-02-28SC062800ns5:CurrentFinancialInstruments2023-03-012024-02-29SC062800ns5:Secured2024-02-29SC062800ns5:Secured2023-02-28SC062800ns5:RevaluationReserve2023-02-28
REGISTERED NUMBER: SC062800 (Scotland)















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: R F Mackay Jnr
S J Mackay





SECRETARY: Mrs E J Mackay





REGISTERED OFFICE: 60 Stevenson Road
Edinburgh
Midlothian
EH11 2SG





REGISTERED NUMBER: SC062800 (Scotland)





ACCOUNTANTS: MacDonald Morton Ltd
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 4 278,580 332,419
Investments 5 71,101 71,101
Investment property 6 3,741,197 3,741,197
4,090,878 4,144,717

CURRENT ASSETS
Cash at bank 598 598

CREDITORS
Amounts falling due within one year 7 929,748 572,482
NET CURRENT LIABILITIES (929,150 ) (571,884 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,161,728

3,572,833

CREDITORS
Amounts falling due after more than one year 8 (636,019 ) (679,037 )

PROVISIONS FOR LIABILITIES (61,569 ) (68,756 )
NET ASSETS 2,464,140 2,825,040

CAPITAL AND RESERVES
Called up share capital 47,916 47,916
Share premium 152,284 152,284
Revaluation reserve 10 1,016,966 1,016,966
Retained earnings 1,246,974 1,607,874
SHAREHOLDERS' FUNDS 2,464,140 2,825,040

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 (HOUSE FURNISHERS)
LIMITED (REGISTERED NUMBER: SC062800)

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 (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 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
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 equipment25% p.a. reducing balance
Motor vehicles25% 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 503,982 7,890 124,838 636,710
Disposals (6,680 ) - (29,530 ) (36,210 )
At 29 February 2024 497,302 7,890 95,308 600,500
DEPRECIATION
At 1 March 2023 245,082 7,890 51,319 304,291
Charge for year 27,189 - 17,595 44,784
Eliminated on disposal (3,118 ) - (24,037 ) (27,155 )
At 29 February 2024 269,153 7,890 44,877 321,920
NET BOOK VALUE
At 29 February 2024 228,149 - 50,431 278,580
At 28 February 2023 258,900 - 73,519 332,419

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 71,101
NET BOOK VALUE
At 29 February 2024 71,101
At 28 February 2023 71,101

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 3,741,197
NET BOOK VALUE
At 29 February 2024 3,741,197
At 28 February 2023 3,741,197

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 55,000 65,000
Hire purchase contracts 13,935 33,879
Amounts owed to group undertakings 767,326 414,555
Taxation and social security 83,070 54,231
Other creditors 10,417 4,817
929,748 572,482

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 617,936 666,963
Hire purchase contracts 18,083 12,074
636,019 679,037

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 672,936 731,963
Hire purchase contracts 32,018 45,953
704,954 777,916

10. RESERVES
Revaluation
reserve
£   
At 1 March 2023
and 29 February 2024 1,016,966

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.